StockMarketWire.com - Business-to-business media and events group Bonhill said it had laid off workers and furloughed others to cut spending during the Covid-19 crisis.

The company did not specify how many positions had been made redundant, only saying staff had been cut in all regions.

Bonhill said it had also furloughed about 10% of its workforce.

It reiterated that the biggest impact from the pandemic had been on its events business. Reduced staff costs would amount to savings of £2.5m this year and reductions in travel and entertainment, production expenses and lease payment holidays had reduced costs by a further £1.3m.

'We have also utilised PAYE, VAT and tax deferrals to conserve cash and are continuing to explore other government lending initiatives,' Bonhill said.

'In conjunction with the completion of our recent £2.5m equity fundraising, this puts us into a stronger financial position to see out the crisis. We continue to monitor the situation on a daily basis.'


At 1:28pm: [LON:BONH] Bonhill Group Plc Ord 1p share price was 0p at 6p



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