Pension provider James Hay has faced a difficult first half of 2017 with its restructure resulting in 36 people being made redundant at a cost of £685,000 to the business.
Parent company IFG said in its half-year results out on 30 August the restructure would deliver efficiency gains, give better outcomes for customers and improve operating margins. However, it acknowledged the firm was likely to see a further £1m in restructuring costs in the second half of 2017. James Hay suffered a 7% decrease in revenue, down from £24m in the first half year of last year to £22.3m this year. Its operating profits took a £135% hit, from £4.2m profit last year to an operating loss of £1.5m this year. Meanwhile, the overall group's operating profit decreased 103% to a...
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