Just Energy Announces Cost Reduction Initiative, Eliminating Over 200 Positions
March 21, 2019 Email This Story Copyright 2010-19 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Just Energy Group Inc.('Just Energy' or the 'Company') announced today the elimination of over 200 positions, which the Company said equates to approximately $40 million (all $ Canadian) in general and administrative savings in the upcoming Fiscal Year.
"These actions are in direct alignment with Just Energy’s ongoing transition to a consumer company and will generate efficiencies in the Company’s income statement," the Company said
The Company expects to incur approximately $9 million in severance costs in the fourth quarter of Fiscal 2019. However, these costs will not impact the Company’s previously stated Fiscal 2019 Base EBITDA guidance range of $200 million to $220 million, including the implementation of IFRS 15.
"Today we took actions that align with our ongoing commitment to transform our organization to a consumer company," said Patrick McCullough, Just Energy’s President and Chief Executive Officer. "These actions will serve to secure a bright future and support the best interests of all of our valued stakeholders. We are excited about the Company’s prospects for growth and profitability in Fiscal 2020," McCullough said