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Opus - Source: www.opus.co.nz
New Zealand based infrastructure consultancy Opus is planning to cut its British workforce of 360 by 75.
In 2008 the British operation recorded a pre-tax loss of $5.4 million.
Opus managing director Kevin Thompson on Wednesday said the reduction was aimed at matching the remaining workforce levels with the available workload to address the losses being incurred.
"We have taken this action after putting significant effort over a number of months into improving revenue generation and diversification of revenue sources in a declining and very tough market," he said.
"I am sure that the actions we are proposing to take will strengthen our business in the UK to enable it to operate profitably in the current difficult climate, and enable us to benefit from any improvement in market conditions."
Affected staff in Britain would be consulted during the next three weeks, and the viability of other options presented by staff would be considered.
Opus was formed when the Ministry of Works and Development was privatised in 1988 and floated in 2007.
Opus, which operates throughout New Zealand, Australia,
Canada and the UK, is majoririty owned by Maylasian firm
Kinta Kellas.
Opus shares closed at $1.19 on Tuesday, having ranged between $1.95 and $1.04 in the past year.
