Ubisoft (UBSFY) said that its cost reduction plan, that has the objective of protecting our production and creation capacity while being more selective in our investments and simplifying the organization, is well on track. With the continued tight control on recruitments as well as targeted restructurings, the total number of employees worldwide stood at 18,666 at the end of September 2024, compared to 19,410 at the end of September 2023. This represents a decrease of more than 2,000 over 24 months. The H1 FY2024-25 fixed cost base stood at around EUR770M, down EUR46M and 6% year-onyear. This represents a EUR106M reduction versus H1 FY23 meaning that on an annualized basis, the company has already achieved more than EUR200M savings, including a favorable foreign exchange impact. There remains work ahead of us to support robust cash-flow generation.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on UBSFY:
- Ubisoft reports H1 IFRS 15 sales EUR671.9M, down 19.6% y/y
- Ubisoft quietly releases its first-ever blockchain game, Eurogamer says
- Game On: U.S. video game spending fell 6% y/y in September, says Circana
- U.S. video game spending fell 6% year-over-year in September, says Circana
- Former ‘Prince of Persia’ team moved to work on ‘Rayman,’ Insider-Gaming says