Posted: Thu May 14, 2009 9:33 pm Post subject: Cookson, Comet, & John Menzies announce more job cuts.
Cookson, the industrial supplier, is to shed 600 workers as job losses announced by large companies in the UK this month totalled more than 13,000 – already outstripping the number of big cuts in April.
Kesa Electricals, the owner of Comet, said it has cut 120 jobs and John Menzies, the newspaper distributor, lost 400 positions, adding to an estimated 10,700 UK losses announced yesterday at BT.
Cookson, which supplies the steel, electronics and precious metals industry, said it would cut another 600 jobs after low demand caused revenues to slump by a third in its ceramics division.
Its shares rose 1.5 to 23¼p, after the group announced plans to save another £13m per year. The group has already cut 2,600 jobs, but the latest losses mean it will have lost 20pc of its staff.
Separately, John Menzies, the newspaper distributor, said it had cut 400 jobs and frozen salaries, despite trading in line with expectations. The latest cuts come on top of 600 job losses last November. Its distribution division, accounting for 70pc of revenue, will benefit from £130m of new contracts between October and January 2011.
Meanwhile, Comet, the electrical retailer, is thought to have cut about 120 jobs at head office and distribution centres, after sales fell 7.7pc over the last year.
Its owner, Kesa Electricals, said in an end-of-year trading update that group revenue fell 6pc for the year to the end of April, with sales down 7.5pc in the last quarter. The retailer, which had already cut 180 jobs at Comet last year, said the measures would save £14m.
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
