Vocus has trimmed down its workforce and has laid off some 100 staff, a source close to the matter told CRN.
The telecommunications provider confirmed with CRN that the layoffs were announced, but did not confirm the number of staff leaving.
A Vocus spokesperson told CRN, “Our strategy remains clear and consistent, but we recognise that events of recent months will continue to impact the Australian economy and our customers.”
“The market has changed, and we’re adjusting accordingly - we’re tightening our focus to maximise growth in our target markets.
“The total number of staff leaving the business will not be finalised until a consultation process has been completed over the coming weeks.”
In June, Vocus reaffirmed its financial guidance for the 2020 financial year, citing strong growth in both its core network services and retail businesses as more customers were seeking connectivity amid the COVID-19 restrictions. It expected EBITDA to be in the range of $359 to $369 million in the 2020 financial year.
The company also refinanced and extended the duration of its debt facilities as part of a long-term funding strategy, aiming to give Vocus financial stability and flexibility.