New Zealand's Vista Group International Ltd on Thursday disclosed plans to reduce 6 per cent-8 per cent of its global workforce and streamline operations in an effort to turn cashflow positive a year earlier than targeted.
The film technology provider said it now expects to be free cashflow positive by the fourth quarter of 2024, as a bump in capital expenditure outlined last year will be spread over four years rather than previously indicated two years. Shares of Vista rose 4.7 per cent to NZ$1.77 by 1129 GMT, marking its highest level since September 2022.
"This updated, more stable, development program should result in a modest reduction in the total spend over time and a lower cash consumption in the near term," the company said.However, the group reaffirmed to achieve its targets of annual recurring revenue of A$175 million to A$205 million and earnings before interest, tax, depreciation and amortization of at least 15 per cent by the end of 2025.