Mirvac Goup
(ASX:MGR) says it has completed a review of its operations and will cut 75 staff and streamline a number of processes.
Mirvac has restructured its Executive team with a focus on redirecting central activities back to the business.
Mirvac has also chosen to outsource some of its finance functions to an offshore service provider and will downsize a number of corporate and business functions.
Over 75 redundancies and other initiatives should deliver cost savings of between $10 - $15 million expected to kick in from FY2017. One-off costs of around $11 million will be incurred as a result of the changes with $7 million of that booked to the 2015 full year result.
The Group reaffirmed its earnings per share for 2015.
Mirvac Group reported a net profit of $279 million for the first half of the 2015 financial year.
