Consultant Grontmij has announced plans to axe up to 200 jobs as part of a comprehensive restructuring triggered by sharp drop in profits.
Last month the firm revealed it had called in auditor KPMG to “conduct a thorough review and to provide insight into its various financial options”. This followed revelations that deteriorating business conditions in the UK and the Netherlands had hit profits.
The firm today said that it was cutting its direct and indirect workforce by between 150 and 200, mainly in the Netherlands and at its corporate head office in De Bilt. It said that forced redundancies could not be ruled out.
The move is expected to cost the firm €9M (£6.6M) in the final quarter of 2011. The firm said it is also closing and merging a number of its Netherlands offices, costing it a further €3M (£2.5M). As a result it will incur a net loss for the full year 2011.
It added that further cost cutting measures could not be ruled out in order to “align its organisation with the current market environment and create a solid foundation for 2012 and beyond”.
It will provide further updates “accordingly” and at the latest upon publication of its 2011 annual results on 9 March.