Just Energy advances strategic transformation with cost reduction initiative
TORONTO: Just Energy Group Inc. has notified the elimination of over 200 positions, equating to approximately $40 million in general and administrative savings in the upcoming fiscal year.
These actions are in direct alignment with Just Energy’s ongoing transition to a consumer company and will generate efficiencies in the Company’s income statement, a statement released to London Stock Exchange said.
[the_ad id="32940"]Just Energy expects to incur approximately $9 million in severance costs in the fourth quarter of fiscal 2019. However, these costs will not impact the Company’s previously stated Fiscal 2019 Base EBITDA guidance range of $200 million to $220 million, including the implementation of IFRS 15.
“Today we took actions that align with our ongoing commitment to transform our organization to a consumer company,” said Patrick McCullough, Just Energy’s President and Chief Executive Officer. “These actions will serve to secure a bright future and support the best interests of all of our valued stakeholders. We are excited about the Company’s prospects for growth and profitability in Fiscal 2020.”
Just Energy is a leading consumer company focused on essential needs, including electricity and natural gas commodities; health and well-being, such as water quality and filtration devices; and utility conservation, bringing energy efficient solutions and renewable energy options to consumers.