News: LBY Laybuy Completes Strategic Review, To Cut A Third Of Jobs

July 28 (Reuters) - Laybuy Holdings Ltd (LBY) :

• QUARTERLY GROSS MERCHANDISE VALUE A$215 MILLION, UP 17% YOY
• REVENUE OF A$11.3 MILLION FOR Q1 FY23, UP 9% YOY
• COMPLETED ITS STRATEGIC REVIEW
• NET TRANSACTION MARGIN FOR QUARTER WAS 1.4%, UP FROM -0.5% QOQ
• ABLE TO REAFFIRM ITS COMMITMENT TO UK MARKET
• PATH TO PROFITABILITY HAS BECOME CLEARER AFTER STRATEGIC REVIEW
• THERE WAS "STRONG INTEREST" IN CO; SALE OR PARTIAL SALE OF BUSINESS NOT CURRENTLY IN BEST INTERESTS OF SHAREHOLDERS
• INITIATING A SIGNIFICANT RESTRUCTURE OF ITS BUSINESS THAT WILL REDUCE ITS HEADCOUNT
• MAJORITY OF IMPACTED STAFF WILL BE FROM HEAD OFFICE IN NEW ZEALAND
• SEES PROFITABILITY BY Q4 OF THIS FINANCIAL YEAR
• UNDER RESTRUCTURE, A NUMBER OF ROLES ALSO IMPACTED IN UK AND AUSTRALIA
• DO NOT ENVISAGE A SIGNIFICANT IMPACT ON OUR CUSTOMERS OR MERCHANTS FROM RESTRUCTURE
• WILL REDUCE ITS HEADCOUNT AND ASSOCIATED COSTS BY APPROXIMATELY ONE THIRD