News: SRS Spicers announces restructuring of Australian organisation

June 26 (Reuters) - Spicers Ltd (SRS)

• Spicers has today announced restructuring in its Australian organisation
• Several roles in predominantly back-office functional areas will be made redundant as a result of specific and targeted restructuring
• Estimated cost-saving benefit of headcount reductions in 2018 financial year will be $1.3 million
• Cost of redundancies will be $0.9 million, which will be recorded as a significant item in Spicers' financial report for year ending 30 June 2017
• Sees overall underlying EBIT result for financial year ending 30 June 2017 will be consistent with result of prior corresponding period
• Spicers New Zealand acquires Sign Technology Ltd; deal expected to be immediately earnings accretive