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One in four face chop at TeleWork

Cuts due to plummeting sales...

By Sally Watson

Published: 3 December 2001 15:30 GMT

TeleWork Systems has been forced to lay off staff after plunging sales left the UK software company in the red.

The firm has cut 25 per cent of its 225 strong workforce in Reading and Milton Keynes. A further 95 workers in North Yorkshire have survived the cull so far.

TeleWork's second quarter results showed pre-tax losses of £1.8m, compared with a profit of £2.8m last year. The company's turnover fell from £10.4m to £8.3m.

The company specialises in bespoke software applications for unified messaging, interactive voice response and workforce planning and management.

Its customers include Abbey National, London Underground, Sainsbury's and Scottish Power.

Chairman and CEO Ian Lenagan said he was disappointed with the company's performance and blamed customer uncertainty in the current economic climate for delaying orders.

The company is confident it can pull off a recovery in the second half of the year, forecasting profits around the same level as last year when TeleWork reported pre-tax profits of £4.2m.

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