Publicly listed business cloud communications provider Comms Group has embarked on a business restructuring to save $2 million in operating costs.
Taking place through the final quarter of FY23, the restructuring will include a review of resourcing within the domestic retail businesses.
Once executed, Comms Group expects to make an underlying annualised EBITDA of roughly $7 million which includes corporate overhead costs of around $2 million.
Other cost-saving measures include synergies with the onPlatinum ICT business, which Comms Group acquired last year for $18 million.
This will include focusing on network and cost of goods sold synergies to save $300,000 in FY24.
The company has also restructured its office, recently re-letting excess space in the Sydney CBD and generating $240,000 in rental income per annum to offset existing costs.
In an update to shareholders, Comms Group added that progress continues to be made with its global business unit.
Comms Group said it has been working with Vodafone on an enhanced contractual arrangement and it expects to release details of this to the market in the coming weeks.
