News: Australian Ethical to restructure

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Australian Ethical Investment Limited (ASX:AEF) will restructure its operations to substantially reduce its Canberra operations and outsource parts of its business.

 

Redundancy and associated costs from the restructure are expected to cost in the order of $300,000 before tax, with savings to be realised during the remainder of the year.

 

Australian Ethical Managing Director Phillip Vernon says the move is part of the company’s efforts to operate as effectively and efficiently as possible.

 

He says Australian Ethical has progressively evolved its business to be based in Sydney to be more accessible to clients and investee companies.

 

Australian Ethical generated a net profit of $1.06 million in fiscal 2013.