The number of redundancies at Wilson HTM Investment Group is limited to less than 5 per cent of total staff across the group, a spokesperson for the ASX-listed company said yesterday.
Wilson HTM employs 300 people, which puts the number of redundancies at less than 15.
"Not all of those people were made redundant, some of those relate to contracts that were not renewed," the spokesperson said.
"It is not a significant number of staff."
The redundancies were announced earlier this week in an internal memo to the company's employees.
The job cuts are necessary, because the challenging economic environment has had a detrimental effect on the company's results.
The company's performance has particularly suffered in the second half of the financial year 2008.
Wilson HTM saw its consolidated net profit over 2008 fall from A$19.1m to A$12.9m, a reduction of 32 per cent.
"In the current environment it is appropriate that we reduce the cost base," the spokesperson said yesterday.
