In response to its disappointing Q1 financial performance, Colexon is undertaking a series of cost-reduction schemes. The austerity plan will see a considerable number of employees made redundant and the closure of the company’s offices in Mainz and Imola.
Further cost-cutting measures will also be implemented in an attempt to raise the liquidity required for future growth without the need to apply for short-term credit financing.
In May, Colexon posted a €1.5-million loss and a 44% quarter-to-quarter revenue drop in its Q1 financial figures. This prompted a change in business focus, turning its attention to sales within the wholesale distribution market and on select residential rooftop projects.