Brain Force coffers drained by restructuring

IT services provider Brain Force Holding AG (Brain Force) spent more than 1.8 million Euros on restructuring measures in the past business year.The Vienna-based company said today (Tues) it invested 1.82 million Euros on firm-internal restructuring measures in the 2009/2010 business year which ended on 30 September.Brain Force announced that its turnover declined by 22 per cent to 69.59 million Euros while operative losses soared from 210,000 Euros to 1.65 million Euros year on year.The company, which focuses on offering specialised business IT solutions, achieved a net profit of 920,000 Euros in the 2009/2010 business year.Brain Force, which has reduced its staff figure by 30 per cent since 2008, explained today that circumstances for doing business in its core markets Italy, Germany, Austria and the Netherlands were more difficult in the past months than expected in autumn 2009. It also operates in the United States via its subsidiary company Solve Direct.The firm is quoted on the Vienna Stock Exchange’s (WBAG) Standard Market Continuous where one share is currently traded for 0.95 Euros.