McGrath Estate Agents plans to remove approximately $5 million of annualised costs from the business at a one‐time restructuring cost of $1.4 million to $1.6 million, the company has said as it admits to poor performance in a trading update ahead of its AGM scheduled for later this month.
Most of these savings will be achieved by restructuring the board and executive leadership team, removing management associated with M&A and company-owned office expansion activities and non‐revenue-generating roles across the organisation.
John McGrath
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