Haymarket, publishing house behind Campaign Asia and Stuff, is reorganising its business structure.
According to an email from Tim Waldron, managing director of Haymarket Asia, seen by Marketing, this came after a challenging first six months of the financial year.
As such, the group had to look hard at its cost-base and after carrying out a full review, it is now having to reduce headcount. Waldron added that all individuals affected by this decision have been spoken to. He added that the reasons behind the restructure and cost cutting was due to a number of factors beyond the group’s control and attributed it to a slowing Chinese economy coupled with uncertainty generated by Brexit and the US Elections, affecting the speed of decision-making amongst clients.
Waldron said, this downturn in trading, “is not unique to Haymarket Asia”.
“These decisions are not taken lightly however it is my job to ensure that we have a sustainable operating model in place that supports our business as it continues to evolve faster than we have seen before. We must have the right structure and cost-base in place, to allow us to drive our business forward and to continue to invest in those areas where we know we can win,” he added in the email.