BUZZ-Australia's Praemium surges to 2-year high after headcount cut plan

Reuters

02/17

** Shares of Praemium PPS.AX jump as much as 20.9% to A$0.81, the highest level since January 22

** Stock set for strongest intraday trading session since August 24, 2024

** On Monday after market hours, the fintech co announced organisational restructure anticipated to reduce headcount by around 15%

** Co sees staff salary costs to drop by A$9 million ($6.36 million)

** Restructure will focus on reducing a significant number of duplicate IT development, maintenance, and infrastructure roles - co

** Stock down 2.5% YTD, including session's moves

($1 = 1.4140 Australian dollars)

(Reporting by Shivangi Lahiri in Bengaluru)

((shivangi.lahiri@thomsonreuters.com))

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