According to a statement to the ASX, the restructuring plan will result in a $36m company and is expected to complete by 31 May 2011. This is around $20m lower than the “$54m to $57m” of full-year revenue it forecast in a market update on 31 October 2010.

It confirmed that the Wodonga facility that neighbours the former Paragon Printing site will close, and staff cuts will also take place in Sydney and Melbourne.

The publicly listed print management company alerted the ASX yesterday about the restructure. It announced it had cut chief executive David Glavonjic, whose role has been merged with the chief financial officer position and handed to current CFO Ralph Stonell.

The statement said: “The successful implementation of the restructuring plan will see the business emerge with annualised projected sales of $36m and an EBITDA [earnings before interest, tax, deductions and amortisation] in the range between $2m to $3m.”

Non-executive director Trent Harris has resigned from Moore. Harris was appointed to the board in June 2010, at the same time as former director Amir Hyster resigned. According to a statement to the ASX on 11 June 2010, Harris represented Hyster on the board.

Moore originally announced the loss of the Tabcorp contract at the end of January. The contract included print as well as a range of other “venue consumables”.

In a piece of positive news, Moore also used the ASX update to announce it had retained the contract for the NSW Road Transport Authority for another 12 months.

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