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Boom cuts 31 staff, 18 cranes from Melbourne operations

Boom said the move is in line with its current business strategy of driving operational improvements and further develop customer relationships in the contracted maintenance and project-based sectors. The restructure will see one crane deployed to Boom’s Western Australian operations, while the remaining 17 cranes will be sold and are expected by Boom to bring in proceeds of more than $3 million. The remaining Melbourne cranes and personnel will be become part of Boom’s Tower Crane Division in Laverton, about 15km south west of the Melbourne CBD. Boom said the redundancy costs associated with the restructure would be approximately $1.1 million. However, on an annualised basis, the move is expected to move the business unit from an annualised earnings-before-interest-and-tax loss of $1.6 million to a profit of $600,000.

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