- Mighty Kingdom (MKL) implements further changes to its internal structure to improve efficiency and maximise developer utilisation
- The company says it is aiming to deliver a more sustainable business model to become “operation cashflow break-even” by Q3 FY23
- Chief Technology Officer Dr Grant Osborne is spearheading change at a team level to drive communication and accountability across all projects
- The execution of the initiatives is estimated to initially save around $350,000 a month in costs
- Shares in Mighty Kingdom have ended the day in the grey at 3.3 cents
Mighty Kingdom (MKL) has implemented further changes to its internal structure as a result of its recent internal review in a bid to improve efficiency and maximise developer utilisation.
The company said it is aiming to deliver a more sustainable business model to achieve a target of being “operation cashflow break-even” by Q3 FY23.
Key implementation initiatives include reducing the number of full-time hours within the developer and administration teams, focusing on tighter cost control around the business and reducing other fixed costs with significant savings in IT and subscriptions.
Chief Technology Officer Dr Grant Osborne is said to be spearheading change at a team level with a focus on systems and processes to drive communication and accountability across all projects.
MKL said these changes are currently being executed throughout the organisation and “are being met with positivity”.
Mighty Kingdom expects these initiatives will results in an initial recurring cost saving of around $350,000 per month.
Managing Director and CEO Philip Mayes said the actioning initiatives is seen as a turning point in the company’s advance towards cashflow break-even and future profitability.
“This process, in conjunction with an anticipated strong revenue lift by the end of this calendar year, will ensure our people are placed in the best possible positions and are able to work as efficiently as possible to deliver shareholder returns.
“We look forward to the positive effect these changes will have as we leverage our world class creative team and reputation to unlock long-term value for our shareholders.”
Shares in Mighty Kingdom held steady at 3.3 cents at market close.