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Toll road player Transurban Group (ASX:TCL) has issued a sombre notice to the market on Thursday, depending on which side you’re on, revealing the company plans to cut 300 jobs.
That’s the real admission made to the market; perhaps because it’s already confessions season, what could have been a negative response might get lost along other big news.
(To be fair, job cuts are usually a good thing for share prices, unless mass redundancies pop up out of nowhere in apparent contradiction of fundamentals.)
The news ultimately culminates a ‘workforce review’ kicked off back in 2024.
“Transurban aims to be a leader in helping people move more easily and safely around major cities,” TCL CEO Michelle Jablko.
“To do this, we must be a more agile and efficient organisation and re-allocate our capital and resources in ways that best serve our stakeholders.” The thoughts of commuters paying the tolls weren’t mentioned. (Nor employees getting the chop.)
All in all, the company anticipates having more than $50M in cash lying around after the job cuts, compared at least to what it imagines it otherwise would’ve paid in wages.
The news is unlikely to stir too many waters: FY25 guidance is unchanged.
TCL last traded at $14.31/sh.
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