Software company Iona is going through the worst time in its 11 year history, chairman Chris Horn told shareholders at the company's AGM today.
He said the fall in the company's share price now meant the company was 'severely undervalued', and every effort would be made to address the situation.
Chief executive Barry Morris underlined his commitment to reduce costs at the company by around $10 million, through job reductions and the leasing out of spare office space owned by the company. He said a decision on the extent of the job cuts had yet to be made.
Morris said the market for the company's products was still tough although there were signs that a thaw may be coming in the near future.
The firm, which employs about 800 people including a Dublin workforce of 200, will take an $8 million restructuring charge in the third quarter to pay for redundancies, facilities' closures and some other cost cuts.
Despite the glum AGM news, Iona shares finished 30 cent higher in Dublin this evening to close at €2.80.
