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Rightmove to cut 20 percent of workforce
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Posted 23 October 2008 @ 08:10 am GMT
Rightmove Group announced a wave of redundancies on Thursday, with about 20 percent of employees to leave the company in response to the slump in the housing market.
Stocks up on rate cut hopesThe property search website said it will reduce its cost base for 2009 by approximately 5 million pounds, though it will increase its marketing spend by up to 1 million pounds.
"The scale (of the job cuts) reflects the company's view that the current challenges will continue through 2009, though not at any worse level than we have previously indicated," said Rightmove.
(Reporting by Lorraine Turner; Editing by David Holmes)
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