Novacyt Initiates Consultation on Significant Workforce Reduction
Novacyt announces the initiation of a consultation process that could lead to a workforce reduction of up to 40% across the Group. This reorganization is part of an effort to streamline operational costs following the launch of new products and the integration of the acquisition of Southern Cross Diagnostics.
Up to 40% Workforce Reduction Under Consultation
Novacyt has started a consultation process regarding a potential reduction of up to 40% of its current workforce. The group had approximately 230 employees as of May 26, 2026. The outcome of this process will be communicated at a later date.
This reorganization follows the successful launch of several new products over the past 18 months and the recent acquisition of Southern Cross Diagnostics in March 2026. The group is accelerating its plans to refocus and streamline its operations and cost structure.
Estimated Cash Savings of 4 Million Pounds Sterling
Once implemented and finalized, the restructuring is expected to generate annual savings of approximately £4 million in cash consumption, combining reductions in salary and non-salary costs. Restructuring expenses of about £1 million are expected to be incurred.
These figures are provided pending the outcome of the consultation process and are based on the assumption of a total 40% reduction in workforce.
