Spirit undergoes operational restructure

Spirit undergoes operational restructure

Non-cash impairment expense of $47 million expected in FY22.

Credit: Supplied

Publicly listed Spirit Technology Solutions is undergoing an operational restructure to align its key units, including Intalock, Spirit IT&T and Nexgen. 

The operational restructure is expected to cost $1 million as its factors in costs “associated with employee restructuring” and also result in a non-cash impairment expense of $47 million in FY22. 

The restructuring comes hot on the heels of Spirit’s decision to divest its fixed wireless infrastructure assets, which was “an important step in the strategy to position the Spirit IT&T [IT and telco] business to focus on secure, connected modern workplace solutions to refined target customer market”.

The strategic review of the business will also consider customer and legacy service profitability and the company has warned shareholders the implementation will result in an initial revenue reduction for the IT&T segment.  

The restructure will see the Nexgen brand focus on offering voice solutions data and office technology for small- to medium-sized businesses (SMB) while the Spirit brand will offer a comprehensive range of managed IT and professional services, including end-user, public cloud, infrastructure and networking, data and voice solutions to SMB and mid-market customers. 

The Intalock brand meanwhile will offer specialist cyber managed and professional services, security operation and specialist cyber software to corporate and enterprise markets. 

The company told shareholders it was confident this would improve the company’s financial performance during FY23. 

The review is taking place as Spirit is still seeking to appoint a new managing director, with the company stating a number of candidates have been shortlisted following Sol Lukatsky's decision to leave in May.

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