17 July 2014
Shocking OM Figures!
Despite many functions being merged with other Peverel companies, which have resulted in great cost savings and the effect of OM cutting 11% of their staff in 2013, in part due to achieving only an 85% retention rate (despite effectively having appointed themselves as managers) OM have slipped to a post tax loss of £484,000. Good news for the victims of Peverel, not so good for the staff!
Oddly, given an 11% cut in staff, it might be expected the wage bill to have been cut in line with the reduction, but it has remained broadly similar.
Given that most staff generally receive abysmal rates of pay (in many cases well below the industry standard) this serves to indicate the bosses are helping themselves whilst they can at the staff's expense.
