Betmakers Technology (ASX:BET) reduced its staff costs by AU$5.1 million in a bid to streamline its operations, according to a Monday filing with the Australian bourse.
The company expects to be cash flow breakeven by the end of the third quarter of fiscal 2025 and achieve positive operating cash flow for the six months ending June 30, 2025, the filing said. Operating expenses are expected to fall below the AU$60 million target.
Further, the betting and wagering firm secured a AU$3 million debt facility from Tekkorp Holdings, an entity controlled by Chair Matthew Devey, to support the ongoing strategy, the filing said.
The company's shares were up almost 6% in recent Monday trade.
Price (AUD): $0.13, Change: $+0.01, Percent Change: +5.83%
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