Riversoft jobs go as targets are missed

20 more shown the door...

Riversoft is axing more staff in response to lower than expected sales and a 49 per cent increase in pre-tax losses. The network management software firm is to cut 20 jobs in this latest round of redundancies - bringing total cuts in recent times to 160 (see http://www.silicon.com/a46432 for more). Revenues rose 26 per cent to £6.5m for the year ending 31 December, but this was still short of targets. Losses were also up - rising to £39.4m from £26.5m for the previous year. The company maintains it has enough cash, £55.5m, to see it through to its break-even point which it predicts will come some time around the turn of the year - either late 2002 or early 2003.