Corac is to shut its Slough technology centre as part of plans to streamline its operations.
The specialist engineering group is exercising an early-break clause in its lease, with the closure planned in the second quarter of 2015.
As a result, the company estimates that there will be an exceptional charge of £900,000, offset by £500,000 benefits delivered in the current financial year. From 2016, “the annualised impact of savings” is expected to reduce its overheads by about £700,000.
Chief executive Phil Cartmell said: “As we continue the evolution of the business as a specialist engineering company, we will focus on creating best-in-class capability that is technically excellent and meets the needs of our clients.
“The management team remains committed to delivering a year-on-year improvement in performance for our share-holders, and we will continue to optimise our operational footprint and maximise efficiencies within the group.”