Redbubble slashes 23 per cent of workers in push for profitability

ASX-listed company Redbubble Group has announced it will slash its workforce by 23 per cent as the company attempts to cut costs.

The Australian company, which runs an online international marketplace that includes US-based subsidiary TeePublic, informed shareholders it was cutting staff levels to "accelerate" the return to profit.

The decision means 75 roles will be cut.

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CEO and managing director Martin Hosking said it had "become clear" that costs needed to be reduced to return the group to profit.

He said it was a "difficult decision".

"Since being appointed CEO, my primary focus has been returning the Group to profitability as soon as possible," Hosking said.

"It has become clear that to achieve this, we need to further reduce our cost base. As a result, we have made the difficult decision to remove a number of roles from the Group."

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The company expects the job cuts to have the greatest effect on finances from the beginning of the 2023-24 financial year.

Redbubble Group expects operating expenditure this year to be between $125 million and $130 million, alongside a one-off restructure cost of about $5.1 million.

At the time of publishing Redbubble's share price had dropped by 2.4 per cent to 0.40 cents.

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