This follows a review in April of its operations in parallel to reducing board costs by 50%.

The result of the review by board and management identified exiting workshops that were considered non-core and reducing overhead roles to align with current business activities, according to Mastermyne CEO Tony Caruso.

He said the restructure would ensure the continued financial strength of Mastermyne and maintain its position as a leading provider of contract services.

“The restructuring initiatives will strengthen Mastermyne’s competitiveness and result in a more streamlined, more responsive organisation with a lower fixed cost base and importantly hasn’t impacted on the organisation’s capability to peruse its growth strategies,” Caruso said.

He said The simplified operations would provide greater focus on developing and capitalising on growth opportunities within clearly defined lines of business.

The company also said the unaudited full year financial result was largely in line with forecasts based on the weaker results in the third quarter and continued weakness into the last quarter.

Unaudited results for the 2015-16 financial year include revenue of $168 million with earnings before interest, tax, depreciation and amortisation of $1.4 million. The result included one off restructuring costs of about $3.1 million, of which $2 million is non-cash, resulting in an underlying EBITDA $4.5 million.

“The board and management remain confident that long-term shareholder value will be delivered and that the actions taken will ensure the continued financial strength of Mastermyne and its position as a leading provider of contract services,” the company said.