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AIM-listed technology firm EQTEC (LON:EQT) has said that it will restructure its wholly owned Spanish subsidiary to focus on pipeline execution and increase the number of engineers on staff. Previously, it had been primarily engaged in business development. Shares in the company climbed by 9.37% to 1.05p (as of 12:45 BST).
Recently appointed CEO Ian Price commented that: “My review of the needs of the business has highlighted an immediate requirement for more engineering resource to support our current deal flow. This, coupled with cost reductions in other areas of the business are key elements of the Company’s Growth Optimisation Plan in the near term. We intend to change what EQTEC does and how we do it and we have set out clear commitments against which our progress can be measured. Our goal is to make EQTEC the preferred supplier of energy recovery from waste technology and the plan that we set out today is pivotal to delivering that goal and executing on our extensive pipeline of projects. We will announce further updates as the business review proceeds.“