JSE-listed investment company Huge Group has made changes to its leadership team and announced job cuts as it restructures.
In a statement to shareholders, Huge Group, headed by CEO James Herbst, said the new developments follow the successful amalgamation of the workforces of subsidiaries Huge Connect, Huge Platforms and Huge TNS.
“This initiative focused on right-sizing these workforces to align with current business and economic conditions.”
It adds that separation agreements were concluded with employees who were affected by this process.
According to the company, the amalgamation will result in cost savings for the next 12 months of circa R16 million (after accounting for separation costs), and, thereafter, for each subsequent 12-month period of circa R32 million.
It points out that following the amalgamation, the company has made various appointments in support of the continued focus on governance and reporting.
Chantal Human, who has held various roles within Huge Group's investment portfolio companies since 2019, most recently having served as financial executive of Huge TNS, has been appointed in the dual capacity of financial director of Huge Connect and chief financial officer of Huge Group.
The company has appointed Rachelle Douglas, current financial manager of Huge Management Company, as chief reporting officer.
In accordance with the transitional roadmap defined by the board of directors, the role of chief operating officer, which has been held by Zak van de Merwe since 2021, has been made redundant, as he will be assuming the role of chief commercial officer, replacing Tamryn van Tonder, who has resigned.
The firm says Huge Distribution has delivered substantially improved results in revenue and EBITDA following the diversification of its product portfolio in 2024.
It states that revenue of R25 million for the 12 months ended 28 February 2024 increased to R54 million for the 12 months ended 28 February 2025, with revenue for the first five months of the 2026 financial year amounting to R40 million.
Huge NXTGN, which was commercially brought to market in October 2024, is now revenue-generating following the securing of various key clients, including Pick n Pay, Boxer, and three other mobile virtual network operator clients, it says.
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