BULL ANTICIPATING FALL IN PROFITS OWING TO SOCIAL PROGRAMME.

The Bull group is anxious to complete a wide-ranging programme of restructuring of activities and staff by the end of 1999, an aim likely to result in a decline in net profits in 1998, but an increase in returns thereafter, company Chairman Guy de Panafieu announced on September 24. Mr de Panafieu told a press conference that the group expects to turn a net deficit of FF353 million for the first half-year, from an operating profit of 104 million (-50%), into an operating profit of FF1 billion for 1998 as a whole. The majority of Bull profits are secured over the second half-year. The restructuring programme is expected to cost a total of FF1 billion over 1998-1999 and will involve staff cuts according to Michel Audan, Director of human resources. Over the first half year, Bull reduced its workforce by 200 to 21,000, shedding 1,100 staff and taking on 900. The group also proposes to reduce the age of its workforce from the current average of 45-46 years. Mr Audan indicated that a significant proportion of the restructuring costs will be incurred through an early retirement programme. Bull is also keen to launch autonomous subsidiaries working both for Bull and for other...