Sanctuary Cuts A Quarter of Staff
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The firm said it hoped the move would soon return it to profitability.
Sanctuary said it hoped to achieve annual cost savings of between £7m and £8m.
"I am confident that we have a high quality business and, with a much-reduced cost base, I believe we are well placed to rapidly return to profitability going forward," said executive chairman Andy Taylor in a statement.
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It now expects a trading loss before exceptional items for the year to the end of September - compared with market forecasts at the start of the year for profits of up to £30m.
Shares in Sanctuary, which were priced at 43 pence in mid-June, closed up almost 13% at 6.89 pence.