Powerwrap Business Update

 

Business operations

Despite the current COVID-19 environment, Powerwrap business is continuing to operate smoothly.

At the outset of the COVID-19 crisis, Powerwrap enacted its Business Continuity Plan, and made the decision to move to remote operations prior to the government restrictions coming into place. We are pleased to report that the transition was smooth and all teams continue to operate as usual.

Service levels remain strong and have even improved from a business wide perspective, despite increased trading volumes over the past 6 weeks due to high market volatility.

Powerwrap will maintain its focus on continuous improvement utilising the Lean Six Sigma methodology combined with targeted enhancements to the functionality of the platform.

 

Financial stability

Powerwrap is in a solid financial position, remains debt free and has significant cash at bank.

In order to ensure our long term financial stability, Powerwrap has reset the cost base of the business with the intent of preserving our cash position and delivering cash break-even earlier. As part of this exercise, we have restructured our headcount and are reducing operating expenditure to achieve a sustainably lower cost base.

No operational roles were impacted as part of the restructure. This is to ensure we can continue to maintain our service levels to you at their current high levels.