Payment specialist Worldline announced on Wednesday that it would be cutting up to around 8% of its global workforce in response to a more difficult economic environment.

The group had launched

in October

a resounding profit warning, which caused its share price to plunge 59% in a single session, and announced a cost-cutting plan.

The plan, dubbed Power24 and including headcount reductions, is designed to respond to macroeconomic changes and trends in the payments sector, Worldline said in a statement.

"This context has led to a slowdown in spending volumes and a reallocation of investments towards products and services generating lower margins," explains the group, which in October reduced its EBITDA margin forecast for 2023.

The total cost of implementing the project should amount to around 250 million euros, Worldline confirmed on Wednesday, and enable it to achieve cash cost savings of around 200 million euros from 2025 onwards.

On the Paris Bourse, Worldline shares were down 1.5% following this announcement, having lost up to 2.5% earlier in the session.

The group will publish its annual results on February 28, at which time it is expected to present its financial targets for 2024. (Written by Diana Mandiá, edited by Blandine Hénault)