Australian digital services provider Hyro has closed its New Zealand operation and plans to appoint a receiver.
An announcement from the firm, posted on the Australian Stock Exchange on Monday, notes that Hyro “will continue to service clients in New Zealand from other offices and will, if required, transfer personnel into that market for specific client requirements”.
The closure of the New Zealand office, located in Auckland, is part of a company-wide restructure that was implement following what Hyro describes in the ASX announcement as “poor results delivered in 2007”. Hyro’s office in Shanghai has also been closed.
The ASX announcement notes “trading in 2008 was affected by unusual and unexpected external factors which had a material, adverse influence on the business” and that “Hyro experienced lower than expected levels of revenue for several months as customers either scaled back or deferred activities”.
According to its website, Hyro specialises in digital services across internet, mobile and interactive TV channels. It is an IBM, Microsoft and Adobe partner.
Computerworld understands approximately 30 staff have been made redundant from the New Zealand office. Hyro chief executive Bill Votsaris was unavailable for comment yesterday.