Telecommunications company Go is planning to reduce its workforce to 900 employees from its complement of 1,000, the company’s chief executive told shareholders yesterday.

While presenting the results for 2010 at the company’s annual general meeting, David Kay said the company faced stiff competition and regulatory developments that allowed “little room for complacency”.

Mr Kay said improving efficiency and containing costs were strategic priorities for the company, identifying the number of employees as a major cost component.

“We are working to reduce the complement of around 1,000 employees to a figure closer to 900. This process can never be an easy one and is not one that we undertake lightly,” Mr Kay said.

The company was committed to making the business as efficient as possible to safeguard its long-term success for the sake of all its shareholders, he said.

In 2010 Go registered an operating profit of €22.8 million, up from the €7.4 million in 2009. The company managed to increase its turnover to €132.3 million from €123.7 million in 2009, representing growth of seven per cent.

Shareholders approved a dividend of 5c net of tax per share that will be payable on June 11.