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Miracle turns sour after promising beginning

The software company, Miracle, based in Langenthal, is considering cutting half its workforce of 330 in a bid to secure its long-term future. Some 85 jobs in Switzerland are affected.

In a statement, the company said the business trend in the third quarter was unsatisfactory and it was likely to report a larger-than-expected loss. Miracle recorded a loss of SFr36.1 million ($20 million) in the first half of 2000.

When the six-month figures were published in August, the board of directors said it was investigating strategic and financial options to safeguard the company's future.

The statement said that both the board and the management considered a "systematic restructuring" necessary and also feasible without jeopardizing product development or any other core activities.

Miracle, once an attractive bet for investors at the Swiss Stock Exchange New Market, has had problems with its main software product, miracle xrp. Some customers complained that it did not work to their satisfaction.

However, Miracle now says its flagship product has been further refined in the past months, with a third new release that will be delivered in the next few weeks.

The board of directors and the management plan to inform employees and the public on Miracle's next steps towards the end of the month.

swissinfo with agencies


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