Dublin-based property services group Veris is to reduce its workforce by 12 to 15 people due to a fall-off in demand in its moving and storage division.
The company also plans to put a similar number of staff in the division on a shorter-working week.
A company spokesman said 5 per cent of the group's 550 staff would be affected by the changes which have been prompted by a slowdown in property transactions.
Discussions with staff and unions started today and the spokesman said it was hoped that the required redundancies could be achieved on a voluntary basis.
"Conditions within the moving and storage division have been more challenging driven primarily by the downturn in the US and UK economies, resulting in a fall off in the volume of transactions between the US/UK to Ireland, and decreased volumes within the Irish commercial sector," Veris said in a statement.
"As we enter the important peak quarter for this division, the indicators at this stage are such that we believe this division will not perform as strongly as originally envisaged."
The IEX and AIM listed firm has two other divisions, facilities management and property management.
These operations, which provide approximately 80 per cent of Group turnover and profit, have been "trading in line with budget for the six months to June", the company added.
Veris said trading in the moving and storage division was expected to remain weak in the second half of the year but said this should be "partly offset by the facilities management and property management divisions, which continue to trade in line with expectations".
The company said it now estimates group earnings for the year ending December 31st will be flat.
In the year to the end of December 2007, Veris reported a 36 per cent rise in revenues to €65.4 million, driven by organic growth and contributions from acquisitions.
Pre-tax profits rose 16.6 per cent to €5.6 million with adjusted earnings per share rising 22 per cent to 22.7 cent. Prior to its incorporation in 2004 Veris was called Irish Estates.