Prime Focus is to reinstate the full salaries of all the UK staff that took a pay cut last year.
More than 80% of the company’s London workforce agreed to a pay reduction in May 2009 as an alternative to redundancies.
Managing director Simon Briggs told Broadcast that the market had become more buoyant and confident, which, along with the “sheer hard work” of the Prime Focus team, had allowed the reinstatement.
He also said that the decision to ask staff to take the reduction had been vindicated as it had protected jobs and allowed “careful and calculated” essential capital investment to continue, and new technical initiatives to be pushed forward.
“If we hadn’t managed our overhead costs, we might have had to shelve some of these things,” he said. “We’re already starting to win business on the back of this. It is going to allow us to come flying out of the recession.”