Anite Group PLC
19 December 2003
19 December 2003
Anite Group plc
Disposal
Anite Group plc ('Anite' or 'the Group'), the international IT solutions and
services company, today announces that one of its subsidiary companies has
agreed to sell Anite Benelux BV ('Anite Benelux'), its Dutch based IT
consultancy, to a local software company for a total consideration of £1.05m
(€1.5m), of which £840k (€1.2m) is payable in cash on completion and £210k
(€300k) in twelve months' time. Prior to completion, Anite Benelux will pay a
dividend of £1.2m (€1.7m) to its immediate parent company. The consideration
proceeds will be used to reduce the Group's indebtedness.
This reflects Anite's intention to dispose of certain small peripheral
businesses. Anite Benelux's recent performance, together with a highly
competitive market, has resulted in the risk of considerable margin erosion on
future trading.
Anite Benelux achieved operating profits of £0.1m (2002: £0.2m) on turnover of
£5.1m (2002: £5.2m) in the six months ended 31 October 2003, which were included
in Anite's interim results for that period, announced on 12 December 2003. For
the year ended 30 April 2003, it achieved operating profits of £0.4m on turnover
of £10.2m. Net assets on disposal, after payment of a pre-completion dividend,
will be approx £1.5m (€2.1m). These numbers will be shown as a discontinued
activity in Anite's future results. Anite Benelux employs 164 staff out of a
total of 725 in Anite's International division.
Completion is expected to take effect on 31 December 2003.
Commenting on the disposal, Steve Rowley, Anite's Chief Executive, stated:
'We are pleased to have agreed this disposal which is in line with our stated
strategy of selling small peripheral businesses.'
- Ends -
For further information, please contact:
Anite Group plc www.anite.com
Steve Rowley, Chief Executive 01753 804495
Christopher Humphrey, Group Finance Director
Weber Shandwick Square Mile
Sara Musgrave/Helen Thomas 020 7076 0700
This information is provided by RNS
The company news service from the London Stock Exchange
LE
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.