Anite Group PLC
06 December 2004
For immediate release Monday, 6 December 2004
Anite Group plc
Disposal of Anite Transport
Anite Group plc ('Anite' or 'the Group'), the worldwide IT solutions and
services company, today announces that it has completed the sale of the trade
and assets of Anite Transport, its solutions, services and consultancy to the
passenger transport industry, to Trapeze Inc. for a total consideration £0.9m,
payable in cash on completion.
The disposal is in line with Anite's stated strategy following its recent
strategic review of disposing of non-core, peripheral businesses to better focus
on its three core vertical markets of public sector, telecoms and travel. Anite
Transport was an immaterial part of Anite Public Sector having been formed as a
result of the merger of some existing businesses and that of Transform Systems
Limited, which was acquired in 2000 for £0.3m. Its offering is peripheral to the
division's core local and central government solutions. The consideration
proceeds will be used to benefit the Group's cash position and provide greater
financial flexibility.
Anite Transport made a small operating loss before goodwill and exceptional
items in the Group's year ended 30 April 2004 on turnover of £1.7m. The value of
the net assets being disposed of is less than £0.1m. The business was marginally
profitable in the half year ended 31 October 2004, and will be reported as a
discontinued activity in the Group's forthcoming interim results due to be
announced on 7 December 2004. There will be a small profit on disposal.
Anite Transport's employees are being transferred under TUPE to Trapeze. The
business employed 17 staff out of a total of 794 in Public Sector as at 30 April
2004.
Commenting on the disposal, Steve Rowley, Anite's Chief Executive, stated:
'We are pleased to have agreed this disposal, following the recent sale of Anite
Space and Anite Calculus, in line with our stated strategy of selling non-core
businesses thus enabling us to better focus on our core markets.'
- Ends -
For further information, please contact: www.anite.com
Anite Group plc 01753 804000
Steve Rowley, Chief Executive
Christopher Humphrey, Group Finance Director
Smithfield 020 7360 4900
Reg Hoare/Sara Musgrave
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This information is provided by RNS
The company news service from the London Stock Exchange
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