Anite Group PLC
03 August 2004
For immediate release Tuesday, 3 August 2004
Anite Group plc
Proposed disposal of Space business
Anite Group plc ('Anite' or 'the Group'), the worldwide IT solutions and
services company, today announces that it has agreed to sell Anite Systems GmbH
('Anite Space'), its Space consultancy business based in Darmstadt, Germany, to
Vega Group plc ('Vega') for a total consideration of £7.5m, payable in cash on
completion. The disposal is subject to certain conditions, in particular Vega
receiving approval for the acquisition from its shareholders at an Extraordinary
General Meeting to be held on 25 August 2004.
The proposed 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. The consideration proceeds will be used to benefit the Group's cash
position and provide greater financial flexibility.
Anite Space reported operating profits of £0.8m (2003: £1.0m) on turnover of
£4.9m (2003: £4.9m) in the year ended 30 April 2004, which were included in
Anite's preliminary results for that period, announced on 13 July 2004. Net
assets as at 30 April 2004 were £0.3m. These numbers will be shown as a
discontinued activity in Anite's future results. Anite Space employs 60 staff
out of a total of 564 in Anite's International division.
Completion is expected to take effect on 2 September 2004.
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 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/Tehsin Nayani
Print resolution images are available for the media to view and download from
www.vismedia.co.uk
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