CSS Stellar PLC
08 November 2005
CSS STELLAR PLC
DISPOSAL
8 NOVEMBER 2005
CSS Stellar PLC ('CSS' or 'the Company') today announces that it has commenced
the orderly closure and disposal of Echo Advertising & Marketing, Inc ('Echo'),
its marketing services subsidiary based in Toronto, Canada.
As noted in the 2005 Interim Results, trading conditions in Canada have been
extremely difficult. Echo has also suffered a number of client losses.
Consequently, the Board did not see a profitable future for Echo or a strategic
role for it within CSS and has taken the decisive action to close the business.
The closure of Echo is in line with the Board's stated strategy of continuing a
rationalisation programme of non-performing and non-strategic assets.
Echo's operating loss for the six months ended 30 June 2005 was £64,000 on
turnover of £12.2 million.
The orderly closure of Echo has already been factored into management
expectations for the group financial performance for the year to 31 December
2005.
- end -
For further information contact:
CSS Stellar Tel: 020 7078 1400
Sean Kelly, Chief Executive
Kevin Rose, Finance Director
Buchanan Communications
Bobby Morse Tel: 07802 875227
Rebecca Skye Dietrich Tel: 020 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange END
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