Disposal
July 09 2007 - 10:25AM
UK Regulatory
RNS Number:9074Z
Anite Group PLC
09 July 2007
Monday, 9 July 2007
Anite Group plc
Disposal of Anite Deutschland
Anite Group plc ("Anite" or "the Group"), the worldwide IT solutions and
services company, today announces that it has disposed of Anite Deutschland
Management GmbH and its subsidiaries (together "Anite Deutschland") to VEGA
Group PLC for a total consideration of #8.0 million payable in cash on
completion. Anite Deutschland, which is based in Cologne, employs 90 permanent
staff and 80 associates and focuses on IT consultancy and systems integration in
a range of vertical markets such as defence and financial services.
The disposal follows the sale of eight other peripheral businesses in recent
years and represents the Group's last remaining business in the IT services
market in Europe. It is in line with Anite's stated strategy of focusing on
growth opportunities in its core markets as the Group continues its
transformation into a leading global software business, with a stronger focus on
wireless telecoms, from a public sector and IT consulting and services business.
In the immediate future, the consideration proceeds are being used to reduce
Group indebtedness.
In Anite's financial year ended 30 April 2007, Anite Deutschland generated
Euro17.3m (#11.7m) in revenues and achieved profit before interest and tax of Euro1.0m
(#0.7m). Net assets, excluding goodwill as at 30 April 2007 were Euro1.9m (#1.3m).
As the last remaining constituent of Anite's former International division, its
results will be shown as a discontinued activity in Anite's future results.
Commenting on the disposal, Steve Rowley, Anite's Chief Executive, stated:
"We are pleased to have completed this disposal. This follows the sale of other
peripheral businesses in recent years and is in line with our stated strategy of
focusing on growth opportunities in our core markets as we continue the
transformation of Anite into a leading global software business."
- Ends -
Anite Group plc www.anite.com
Steve Rowley, Chief Executive 01753 804000
Chris Humphrey, Finance Director
Smithfield 020 7360 4900
Reg Hoare/Tania Wild
This information is provided by RNS
The company news service from the London Stock Exchange
END
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