com:20080917:RnsQ6116D
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RNS Number : 6116D
Christie Group PLC
17 September 2008
Christie Group plc ("Christie Group" or the "Company")
Disposal of retail software business
Christie Group announces today that it has exchanged contracts for the sale of
its Retail Software business, VCS Timeless to Cegid SA for a consideration of E4
million cash receivable on completion.
The Retail Software business provides head office, point of sale and supply
chain management software.
In the year to 31 December 2007, the Retail Software business lost £3.3 million.
The net assets of this business at 31 December 2007 were £7.2 million (including
capitalised research and development costs of £4.4 million).
The sales proceeds will be retained and used to augment the Company's working
capital position.
The Hospitality and Cinema software business, which in 2007 had revenues of £1.7
million and traded profitably, does not form part of this transaction.
Commenting on the disposal, Philip Gwyn, Chairman, said, "I announced in June
that we would look for a strategic partner to assist with the funding of the
software development programme. In the current economic climate, this has not
proved either possible or desirable. Your Board therefore took the decision that
it would be in the best interests of shareholders to sell the business.
I am pleased to report that both our Professional Business Services Division and
our Stock and Inventory Services Division traded profitably during our first
half. Further information will be provided in our interim results which we will
publish later this month."
17 September 2008
Enquiries
Christie Group plc 020 7227 0707
David Rugg, Chief Executive
Robert Zenker, Finance Director
Weber Shandwick Financial 020 7067 0700
Richard Hews / Rachel Martin
Charles Stanley Securities 020 7149 6000
Nominated Adviser
Philip Davies
This information is provided by RNS
The company news service from the London Stock Exchange
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