St. Ives PLC Disposal of St Ives Management Services Limited (3218S)
June 25 2018 - 2:00AM
UK Regulatory
TIDMSIV
RNS Number : 3218S
St. Ives PLC
25 June 2018
25 June 2018
This announcement contains inside information.
St Ives plc
("St Ives" or the "Group")
Disposal of St Ives Management Services Limited ("SIMS")
St Ives, the international marketing services group, today
announces that it has completed the disposal of SIMS, its legacy
print management business, to Paragon Customer Communications
Limited (the "Disposal").
The total consideration for the Disposal, after costs, was
GBP9.5 million which was based on an enterprise value of GBP11.0
million (subject to cash, debt and working capital adjustments),
and was paid in full in cash on completion.
The net proceeds of the Disposal will be used to further reduce
the Group's debt.
SIMS provides print management, procurement and delivery
services to UK based customers. For the year ended 28 July 2017,
SIMS had gross assets of GBP16.1 million and reported GBP49.5
million of revenue and a profit before tax of GBP5.1 million.
The Disposal strengthens St Ives' balance sheet, resulting in a
Group now entirely focused on its Strategic Marketing businesses,
consistent with management's long-term growth strategy.
Matt Armitage, Chief Executive of St Ives, said:
"The disposal of SIMS, our last remaining Marketing Activation
business, marks the beginning of an exciting new chapter for St
Ives.
The Group has now transformed from one entirely focussed on
print to one exclusively focussed on higher growth, higher margin
Strategic Marketing businesses, with a market leading digital
proposition at its core. We look forward to the future with
confidence.
We would like to take this opportunity to thank our colleagues
from SIMS for all their hard work and dedication over the years,
and we wish them every success in the future."
- Ends -
For further information please contact:
St Ives plc 020 7928 8844
Matt Armitage, Chief Executive
Brad Gray, Chief Financial Officer
MHP Communications 020 3128 8788
Tim Rowntree / Giles Robinson / Luke Briggs
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DISEANKLALEPEFF
(END) Dow Jones Newswires
June 25, 2018 02:00 ET (06:00 GMT)
Sivota (LSE:SIV)
Historical Stock Chart
From Apr 2024 to May 2024
Sivota (LSE:SIV)
Historical Stock Chart
From May 2023 to May 2024