1st Apr 2019 12:06
LONDON (Alliance News) - Business information provider Centaur Media PLC on Monday said it sold its financial services content division to business and consumer media specialist Metropolis Group.
Centaur Media shares dropped 9.5% trading at 50.22 pence each, on Monday around midday.
Centaur will receive GBP5 million in cash for the division, which includes a series of publishing and content brands including Money Marketing, Mortgage Strategy and Headline Money. The company will consider the "best use for the proceeds", following the completion of a divestment review.
The sale follows Centaur's decision last October to explore the divestment of its smaller businesses in order to simplify the group's structure and focus on its leading brands.
"This disposal continues the simplification of Centaur, further reducing our advertising exposure and allowing us to focus on developing products and services with stronger recurring revenues. A simpler group structure will allow us to deliver efficiencies and other operational benefits," Chief Executive Officer Andria Vidler said.
For 2018, Centaur's financial services business made an adjusted operating profit of GBP1.2 million on revenues of GBP8.2 million.
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