15th Nov 2016 11:17
LONDON (Alliance News) - Education information provider Electric Word PLC on Tuesday said it has sold its Speechmark Publishing Ltd business to a unit of FTSE 100 business information group Informa PLC.
Electric Word will sell the business, which publishes books and products to support speech and language therapy training, for GBP1.9 million in cash to Informa UK Ltd, under its Taylor & Francis Group banner.
Speechmark made a GBP179,892 pretax loss in the year to the end of November 2015 on revenue of GBP1.6 million, Electric Word said.
The deal follows Electric Word's disposal of its Optimus Professional Publishing Ltd subsidiary for GBP1.5 million to Prospects Education Services Ltd earlier this month, part of a push to focus solely on its SportBusiness Group unit.
Electric Word said that following the asset sales, it is now reviewing the infrastructure and working capital needed to back growth in the SportBusiness arm and the extent, form and timing of any cash return it will make to shareholders.
Electric Word shares were trading up 11% Tuesday at 3.60 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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