5th Nov 2018 10:19
LONDON (Alliance News) - Public sector software provider Idox PLC said Monday it sold its loss-making digital unit to Fat Media Ltd for a nominal GBP1.00 in cash as it looks to focus on its core operations.
The digital unit of the AIM-listed firm provides digital consultancy service to private sector clients. The sale, therefore, "allows for additional focus" on "core operations" at Idox as well as "further improvements in its operating model".
For the financial year that ended October 2017, the digital unit generated a GBP3.2 million pretax loss. That year, Idox as a whole recorded GBP3.5 million in pretax profit on revenue of GBP88.9 million.
Idox expects to issue a trading update for the year ended October 2018 "during November". Shares in Idox were 0.9% lower at 34.10 pence on Monday.
Related Shares:
Idox Group