3rd Jul 2018 09:40
LONDON (Alliance News) - Microgen PLC said Tuesday it disposed of its non-core payments business to CJJ Investments Ltd for a cash consideration of GBP6.9 million.
The payments business was a "small, non-core component" of the Microgen Financial Systems division, the company said. It generated 2017 revenue of GBP1.4 million and operating profit of GBP1.0 million.
"The disposal of the non-core payments business will enable Microgen Financial Systems to concentrate its resources on its Trust & Fund Administration business, the strategic focus of the business," the company said.
Shares in the enterprise and financial software developer were trading 0.3% higher at 441.00 pence each.