2nd Aug 2011 07:00
2 August, 2011 Daily Mail and General Trust plc (`DMGT') Disposal of RMSI Pvt. Ltd
DMGT announces the disposal of RMSI Pvt. Ltd. (RMSI), the Indian geographic information services division of Risk Management Solutions (RMS) for a nominal consideration. Stephen Daintith, Finance Director of DMGT, commented that "it has become clear to us that this business is non-core to RMS given the significant growth opportunities for RMS in its core insurance markets". RMS will retain RMS India which primarily includes its `Centre of Excellence', a division in India that will continue to provide support for RMS's data business and software development services.
For the 9 months to 2 July, 2011, RMSI had revenues of £7 million and made a small operating loss of £4 million. These numbers are currently reported within the RMS results. For the the current year ending 2 October, 2011, DMGT expects to report a non-cash exceptional loss on disposal of RMSI in the region of £10 million.
Enquiries:
Stephen Daintith, Finance Director, DMGT 020 7938 6631
Susanna Voyle/ Matthieu Roussellier, Tulchan Communications 020 7353 4200
Daily Mail and General Trust plc Northcliffe House, 2 Derry Street, London, W8 5TT Tel 020 7938 6000 Fax 020 7938 4626 www.dmgt.co.uk Registered in England and Wales No. 184594 Not for public release until 7.00am Tuesday 2 August, 2011
XLONRelated Shares:
DMGT.L