8th Nov 2005 11:52
CSS Stellar PLC08 November 2005 CSS STELLAR PLC DISPOSAL 8 NOVEMBER 2005 CSS Stellar PLC ("CSS" or "the Company") today announces that it has commencedthe orderly closure and disposal of Echo Advertising & Marketing, Inc ("Echo"),its marketing services subsidiary based in Toronto, Canada. As noted in the 2005 Interim Results, trading conditions in Canada have beenextremely difficult. Echo has also suffered a number of client losses.Consequently, the Board did not see a profitable future for Echo or a strategicrole for it within CSS and has taken the decisive action to close the business.The closure of Echo is in line with the Board's stated strategy of continuing arationalisation programme of non-performing and non-strategic assets. Echo's operating loss for the six months ended 30 June 2005 was £64,000 onturnover of £12.2 million. The orderly closure of Echo has already been factored into managementexpectations for the group financial performance for the year to 31 December2005. - end - For further information contact: CSS Stellar Tel: 020 7078 1400Sean Kelly, Chief ExecutiveKevin Rose, Finance Director Buchanan CommunicationsBobby Morse Tel: 07802 875227Rebecca Skye Dietrich Tel: 020 7466 5000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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