18th Sep 2012 16:15
18 September, 2012
Daily Mail and General Trust plc (`DMGT') DMGT statement regarding Evanta
DMGT announces that dmg events has agreed the disposal of Evanta, a leadership and conferences business, to Leeds Equity Partners for approximately £58 million ($94 million) and that the transaction is expected to complete before 30th September, 2012. Evanta produced adjusted operating profit in the year to 2nd October 2011 (before amortisation and impairment charges) of £5 million on revenues of £16 million.
On completion, DMGT expects to use the final net cash proceeds to reduce debt.
Martin Morgan, Chief Executive of DMGT, said:
"We continue to actively manage our portfolio. The sale of Evanta is another good example of how DMGT is focusing its financial and talent resources. We are committed to further expanding our fast growing events businesses operating in the energy and digital marketing sectors and those located in the Middle East region".
Investor/ analyst enquiries:
Stephen Daintith, Finance Director, DMGT +44 20 3615 2902
Adam Webster, Head of Management Information
and Investor Relations, DMGT +44 20 3615 2903
Media enquiries:
Kim Fletcher / Will Carnwath, Brunswick Group LLP +44 20 7404 5959
Daily Mail and General Trust plc Northcliffe House, 2 Derry Street, London, W8 5TT Tel 020 7938 6000 Fax 020 7938 4626 www.dmgt.com Registered in England and Wales No. 184594 .
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