14th Sep 2011 07:00
14 September, 2011 Daily Mail and General Trust plc (`DMGT') Sale of Sanborn
DMG Information, the Business information division of DMGT, announces the disposal of Sanborn, its business serving the geospatial market, to its management for a nominal consideration.
The disposal was triggered by a strategic review that determined that Sanborn's primary business of the aerial acquisition of geospatial images was non-core to DMGI. In addition, trading conditions for Sanborn have been weak and are likely to continue to be so for the foreseeable future, as US government budgets remain tight. DMGI will maintain an interest in Sanborn, retaining some upside potential when the cyclicality of the marketplace returns.
The adjusted operating profits of Sanborn in the last year to 3rd October, 2010 (before amortisation and impairment charges) were £0.5 million on revenues of £ 23 million.
Investor / analyst enquiries:
Stephen Daintith, Finance Director, DMGT 020 7938 6631
Media enquiries:
Susanna Voyle/James Macey White, 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 before 7am on 14th September, 2011
XLONRelated Shares:
DMGT.L