£11.7m Disposal & Trading Update - London Stock Exchange
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Company Sanderson Group PLC TIDM SND Headline £11.7m Disposal & Trading Update Released 07:01 23-Jan-2012 Number 9675V07RNS Number : 9675V Sanderson Group PLC
23 January 2012
For Immediate Release 23rd January 2012 SANDERSON GROUP PLC £11.7million Trade Sale of High Street Retail business & trading update
Sanderson Group plc ('Sanderson' or 'The
Group'), the software and IT services business
specialising in multi-channel retail and manufacturing
markets in the UK and Ireland, announces that on
20th January 2012 it completed the sale of
Sanderson RBS Limited ("Sanderson RBS"), the Group
business which specialised in the sale of 'electronic
point of sale' ("epos") solutions to major
high street retailers, to Torex Retail Holdings Limited
("Torex"). Torex are a leading technology provider
to the retail, hospitality and convenience and fuel markets.
The cash consideration of £11.5million is payable on
completion with additional cash consideration of £0.15million
being payable unconditionally on 6th April 2012
and a further £0.1m payable dependent upon receipt by
Sanderson RBS of specific customer payments.
In the year ending 30th September 2011,
Sanderson RBS achieved sales of £12.36million, operating
profit of £1.41million (stated before amortisation,
share-based payment and allocation of group cost) and profit
before taxation of £0.86million. The net assets of Sanderson
RBS at 30th September 2011 were
£3.56million.
The cash proceeds of the sale will enable the Group to repay
its bank debt and leave a positive cash balance of
approximately £4million. The Board has a strategy to develop
and expand the Group, to build shareholder value and to
increase shareholder returns. The cash will be used to invest
in the further development of products and services,
especially in the areas of online sales and ecommerce
solutions. The Sanderson strategy is to enhance the
Group's presence in its core
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11093644
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£11.7m Disposal & Trading Update - London Stock Exchange
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markets of multi-channel retail and manufacturing, both
through further development of existing product suites, as
well as by complementary acquisitions. The Board will also
consider taking advantage of the Group's strong cash
generation to accelerate the Group's progressive
dividend policy.
Given the current challenging economic environment, Sanderson
has maintained good trading momentum. The new product suites
launched over the last 18 months, which include Green IT,
Software as a Service, Cloud Solutions and the very latest
versions of the ecommerce software with modern functionality
and features, have made the Group more competitive and have
contributed to the improvement in trading and the gaining of
new customers. The Sanderson manufacturing business has
continued to trade well as has the Group's multi-channel
business, which has won new customers, especially from
companies operating in the areas of catalogue and online
sales, ecommerce and wholesale distribution. At the end of
the first quarter, to 31 December 2011, order intake in the
manufacturing and multi-channel businesses was almost ten per
cent ahead of the comparative period of the previous
financial year.
Sanderson now has a strengthened balance sheet, cash in the
bank and continues to improve its competitive market
position. The Board is confident that the Group will make
further progress during the current year and anticipates
updating shareholders with progress at the Annual General
Meeting which will be held on 15th March
2012.
Commenting on the transaction, Chairman, Christopher Winn,
said that:
"We believe that this is both a satisfactory transaction
for Sanderson shareholders as well as a good opportunity for
both the Sanderson RBS staff as well as for Torex, led by
Steve Rowley. I would, on behalf of the Board and the
shareholders of Sanderson, thank especially David Mahoney,
the Managing Director of Sanderson RBS for his leadership and
Steve Watson, the management and staff, for their loyalty,
hard work and support in making a strong contribution to the
rebuilding of the Group's value since the very tough
period from late 2008 through 2009."
Mr Winn, added:
"Looking ahead, our focus will be on the continued
development of the Sanderson products and services, with
special emphasis on further enhancement of the online sales
and ecommerce solutions. We intend to further expand the
Sanderson customer base and to increase investment in our
successful manufacturing business which is enjoying positive
trading momentum. The Board strategy is to achieve growth
both organically through investment in new products and
services as well as by selective acquisitions as
opportunities arise."
Sanderson Group plc 02476 555466
Christopher Winn, Chairman
Charles Stanley Securities - Nominated Advisor and Broker
020 7149 6000
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11093644
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£11.7m Disposal & Trading Update - London Stock Exchange
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Mark Taylor/Darren Vickers
Winningtons Financial
Paul Vann
0117 985 8989 or 07768
807631
This information is provided by RNS
The company news service from the London Stock Exchange
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