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Access Intelligence offloads Due North business

03 February 2016 11:55

Access Intelligence has announced that it has disposed of its wholly owned subsidiary Due North for an aggregate cash consideration of GBP4.5m to Proactis Holdings.

For the financial year ended 30 November 2015, the Group's unaudited management accounts show a revenue contribution from Due North of GBP1.79m with EBITDA of GBP0.36m and profit before tax of GBP0.18m.

The total value of the net assets being disposed of as at 30 November 2015 was approximately GBP2.5m.

The net proceeds of the disposal will be used to strengthen the Group's balance sheet and provide additional working capital to support the growth and development of the Group.

Commenting on the disposal, Joanna Arnold, CEO, said:

"The divestment of Due North from the Group is in line with our strategy to focus on SaaS solutions in reputation and risk management. Over the last 12 months, we have pruned non-strategic businesses to provide the Group with greater financial flexibility and create value for our shareholders. We would like to thank Malcolm McClen and the fantastic team at Due North for their valuable contribution to the Group and wish them and Proactis every success in the future."

At 11:55am: (LON:ACC) Access Intelligence PLC share price was 0p at 4.88p

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