2 Dec 2020 12:00
Equiniti Group plc
Incorporated in England and Wales
Registration number: 07090427
LEI: 213800TS721HGE2JIV94
ISIN: GB00BYWWHR75
2 December 2020
EQUINITI GROUP PLC
DISPOSAL OF HR SOLUTIONS
Equiniti Group plc ("EQ" or "the Group"), an international technology-led services and payments specialist, announces the sale of its HR and payroll business, HR Solutions, to Civica.
HR Solutions provides payroll solutions across a range of markets, including the NHS where it is one of three leading payroll providers. Until its sale, HR Solutions was part of EQ's Paymaster division.
The sale to Civica, a global leader in software for public services, reflects the Board's strategic focus on core businesses and the reduction of leverage. The consideration for the transaction is £13.2m paid in cash and, in 2020, HR Solutions is expected to generate £5.9m revenue and £1.7m EBITDA.
Guy Wakeley, Equiniti Group plc Chief Executive, said "We are pleased that HR Solutions is joining Civica, a business which provides payroll software and services to 500 companies and public sector organisations around the UK, which will provide an opportunity for the business to scale and grow. We wish our colleagues the best of luck for the future."
The Group expects to recognise an accounting profit of c£10m on disposal.
Financial Calendar
25 March 2021 Full year results announcement
29 July 2021 Interim results announcement
For further information please contact:
Analyst/Investor enquiries:
EQ Guy Wakeley, Chief Executive +44 (0) 7484 072 471
John Stier, Chief Financial Officer Frances Gibbons, Head of Investor Relations
Media enquiries:
Temple Bar Advisory Alex Child-Villiers + 44 (0) 7795 425580Will Barker + 44 (0) 7827 960151