11 Jul 2019 07:00
Mporium Group plc
("Mporium", the "Company" or the "Group")
Sale of Fast Web Media to International Agency Group Ltd
Mporium Group plc (AIM: MPM), the technology firm delivering event-driven marketing, announces the sale of its technology-led digital agency business, Fast Web Media ("FWM") to International Agency Group Ltd ("IA Group") (the "Transaction").
The Transaction follows Mporium's comprehensive restructuring of its operations and business around the performance-led MporiumX division, as more fully described in its annual results notified on 28 June 2019, whilst also eliminating ongoing operational losses.
FWM generated revenue of £355k and full year losses of £952.4k in the year ended 31 December 2018, leading the Group to take the decision to fully write down its carrying value in its consolidated financial statements at that date. Since then, the financial performance and prospects of the FWM business has not materially improved despite cost reductions having been implemented. The disposal is for a nominal consideration of £7,500.
Mporium's Chief Executive, Nelius De Groot, said:
"We are pleased to announce IA Group's purchase of FWM. Having reviewed our options carefully, we are confident that this is the best course of action for both Mporium and FWM, one which will allow Mporium to focus on the MporiumX business, with the goal of delivering the best possible outcome for our shareholders."
Enquiries
Mporium: | 020 3841 8411 |
Nelius De Groot, Chief Executive Officer |
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finnCap: | 020 7220 0500 |
Henrik Persson / Kate Bannatyne (Corporate Finance) Andrew Burdis (Corporate Broking) | |
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Yellow Jersey PR: | 020 3004 9512 |
Tim Thompson / Annabel Atkins / Felicity Winkles |
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Notes to editors
About Mporium
Mporium is a technology company at the forefront of the transformation in digital marketing. Mporium's proprietary technology enables advertisers, to identify and leverage moments when there are significant changes in the levels of consumer engagement. MporiumX is the performance-led moment marketing media trading division of Mporium Group.
Based in the UK, Mporium Group plc is quoted on AIM, the junior market of the London Stock Exchange plc.
www.mporium.com
The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.