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mporium Group PLC - Sale of Fast Web Media

RNS Number : 1604F
mporium Group PLC
11 July 2019
 

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

 

 

 

finnCap:

020 7220 0500

Henrik Persson / Kate Bannatyne (Corporate Finance)

Andrew Burdis (Corporate Broking)

 

 

Yellow Jersey PR:

020 3004 9512

Tim Thompson / Annabel Atkins / Felicity Winkles

 

 

 

 

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.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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