Information  X 
Enter a valid email address

World Television Grp (WTV)

  Print      Mail a friend

Wednesday 21 February, 2007

World Television Grp

Disposal

World Television Group PLC
21 February 2007



Wednesday 21 February 2007


World Television disposes of its Australian webcasting business to Thomson
Financial


World Television Group Plc ("World Television" or "the Group"), the
international webcasting and multimedia visual communications company, and World
Television (Pty) Ltd. ("the Company") have today completed their agreement to
sell certain assets of the Company's Australian webcasting business to Thomson
Financial for a consideration of US$1.2m (£615k). Thomson Financial will begin
providing webcasting services to existing clients of the Company with immediate
effect.


The Company is selling assets including the Australian webcasting client list,
goodwill and production equipment. The disposal of the webcasting business will
allow World Television to continue to support its corporate TV production and
broadcast PR clients in Australia and New Zealand, while World Television
services in other markets are unaffected. The Group is not selling the Company
and will continue to use the World Television name and brand identity in
Australia and New Zealand.


The transaction is part of World Television's strategy of strengthening the
balance sheet, developing profitable businesses and increasing the revenue
growth rate.


The consideration will be paid in cash on completion and the Company will use
the proceeds to repay part of the inter-company loan due to World Television.
The Group will use the funds to invest in product development, to support
international business development and to provide additional working capital to
meet this expansion.


In the year to 31 December 2005, the Company made a loss of £146k on turnover of
£555k and had net assets of £164k. The 2006 figures are currently being prepared
and will be published in the Group's annual report for the period. The Company's
own forecasts for 2007 show a profit before tax of £24k, with an EBITDA of £47k
and revenues of £667k.



For more information please contact:

Steve Garvey or Evelyn Kimber
World Television
8 Fitzroy Square
London
W1T 5HN
Tel: +44 (0)20 7388 8555


-ends-



                      This information is provided by RNS
            The company news service from the London Stock Exchange