RNS Number:5614W
Screen PLC
15 March 2004
Screen plc ("Screen" or "the Company")
Disposal of Petards Emergency Services Limited ("PESL")
Screen, a leading provider of advanced security and surveillance systems,
announces that on Friday 12th March 2004 it sold the business and assets of its
wholly-owned subsidiary PESL to Assetco Data Solutions Limited for a cash
consideration of #865,554. The net proceeds will be applied towards reducing
Group indebtedness.
PESL's revenue in the year ending 31st December 2003 was # 2,753,983 (2002:
#2,318,676) and it made profit before tax of #135,020 (2002:#146,597). PESL's
net assets less net cash balances at 31st December 2003 were #109,410
(31.12.2002: #247,767).
PESL's main activity is the provision of software for the Fire Services. This is
a market sector which is undergoing significant change at the present time.
Screen's involvement in the sector was insufficient for it to be a strategic
player in the future.
The disposal is consistent with the strategy announced in November 2003 to
achieve greater focus and critical mass in the group's core activities of
security and surveillance systems.
15th March 2004
Further enquiries:
Tim Wightman
Chairman
01789 262664
07711 089813
Binns PR
Paul McManus
020 7153 1485
07890 541 893
This information is provided by RNS
The company news service from the London Stock Exchange
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