Electric Word sells loss-making speech and language therapy publisher

15th Nov 2016 11:32

(ShareCast News) - Electric Word has sold the trade and certain assets of its loss-making speech and language therapy publishing business for £1.85m. The AIM-listed company sold its subsidiary, Speechmark Publishing, to Informa UK, which is trading as Taylor Francis Group, with £1.66m payable on completion and the remaining £185,000 to be paid on the first anniversary of the completion date.The transaction follows the sale of its other subsidiary, Optimus Education, earlier in the month, and completes the sale of its education assets.The company will now focus on growing its SportBusiness Group, a provider of data, insight and analysis to the sports industry.The board is reviewing the infrastructure and working capital needed for the development of SportBusiness Group and the extent, form and timing for returning cash to shareholders.Speechmark was part of the Education division of the company that publishes books and other products to support the education and practice of speech and language therapists and other professionals working in educational needs, mental health and elderly care.In the year ended 30 November 2015, Speechmark made a loss before tax of £179,892, which includes a £156,370 charge towards central overheads, and a £95,000 management charge, on turnover of about £1.59m. Its gross assets were about £5.33m.Shares in Electric Word were up 10.77% to 3.6p at 1204 GMT.