“Management has spoken of the possibility of peripheral disposals for some time, and the valuation achieved is very encouraging, and ahead of the group market multiple,” said FinnCap analyst Andrew Darley. The shares rose 0.74 pence, or 2 per cent to 39.46 pence in early deals, as the market welcomed the news. In the last financial year it reported sales of £6.2 million and pre-tax profits of £1.5 million.ĪCS chief executive Vin Murria said: "Selling this non-core part of our business solutions division will bring us greater operational focus and enable us to significantly reduce our net debt." The proceeds of the deal will be used to reduce the outstanding balance on ACS’s revolving credit facility.Ĭedar provides rostering and duty management software and services to 30 police forces and became part of ACS when the group acquired COA Solutions in February 2010. Adds share price and analyst comment-Īdvanced Computer Software ( LON:ASW) said this morning it had sold its Cedar HR Software business to the FTSE 100 outsourcing group Capita ( LON:CPI) for £15 million.
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