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Christie Group shares jump on disposal of loss-making Vennersys
(Sharecast News) - AIM-listed business services group Christie has sold its loss-making visitor attraction software business, Vennersys, to Digitickets for up to £1.4m, causing share to jump on Monday.
Vennersys, which provides a fully integrated ticketing and electronic point of sale solution to UK visitor attractions like the Eden Project and Peppa Pig World, will be bought for £0.5m on completion, with up to £0.9m payable within 18 months subject to certain conditions being met.
Christie said the deal reflects its continued focus on "improving the quality of earnings and its balance sheet strength", allowing it to focus on investing in its other brands to deliver sustainable growth and earnings.
By the end of 2024, Vennersys held gross assets of £1.43m but generated a loss before tax and extraordinary items of £1.57m.
"Following on from the strategic disposal of our loss-making retail and pharmacy operations in November 2024, the board unanimously concluded that the continuing investment requirements required to support and scale the Vennersys business under Christie Group plc ownership were incompatible with our desire to invest in our remaining core brands," said Christie's chief executive Dan Prickett.
"Having taken this decision, we have been focussed on finding a purchaser for the business with the expertise and resources to take the business forwards and with a commitment to providing an ongoing level of high-quality service to the Vennersys customers."
Christie Group shares were up 9% at 109p by 0809 GMT.
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