St Ives has seen its shares rise to a year high, following its decision to sell a “significant part” of its marketing activation operation.
That included North Wales based, Tactical Solutions and Flare, which have both been acquired by SelmerBridge for £6m.
Back in 2011, it bought Tactical Solutions for £15m.
The decision was made as part of a strategy to refocus on strategic marketing:
“Having taken considerable action over the past year to stabilise the performance of the Division, we are pleased to complete the sale as part of a planned disposal process,” said Matt Armitage, chief executive of St Ives.
“The sale is in line with the board’s stated strategy of focusing on the Group’s core businesses, in particular those within its higher growth, higher margin Strategic Marketing segment.”
The group, which also owns Amaze and Branded3, announced its half year results, showing profit before tax was up 35%, while revenue grew by 7%.
