Broadcare sold by The Mission Marketing Group for £4.4m
The Mission Marketing Group plc ("themission", "the Company" or "the Group", AIM: TMMG), the technology-embraced marketing communications and advertising group, announces that it has today sold its BroadCare business to Carehome Selection Limited, part of the CHS Healthcare group ("CHS"), for £4.4m in cash.
BroadCare, a component of the Group's fuse innovation incubator, is a comprehensive tracking and reporting system specially designed for managing all aspects of NHS-funded continuing healthcare. A software innovation developed by the Group to automate an otherwise unwieldy process, it has gone on to be widely adopted by Clinical Commissioning Groups (CCGs) and Commissioning Support Units (CSUs) across the country. Given its specialist nature and the constraints in moving the appeal of the software beyond its current Client base, the Board concluded that BroadCare was non-core to the Group's main activities and better suited to an organisation already providing a wide range of services to the NHS.
In the year ended 31 December 2017, BroadCare, which is run by Nicola Joyce, provided a profit contribution to the Group of £0.5m. The £4.4m cash consideration (subject to any working capital adjustments) will go to reducing the Group's net indebtedness and to funding further innovations within the Group's fuse incubator.
David Morgan, Chairman, commented: "Since creating fuse last year, we have taken a close look at the innovative products within the Group to determine how best to maximise value from them. We are delighted to see the crystallisation of significant value from our first product and wish Nicola Joyce and her team every success with CHS."
David Morgan, Executive Chairman
Peter Fitzwilliam, Finance Director
The Mission Marketing Group plc - 020 7462 1415
Mark Percy / James Thomas (Corporate Advisory)
Shore Capital (Nomad and Broker)- 020 7408 4090