As usual, the Indian press was 3 days ahead of the official release. (I love the Indian press!)
Skilled to sell contract centre business
SYDNEY, Oct 18 AAP October 18 2011, 10:17AM Skilled Group has agreed to sell its contract centre business Excelior to international services company Serco Group for a total $13.2 million.
Skilled would use the proceeds of the sale to reduce its debt, the Melbourne-based company said in a statement on Tuesday.
The company said it sold the business in line with its strategy of focusing on its core businesses of labour hire and workforce services. Serco will pay $8.2 million up front, with a further $5 million payable over the next two years, subject to set revenue targets.
Excelior, which was established in 1999, employs about 2,000 staff in Melbourne, Bendigo, Burnie in Tasmania and Robina in Queensland.
The sale will generate a pre-tax profit on sale of about $4.5 million in the current financial year.
SKE Price at posting:
$1.83 Sentiment: Buy Disclosure: Held
