RNS Number:3497M
Avesco PLC
16 June 2003



 
                                   ANNOUNCEMENT 

                    CREATIVE TECHNOLOGY OUTSIDE BROADCAST


Avesco plc, the provider of specialist services to the corporate presentation,
entertainment and broadcast markets, today announces the disposal of the
business and the fixed assets of Creative Technology Outside Broadcast Limited
("CTOB"), the Group's outside broadcast television business, to NMT Outside
Broadcast (UK) Limited ("NMT").

The consideration involved is between #1,025,000 and #1,350,000, payable in cash
over a three year period and dependent upon certain levels of business over the
three years subsequent to completion. The consideration, which will be used to
repay debt, includes a #550,000 payment dependent upon the exercise of an option
by NMT to purchase the legal title of the equipment involved, and payable over
the twelve months following the end of the two year period following completion.

In the period to 31 March 2002, the business concerned had turnover of
#4,612,000, made a profit before taxation of #119,000 and employed fixed assets
(being the only assets involved in the transaction) of #1,809,000. The results
for CTOB for the year to 31 March 2003 are expected to show a significant
deterioration in trading performance compared to the year ended 31 March 2002.
 
 
For further information please contact

David Nicholson, Chief Executive, Avesco plc          Tel 020 8974 1234
David Brocksom, Finance Director, Avesco plc          Fax 020 8974 1622
 

 



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