IPPlus has sold its data archiving business Ancora to much larger rival Restore for £500,000.
Ancora was too small to prosper under IPPlus’ ownership. IPPlus can concentrate on its call centre, telephony and payment card industry compliant services.
Ancora was not making a significant contribution to IPPlus. In the year to June 2014, total group revenues increased from £8.08m to £9.12m, although underlying profit fell from £359,000 to £182,000. Ancora revenues fell from £827,000 to £731,000 to June 2014 and the loss increased from £50,000 to £94,000. The book value of the assets was £352,000.
At 15.25p a share, IPPlus is valued at £4.84m.
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