TurfTrax has sold its grounds management systems business.
The buyer is Dr Richard Earl, a director of another TurfTrax subsidiary. He is paying £300,000 - £245,000 cash and £55,000 from the collection of net current assets – for the business which generated revenues of £474,000 in the year to March 2007 and lost £243,000. It made a profit of £16,000 on revenues of £316,000 in the six months to
If the business is sold at a profit in the next five years then TurfTrax will be entitled to some of the upside.
TurfTrax needs the cash to provide working capital for the remaining business. TurfTrax Racing Data Ltd will be placed in administration.
The shares have been on the slide since TurfTrax joined Aim at the beginning of 2008 at 40p a share. They fell a further 0.125p to 1.125p, valuing the company at £500,000.
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