LONDON (ShareCast) - (Sharecast News) - UK outsourcing company Capita said it had sold its AMT Sybex software business to Jonas Computing for up to £40m as it continued to offload non-core assets to bolster its balance sheet.
AMT Sybex provides utilities and infrastructure software in the UK. Jonas will pay £23m on completion, scheduled for January 1, 2022. A potential £17m is payable over 24 months, subject to certain conditions, Capita said on Friday.

Reported revenue and profit before tax of AMT Sybex for the year to December 31, 2020 were £40m and £12m respectively. Gross assets were £77m at June 30 this year.

Capita said earlier this year it planned to raise £700m by next June from the sale of non-core businesses to strengthen the balance sheet and focus on its two core divisions, Capita Public Service and Capita Experience.

The sale of AMT Sybex brings the total proceeds from disposals in 2021 to at least £643m.

In March the company said it was simplifying its business as it posted a decline in full-year pre-tax profit after taking a hit from the Covid-19 pandemic.

In the year to December 31, 2020, adjusted pre-tax profit fell to £65.2m from £197.7m in 2019, with adjusted revenue down 9% to £3.18bn.

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