Hasgrove reports £1.1m profit for 2012 following deal to sell Amaze

Marketing services group Hasgrove has announced a pre-tax profit for 2012 of £1.1m following its agreement to sell Amaze in March and has decided to de-list from AIM.

The company, which recorded a pre-tax loss of £3m in 2011, also saw a rise in revenue of 9 per cent, growing to £24.9m and gross profit increase by 16 per cent to £19.1m.

The net debt of the company also fell to £0.1m last year from £1.5m the year before, after Amaze was sold to St Ives Marketing Services for an initial consideration of £15.3m in March of this year.

Amaze is a leading pan-European integrated marketing and technology company, specialising in global digital strategy and communications, web-based business solutions and public relations. Amaze delivered revenues of £18.9m (2011: £17.4m) with operating profits before separately identified items and central costs of £1.7m (2011: £0.7m). The gross profit was £13.8m (2011: £11.9m).

Last year, Amaze, which won work with Pizza Hut, BUPA Care Homes, Zurich Financial and ASICs delivered of revenue of £18.9m and a gross profit of £13.8m.

Meanwhile The Chase delivered reduced revenue on 2011 with £2.6m, gross profits were reduced to £2m and operating profits before central costs remained at £0.1m. Interact however saw s climb in revenues of £3.4m, with gross profit of £3.3m and operating profits before central costs of £0.5m.

Paul Sanders, group CEO of Hasgrove, said: "The last year has seen a good recovery in performance in all our businesses along with a strong level of new business wins. The recent sale of Amaze has allowed us to focus on growing our remaining businesses.

Following the sale, the company will continue as three trading subsidiaries; Interact, The Chase and Landmarks and will move to delist from the London Stock Exchange.

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