Idox sells loss-making digital division for £1

AIM-listed specialist information management services provider Idox has sold its loss-making digital division to Fat Media Limited, a digital marketing solution provider, for a nominal fee of £1.

In a statement on Monday, the company said that the disposal allows for additional focus on its core operations and further improvements in its operating model.

The digital division, which is focused on providing digital consultancy services to private sector clients, recorded a pre-tax loss of £3.2m for the year to the end of October 2017. As at 30 September 2018, the business had gross assets of £0.9m and a net liabilities position of £0.02m.

Idox said it expects to issue a trading update for the year to the end of October 2018 next month.

At 1250 GMT, the shares were down 0.9% to 34.10p.