Emis sells eye division for £14.9m

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Healthcare systems group Emis has sold its eye screening division for £14.9m.

Leeds-based Emis confirmed the disposal of its non-core Specialist & Care segment to Northgate Public Services, a UK public sector software and services provider.

The total cash consideration for the Disposal was £14.9m, made up of £14.0m paid on completion (inclusive of £5.0m of intercompany debtor balances settled in cash by EMIS Group on completion) and £0.9m of contingent consideration.

Specialist & Care is a provider of diabetic eye screening software and other ophthalmology-related solutions in England and Ireland.

The disposal consists of three businesses; Medical Imaging UK Ltd (England eye screening services), MIDRSS Ltd (Ireland eye screening services) and Digital Healthcare Ltd (eye screening software).

In the financial year ending 31 December 2018, Specialist & Care reported £20.4m of revenue, an adjusted operating profit of £1.1m (5.5% margin) and closing net assets (excluding intercompany balances) of £8.0m.