- Oxford Metrics, the international software company, has sold Yotta Surveying to Ginger Group, a major construction and civil engineering company, for £1m.

The sale completes the disposal process first announced by the company in June 2017.

The net assets of Yotta Surveying at the date of disposal total £0.4m which includes £0.3m in cash and an inter-company liability with Oxford Metrics of £0.6m that will be settled by Ginger Group as part of the transaction. The disposal will yield a net cash inflow to Oxford Metrics of £1.3m. A loss on disposal of £0.2m (before costs) will be recognised.

Nick Bolton, chief executive officer of Oxford Metrics, said: "I am pleased to have completed this process, with an outcome that works well for everyone. We know that in Ginger Group, the surveying business has a strong, committed new owner and that our surveying team joins a bigger organisation capable of nurturing and growing these assets. For Oxford Metrics shareholders, we take one further step along our five-year plan and move forward as an increasingly dependable, recurring revenue based business."

At 8:58am: [LON:OMG] Oxford Metrics Plc share price was +3.5p at 78p

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