On 28 February 2018, with the sale of its remaining publishing and printing assets to Trinity Mirror plc (since renamed Reach plc), the Group fulfilled its strategic objective to divest of its directly held media businesses in order to focus on areas with potentially higher growth prospects. The sale, which included the Express Newspapers titles, the celebrity magazines and West Ferry Printers, was the culmination of a process that began with the disposal of OK! USA in 2011, followed by the sale of Channel 5 in 2014 and the Portland television business in 2016. With this transaction, the Group has successfully re-orientated its operations to the core activities of property development and lottery management.
The Group has a strong balance sheet, with net assets of in excess of £400 million, leaving the Group strategically well placed to pursue new opportunities as they arise, including the residential led development on its 15.5 acre site in London Docklands. Given the resources of the Group, it’s positioning in the various markets in which it operates and the clear strategic focus that underlies its corporate development, the directors are optimistic on the future prospects of the Group’s businesses.