LONDON (Reuters) - Daily Mail and General Trust (DMGT) (DMGOa.L), publisher of Britain’s Daily Mail newspaper, has handed Xceligent, its struggling United States property information business, over to liquidators, it said on Friday.
Last month DMGT launched a strategic review of Xceligent.
“Following completion of the strategic review, the Board of Xceligent, Inc. has decided to file for Chapter 7 liquidation,” DMGT said.
Full responsibility for all current litigation involving Xceligent will be assumed by a Chapter 7 trustee.
DMGT said financial guidance issued for full-year 2018 on Nov. 30 remains unchanged.
It said the adjusted operating margin of DMGT’s B2B portfolio of businesses was still expected to be in the mid-teens, including Xceligent’s closure costs. Further exceptional cash costs relating to Xceligent were not anticipated.
Reporting by James Davey; editing by Kate Holton