Acquisition of Landmark

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Friday 9 October 1998

Harmsworth Publishing (HP), the information business division of DMGT, yesterday completed the acquisition of Landmark Information Group (Landmark).

Landmark, a company based in Exeter, is a leading provider of property and environmental information used for the assessment of risk. The company was founded in 1994 and its extensive Legend database has given the company a market leading position. Landmark's EnviroCheck and SiteCheck products are well established with civil engineers, geo-technical and environmental consultants. The company has recently launched its Home Envirosearch product, providing environmental and natural hazard risk information for residential property buyers.

In the most recent financial year to 31 March, 1998 Landmark had revenues of £1.9 million and a net operating loss of £0.8 million, and at 31 August, 1998 had net assets (unaudited) of £1.2 million.

HP has made an initial payment of £7.2 million and will make further payments of deferred consideration to management and employees dependent on future performance. The deferred consideration is payable over the next three years and is capped at a maximum of £10 million.

The acquisition of Landmark enhances HP's existing interests in a portfolio of risk management businesses. In February 1998 HP completed the acquisition of Risk Management Solutions, which is one of the global leaders in providing information for the management of insurance and financial risks associated with natural catastrophes, and HP also has a 15% interest in e data resources, a US based environmental risk information company.

The initial consideration will be provided out of existing DMGT resources and borrowing facilities.

Inquiries to:
Martin Morgan, Managing Director, HP - 01223 354 551
Paul Sykes, Finance Director, HP - 01223 354 551
Peter Williams, Finance Director, DMGT - 0171 938 6631