IT services provider PS&C has sold another of its businesses, this time offloading data analytics consultancy Glass for $1.6 million.
Former PS&C Group CEO Glenn Fielding is the figure behind Vitrics, a new company he applied to register on the Australian Securities and Investments Commission on 5 December.
The company is controlled by Fielding, Jeffrey Bennett, the current CFO of PS&C, and two of Glass’ three founders: Erin Brown, the company’s sales director and practice director Wayne Custodio.
Fielding left the Melbourne-based provider in September in the wake of it posting a $53 million loss for the last financial year.
In a notice on the Australian Securities Exchange, PS&C acknowledged it had witnessed “a period of poor performance” that saw it write off $49 million and its debt mount to an excess of $10 million.
After Fielding'd departure, Robert Hogeland stepped in as acting CEO, having previously led another company subsidiary, Seisma.
If the sale is approved at a shareholders' meeting in January, the sale will shave off $600,000 in corporate overheads by June 2020, and help give it a positive balance sheet.
Glass is the second subsidiary PS&C has sold off since the financial results, having recently divested cyber security business, PS&C Security, for $16 million.
“These transactions have allowed the company to eliminate significant liabilities and further reduce interest-bearing debt,” PS&C added in a shareholder statement.
Having now exited Brisbane and Canberra, PS&C plans to renew its energy into the Victorian region, where it claims the largest and most profitable segment with projected revenues of $50 million forecasted.