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MISSION Group climbs away from lows after completing Pathfindr disposal

MISSION Group (LSE:TMG) shares rose 4% to 23.47p after it completed the sale of 80%-owned internet-of-things subsidiary Pathfindr to Bandwidth Investments after deeming the lossmaking business "non-core".

An initial cash consideration of £1 million has been paid, with the potential for further earn-out payments based on future earnings over the next three years, as revealed last month.

MISSION, which saw its shares fall to a 13-year low in November after a profit warning the month before, said it will use the initial cash to pay down debt.

Pathfindr is forecast to record a £1.3 million loss before tax for last year, compared with an operating loss of £0.3 million on revenues of £0.4 million in 2022.