Austereo Group Limited says there will no financial impact from its announcement that it will not proceed with the sale of its 50% interest in the Simon Richards Group.

Austereo Chairman, Peter Harvie, says the sale will not go ahead because the parties have not been able to agree to all issues relating to the final terms.

“Austereo intends continuing with our rationalisation of non-core assets, but maximising shareholder value in the process.

“This will have no material impact on our trading result and balance sheet for 2004.”