News blog
Charteris
- BY: Andrew Hore |
- POSTED: 16/04/2008 |
- COMMENTS: Add yours
Business and IT consultancy Charteris has maintained last year’s second half progress so far this year.
Retail was the strong sector during the period with Game group and Sotheby’s significant customers. This more than offset any slippage in the financial services sector, which could prove tough in the short-term. The public sector business made solid progress.
Revenues grew from £8.9m to £11.4m in the six months to January 2008. They were also higher than the revenues in the second half of 2006-07. Profits before share based payments were £664,000, against a loss of £137,000 in the first half of last year.
Charteris has net cash of £1.2m plus freehold property assets worth 8p a share.
Charteris is keen to make acquisitions but finding the right business isn’t easy. Management would like any purchase to be at least one-quarter of its existing size. Its market value is £8.17m.
House broker Oriel is maintaining its full year profit forecast of £1.1m – although that was upgraded from the £900,000 estimate at the time of last year’s full year results. Charteris doesn’t have to match its second half performance from last year to achieve that. It appears a cautious estimate but it is wise to be cautious at this time.
The shares rose 1.75p to 19p, valuing the company at just under 11 times prospective earnings.
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