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Charteris

• BY: Andrew Hore |
• POSTED: 09/11/2008 |
• COMMENTS: Add yours

Charteris more than trebled its profits in the year to July 2008 but it will not match the profit this year.

The business and IT consultancy grew its revenues by 23% to £23.4m and profits grew from £400,000 to £1.35m.

Public sector work remains strong but the retail and financial services markets are weakening.

There was net cash of £2.5m at the end of July 2008 but since then Charteris has acquired enterprise resource software business SIG Consulting. House broker Oriel expects net cash of £800,000 at the end of July 2009.

At 9.75p a share, Charteris is valued at £4.21m. The company’s net asset value is £10m and even if goodwill is excluded the figure of £5m is still higher than the market value.

Oriel forecasts 2008-09 profits of £1.1m, which puts the shares on less than six times prospective earnings. 

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