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  • BY: Andrew Hore |
  • POSTED: 23/11/2011 |

Revenues at business and IT consultancy Charteris declined last year and asset impairment write-downs have increased its loss. 

The decline came from the Microsoft Dynamics and retail sectors. Cost have been reduced. Local government demand has been strong as Charteris helps its clients to become more efficient and cut their costs.

In the year to July 2011, revenues fell from 15.4m to 12.5m, while the reported loss jumped from 1.03m to 3.46m. The underlying loss dipped slightly from 840,000 to 806,000.

Charteris has written-down the 2.1m of goodwill relating to the ERP business acquired with SIG Consulting Ltd in 2008.

The sale of Charteris House helped Charteris to have net cash 692,000 at the end of July 2011, compared with net debt of 1.45m a year earlier. However, this includes 500,000 of VAT subsequently paid to HMRC. An office in Northleach, valued at 210,000, is still up for sale. 

Trading picked up in the fourth quarter and this improvement has continued into the first quarter of this year. There is also better than normal visibility for the rest of the year.

Charteris has switched nominated adviser and broker from Oriel to Beaumont Cornish.

At 3.5p a share, Charteris is valued at 1.52m.

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