News blog

Charteris

• BY: Andrew Hore |
• POSTED: 01/10/2013 |

Business and IT consultancy Charteris is undertaking a strategic review that could end up with the business being sold.

Stephen Vaughan became non-executive chairman at the end of July and he will lead the strategic review. He is a former chief executive of Synstar and Communisis.

Charteris is losing money and recently transferred its Microsoft Dynamics business to Hitachi Solutions for £96,000. The business did not have critical mass. In the six months to January 2013, this business had revenues of £1.04m and made a loss before central costs of £106,000. Total group revenues in the period were £4.81m and the group loss was £193,000.

Trading is tough for the rest of the business and it is still some way from month-by-month profitability.

Net cash was £22,000 at the end of January 2013, helped by a reduction in working capital, but this may have been used up by further losses.

The Charteris share price rose 0.63p to 3p, which values the company at £1.51m. The net asset value was £4m at the end of January 2013 but that is mainly goodwill.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2013_48.pdf