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Charteris

  • BY: Andrew Hore |
  • POSTED: 09/12/2013 |

Microsoft integrator Sword Soft has received irrevocable undertakings from shareholders owning 73.5% of Charteris to vote in favour of its takeover of the business and IT consultancy.

Sword Soft is offering 4.5p a share in cash for Charteris, which values it at £2.3m.

Charteris is losing money and recently transferred its Microsoft Dynamics business to Hitachi Solutions for £96,000. 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. Sword Soft is confident that through cost savings Charteris could achieve operating margins of around 12% in two years time.

The 2013 pro forma revenues of the enlarged business will be €126m and operating profit will be more than €15m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2013_50.pdf

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