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  • BY: Andrew Hore |
  • POSTED: 08/11/2009 |

Charteris reported sharply lower profits in the year to July 2009 but it has cut its overhead base.

The business and IT consultancy will see the full benefits of the cost reductions this year. Even so house broker Oriel forecasts breakeven for the year to July 2010. That is broadly in line with the company’s own assessment that trading will continue in line with the second half of last year. Clients remain cautious so the timing of contracts is difficult to predict.

Revenues declined from £23.4m to £20.3m in the year to July 2009 but that included a 10-month contribution from SIG Consulting of £3.3m. The underlying decline in like-for-like revenues was £6.4m. There were redundancy costs of £617,000 and a goodwill writ-off of £1m. Excluding those, pre-tax profits fell from £1.39m to £438,000. 

The acquisition of SIG Consulting moved Charteris into a net debt position of £746,000 at the end of July 2009. Charteris is reducing its dividend from 0.5p to 0.2p a share.

At 10.25p a share, Charteris is valued at £4.43m. 

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