CAE Charteris

 

TIDMCAE 
 
RNS Number : 0866O 
Charteris PLC 
02 March 2009 
 

CAE 
 
 
Charteris plc 
("Charteris" or "the Company") 
 
 
Trading Statement 
 
 
In my statement issued at our Annual General Meeting on 17 December 2008, I 
noted that trading conditions were expected to remain difficult for the 
remainder of the financial year to 31 July 2009.  Since then, our markets have 
continued to be impacted by the uncertainty in the wider UK economy. 
 
 
As a result, revenues in the first half are expected to be 6% lower than in the 
same period of the previous year on a like-for-like basis. Including the revenue 
contribution from SIG Consulting, which was acquired in September 2008, total 
revenues are expected to be approximately 3% higher. First half profits before 
exceptional costs will accordingly be considerably lower compared to the same 
period for last year. 
 
 
The Company's cash balance at 31 January 2009 was circa GBP1.5 million (31 
January 2008: GBP1.7 million). 
 
 
Key account relationships in diversified vertical markets continue to be a core 
strength.  In particular, we have seen good progress in the Public Sector. There 
have also been new orders in the Private Sector, notably in our business 
solutions practice, based on the capabilities added through the SIG Consulting 
acquisition. 
 
 
However, whilst the Company's pipeline of new sales prospects has not altered 
significantly, delayed decision making by clients means that overall projected 
demand for our services is now expected to be lower in the second half. The 
difficult market conditions make projections less certain at this stage. 
However, the directors expect the Company to be at least break even (before 
exceptional costs) in the second half. 
 
 
We continue to take steps as appropriate to ensure that costs remain aligned 
with near-to-medium term business projections. However, we are maintaining the 
strengths to deal with the challenges of current market conditions. With our 
strong on-going account relationships and well targeted market propositions we 
will be ready to drive new growth as conditions eventually improve. 
 
 
Charteris expects to announce its results for the six months to 31 January 2009 
in mid-April. 
 
 
Cliff Preddy 
Chairman 
 
 
+----------------------------------------------------+--------------------+ 
| Enquiries:                                                              | 
+-------------------------------------------------------------------------+ 
| David Pickering/Patrick Carter, Charteris plc      | Tel: 020 7600 9199 | 
+----------------------------------------------------+--------------------+ 
| Zoe Biddick/Sophie Lane, Biddicks                  | Tel: 020 7448 1000 | 
+----------------------------------------------------+--------------------+ 
| Michael Shaw/Emma Ormond, Oriel Securities Limited | Tel: 020 7710 7600 | 
| (Nominated Adviser)                                |                    | 
+----------------------------------------------------+--------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTJBMBTMMMMTPL 
 

Charteris (LSE:CAE)
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