TIDMCAE

RNS Number : 3038Z

Charteris PLC

12 January 2011

12 January 2011

Charteris Plc ("Charteris" or the "Company")

AGM statement

The following statement will be made by the Chairman of Charteris, Cliff Preddy, at the Company's Annual General Meeting to be held at 10am today:

Management

The Company is pleased to announce the appointment of Allan Barr as Chief Operating Officer. In this role Allan will be involved in the day to day management of the Company from 1st February 2011 whilst the search for a new CEO is progressed. Allan has worked for Charteris since 2008, most recently as Head of Operations and previously as business unit head. He previously held senior roles in business and technology companies, including Managing Director of Flow Interactive Ltd, the user-centred design consultancy, and Director of Barclays Solutions, a provider of in-house business change consulting services to Barclays Bank plc.

Trading

In the Preliminary Announcement of Charteris results for the financial year ended 31st July 2010 we reported that following the improving trend in the final quarter of FY10, performance in the first quarter of FY11 had been encouraging. We also noted that there continued to be a tendency for clients to proceed cautiously in the current economic environment. This factor is more pronounced in our second quarter than envisaged, resulting in delayed sales in some of our technology-based services. This and the inclement weather in December are leading to lower than expected business volumes in the second quarter. This will result in the business incurring a small loss in the first half of FY11.

We have however seen growth in local and regional government as we help councils meet the challenges of maintaining and enhancing services within new budgetary constraints, and continuing activity in the homeland security area. Also our business in the retail and services sectors has seen renewed growth.

The pipeline of opportunities has continued to improve since the year end. A plan has been initiated to enable the business to return to a positive trading position in the second half which among other things includes actions to give additional focus to the conversion of sales prospects and further initiatives to reduce costs.

 
 Enquiries: 
 Cliff Preddy, Chairman                Tel: 020 7600 9199 
  Charteris plc 
 Oriel Securities Limited (Nominated   Tel: 020 7710 7600 
  Adviser) 
  Emma Griffin / Michael Shaw 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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