TIDMCAE
RNS Number : 5910S
Charteris PLC
23 November 2011
7.00am 23 November 2011
CHARTERIS PLC
("Charteris" or "the Company" or "the Group")
FINAL RESULTS ANNOUNCEMENT
Charteris plc, the business and IT consultancy, announces its
final audited results for the year ended 31 July 2011.
Key points
-- Revenue of GBP12.5m (2010: GBP15.4m)
-- Loss before taxation and exceptional charges was GBP806k (2010: GBP840k loss)
-- Improved underlying trading before exceptional items in
second half, compared with that reported at the half-year stage
-- Diluted loss per share before exceptional charges of 1.67p (2010: 2.03p loss)
-- Net funds at 31 July 2011 of GBP692,000 (Net debt at 31 July
2010 GBP1,447,000) following disposal of property assets and
repayment of bank loan
Commenting on the results, Cliff Preddy, Chairman, said:
"Trading conditions for Charteris were challenging throughout
the financial year ended 31 July 2011 (FY11). Faced with weaker
than expected performance in the second quarter, an urgent recovery
plan was prepared and decisive action was taken. We also undertook
an asset reduction programme to eliminate the bank loan and provide
additional working capital.
Notwithstanding the challenges, the general outlook for the
Company is improving as a result of the increased focus on our core
competencies and strengths, coupled with the leaner organisation.
Underlying performance in the first quarter of the financial year
ending 31 July 2012 has continued at the improved level seen in
FY11 Q4 and we have better visibility of the sources and potential
sources of H2 revenues than would normally be the case at this
stage in the year. This gives the Board confidence that a return to
reliable, profitable month-on-month trading can be delivered,
assuming no material increase in economic pressures. The key
challenge continues to be timely conversion of identified
opportunities into revenue."
Press enquiries:
Charteris plc
Allan Barr, Chief Executive Tel: 020 7600 9199
Patrick Carter, Finance Director
Beaumont Cornish (Nominated Adviser and
Broker) Tel: 020 7628 3396
Roland Cornish and James Biddle
CHAIRMAN'S STATEMENT
Overview
Trading conditions for Charteris were challenging throughout the
financial year ended 31 July 2011 (FY11). Faced with weaker than
expected performance in the second quarter, an urgent recovery plan
was prepared and decisive action was taken. This plan featured a
fundamental reorganisation of the business around the Company's
core specialist capabilities, essential changes to the management
and sales teams, actions to match resources with expected forward
revenue, and steps to generate significant additional savings in
central overhead and operating costs. We also undertook an asset
reduction programme to eliminate the bank loan and provide
additional working capital. Execution of the plan resulted in the
delivery of an improved underlying trading position before
exceptional items in the second half (H2) compared with that
reported at the half year (H1) stage.
Results
Revenue for the year ended 31 July 2011 was GBP12.5m (2010:
GBP15.4m).
Loss before taxation and exceptional items was GBP0.8m (GBP0.5m
in H1, GBP0.3m in H2) (2010: loss GBP0.8m). Exceptional items
consisted of redundancy costs of GBP0.2m, impairment of goodwill of
GBP2.1m, and a loss on the disposal of freehold property of GBP0.3m
(2010: Exceptional items comprising redundancy costs of GBP0.2m).
Taking these into account, the loss before taxation was GBP3.5m
(2010: GBP1.0m) resulting in a loss per share of 8.2p (2010: 2.49p
loss). Net funds on 31 July 2011 were GBP0.7m (2010: net debt
GBP1.4m).
The impairment of goodwill results from a re-assessment of
future plans and budgets for the Company's business activities
concerned with building solutions based on the Microsoft Dynamics
product suite. Further details are provided in the Finance
Director's report.
The directors have not recommended a dividend (2010:
GBPnil).
Business Overview
Charteris provides business consultancy services that drive and
support change programmes that are centred on customers (or
citizens in the local government arena) and internal users of
services; it also provides specialist IT consulting expertise
focused on the effective application of Microsoft technologies. The
Company has particular market sector knowledge in both the public
sector and commercial sector (including manufacturing and supply
chain, multi-channel retail, and support services).
The two primary service areas where Charteris aims to offer
quality delivery, at demonstrable value for money are:
Business Consulting:
This service area involves the Company helping its clients
better align themselves with their customers. This includes
advising businesses on system, process and people change to enable
them to deliver products and services with enhanced service levels
and operational efficiency. These activities are supported by the
depth of experience in the Charteris team of organisational design,
programme and project management, business process improvement and
customer research.
Revenues held up well in this service area across both private
and public sectors, with healthy gross margin and a welcome
financial contribution.
Microsoft Technologies:
The most significant current activity in this service area is
the provision of rare expertise in the Microsoft product suites to
the UK mid-market and public sector. We deliver cost effective IT
infrastructure and software solutions, including Cloud Computing
and telephony platforms, and support clients through any
consequential change programme. Confidence levels in pursuing and
executing this business stream remain high and our market presence
strengthened considerably in the latter months of the year.
Our other activity in this service area is the delivery of
Enterprise Resource Planning (ERP) and Customer Relationship
Management (CRM) solutions for clients that achieve rapid
performance improvement and return on investment. These solutions
are centred upon the Microsoft Dynamics range of products. The
Company's largest project, which accounted for significant revenue
in the previous financial year, was concluded successfully in H1.
Whilst CRM activity has been sustained, new sales in the ERP area
have continued to disappoint, resulting in a localised
reorganisation to align the processes and marketing approach with
our other Microsoft activities under common leadership.
In June, Charteris was honoured to receive the accolade of 2011
Country Partner of the Year for the United Kingdom from Microsoft.
This is a tribute to the effort, skill and dedication of the
Charteris management and staff involved with the Company's
activities in the application of Microsoft technology and
products.
Board Composition
As previously announced, David Pickering stepped down as Chief
Executive on 31 January 2011 and retired as a director on 31 March
2011; and Martin Chitty, previously Business Development Director,
left the Company on 26 April 2011. Subsequent to the year end, Mark
Wells, Non-Executive Director, left the Board on 31 August 2011.
David, Martin and Mark have our best wishes for their future
endeavours.
Also as previously announced, Allan Barr assumed responsibility
on 1 February 2011 for the day-to-day management of the Company and
the delivery of the recovery plan. Allan was appointed Chief
Executive and a director of the Company on 6 April 2011.
Outlook
Following considerable hard work and flexibility from management
and staff, the recovery plan has had a significant impact in
reducing the break-even point for the business. Markets remain
tough because of public sector austerity measures and general
economic conditions, and the Company continues to suffer from
subdued business confidence in the wider economy which manifests
itself in protracted sales cycles and increased competition in
certain of our markets.
Notwithstanding the challenges, the general outlook for the
Company is improving as a result of the increased focus on our core
competencies and strengths, coupled with the leaner organisation.
Underlying performance in the first quarter of the financial year
ending 31 July 2012 has continued at the improved level seen in
FY11 Q4 and we have better visibility of the sources and potential
sources of H2 revenues than would normally be the case at this
stage in the year. This gives the Board confidence that a return to
reliable, profitable month-on-month trading can be delivered,
assuming no material increase in economic pressures. The key
challenge continues to be timely conversion of identified
opportunities into revenue.
As our client credentials testify, it is Charteris' strong
reputation for effective and reliable delivery of value-for-money
solutions supported by an excellent team of consulting and IT
professionals which continues to ensure that we work with so many
high quality organisations and household names. The Board believes
that, following the Company's restructuring, it has the necessary
market offerings, expertise and opportunities to build on this
position through the coming year.
Cliff Preddy
Non-Executive Chairman
22 November 2011
CHIEF EXECUTIVE'S STATEMENT
Operating Review
A core element of the recovery plan implemented in H2 was a
restructuring which by the year end had simplified our organisation
into two distinct practices; Business Consulting and Microsoft
Technologies. Each practice offers a clearly defined set of
services to our clients: services where we can provide deep
specialist skills and have a proven track record of exemplary
delivery. Post the restructuring, Business Consulting retained the
long-term client relationships which it inherited and then extended
with new clients, principally in the commercial sector. Microsoft
Technologies broadened and deepened its client base for Cloud,
custom development, knowledge sharing and information storage,
unified communications and infrastructure projects; but struggled
in the Dynamics AX area to secure new projects at a scale
sufficient to replace a multi-million pound AX implementation which
was successfully delivered into live operation towards the end of
H1.
The restructuring was supported by cost reduction initiatives to
reduce our operating cost base and asset sales to reduce debt and
improve our liquidity position. All intended actions were completed
in H2 and led to a more clearly focused and leaner organisation
going into the new financial year.
In H2 we secured sales of new and extension work sufficient to
meet our needs for continued operation rather than a return to
growth. This was against a backdrop of markets for our services
which remain tight and highly competitive. In that context, our
client base and the quality of work we do for them are two of our
most important assets, as illustrated in sections below on each of
the service areas.
Business Consulting
Charteris has traditionally been strong in the provision of
advisory and programme management services in the homeland security
sector. This continued throughout the year, with engagements to
some of the most significant long-term programmes in this field.
For a global non-governmental organisation (NGO) we conducted a
comprehensive review of the IT management, control and procurement
structures and processes, delivering recommendations which will
enable multi-million pound reductions in their technology
expenditure.
Local and Regional Government currently faces the daunting
challenge of improving "frontline" service delivery to citizens
with a simultaneous imperative to reduce costs. We have helped our
longest standing client in this sector to achieve precisely this
desired outcome over the last 12 months. This success has led to
Charteris engaging with other similar authorities in the sector, to
propagate best practice and ultimately to support them in achieving
the same end. Beyond this, and through work with new clients, we
have developed capability in the creation and operation of "social
enterprises" and in controlled management of the benefits
realisation element of change projects.
In the Commercial sector demand for programme management held up
well. We have established a long-term relationship with a
high-street retailer, helping them deliver their impressive
portfolio of on-line and in-store projects. We continue to perform
a similar role supporting delivery for a client who supplies
outsourced pension administration services. Individual customer
focused projects worthy of note include a strategic review of the
on-line operations of a value retailer and providing customer
improvement advice to a major airline.
Microsoft Technologies
Charteris is recognised by Microsoft as one of a small number of
leading UK based partners who have "full-stack" capability, i.e. we
can deliver solutions which encompass all core Microsoft
technologies, rather than just being monoline providers of a single
technology. Indeed, the expertise we have provided for clients in
the fields of business collaboration and integration,
infrastructure optimisation, and custom development of systems that
run both in the Cloud and on-premises, contributed to Charteris
being named Microsoft UK Partner of the Year for 2011.
In the Commercial sector we continued to provide services to a
major bank to enhance systems that underpin their wholesale banking
credit risk modelling and capital reporting processes. We also
undertook a project that successfully migrated an organisation
providing psychometric testing services to a cloud-based
infrastructure. We commenced a major ongoing .Net development
project for a financial services organisation, in preparation for
the introduction of auto enrolment in pensions. Our most notable
projects in the infrastructure space were planning the
disaggregation of infrastructure resulting from the demerger of a
household name business from a global brand and the desktop and
server infrastructure rollout for a rapidly growing global business
in the energy sector. In Dynamics we successfully completed one of
the largest manufacturing and distribution implementations of AX
ever undertaken in the UK, as well as smaller implementations for
an on-line and mail order clothing retailer and for the head office
function of a large services group. Finally, in H2 we delivered a
payroll and human resources system to a provider of care homes
services, started an implementation for a manufacturer and global
distributor of fire suppression systems and incepted a major AX
version upgrade for a supplier of industrial gases.
Traditionally our public sector clients in this service area
have been in Scotland and have been focused on our infrastructure
services. This situation has evolved over the last 12 months, with
increasing interest and business south of the border. We carried
out a large number of projects for a wide diversity of public
sector clients, most notably an infrastructure consolidation
project for a large local council and a cloud-based collaboration
platform for another public body of similar scale.
Reorganisation
A new organisational structure was put in place for H2. In the
new structure, each practice now has clear responsibility for its
own marketing, sales, operational delivery and specialist
consulting professionals. The quality of the sales pipeline, the
engagement of staff at all levels in developing business, and
internal confidence generally, have all benefited from this
approach. Central costs have also been reduced, following the
organisational simplification. This has led to an increased focus
on sales and delivery performance, with clear accountability for
profit delivery.
Given the significant fall in the revenue base, a further
programme of overhead and operating costs reductions was also
initiated. Other actions to reinforce the Company's financial
position included an office move in Edinburgh, with subsequent cost
savings notwithstanding the fact that the new office is in a more
desirable location. It was also decided that neither the London
office nor the Northleach office meets the future needs of the
business and they were put on the market with the intention of
relocating to more suitable rented properties in due course. Sale
of the freehold of the London office was completed at the end of
FY11.
Charteris Team
It has been a challenging year for the company, adjusting to a
new, smaller and leaner reality. The journey would not have been
possible without the active support of all our staff, whether in a
sales, consulting, management or administrative role. The level of
commitment and flexibility shown has been exceptional. Our clients
perceive these self-same qualities in our work and express it in
their loyalty.
Our desired state is stable, profitable growth. Good progress
was made in H2. The goal remains to be achieved, but the
organisation has the strength, opportunity and talent to realise
its true potential.
Allan Barr
Chief Executive
22 November 2011
FINANCE DIRECTOR'S REPORT
Financial Review
The Group recorded an improved underlying trading position in
the six month period ended 31 July 2011, but incurred an overall a
loss before tax and exceptional charges for the year of GBP0.81m
(2010: GBP0.84m). Set out below is an explanation of the key
financial elements of the Group's performance.
Trading
The year has seen a decline in overall Group revenues of 19% as
a result of lower business volumes, particularly in the Microsoft
Dynamics and retail sectors. The business has accordingly continued
to take action to keep its costs aligned to forecast revenues.
Consulting resources have been adjusted in line with projected
demand for services, and overheads reduced through a management
restructuring in the second half of the financial year, the
benefits of which were not fully realised until the beginning of
the 2011/12 financial year. Short-term demands for specialised
services that cannot be met by existing employees are being met by
the use of associates.
Key Performance Indicators
The key performance indicators used by the Group are utilisation
of professional staff and average fee rates. As a professional
services business, where staffing is the principal cost, it is
vital to ensure that the available resource is matched with
workload. This is primarily done through the close monitoring of
the utilisation of consultants and taking action accordingly.
Average fee rates in certain areas of the business came under
further pressure during the year as a result of competitive
pressures (both on-shore and off-shore) in certain of our
markets.
Goodwill Impairment
The continuing economic uncertainty has resulted in
opportunities with new customers for ERP replacement projects not
converting in the short term. A number of material projects have
also now come to a natural end in that area. This has affected the
short to medium term prospects for the ERP business acquired with
SIG Consulting Limited in 2008. The business has been restructured
to reduce costs and take advantage of opportunities being generated
elsewhere in the business, especially around CRM. However, the
directors believe that given the continuing tough economic
conditions, it is appropriate to take a prudent approach and have
therefore fully written off the carrying value of goodwill in that
area resulting in a non-cash charge of GBP2.1m.
Borrowings and banking facilities
The Company's principal tangible fixed asset, Charteris House,
was sold at the end of July 2011. The monies were applied to fully
repay the Group loans of GBP1.85m and reduce other indebtedness
thereby improving the net current asset position.
As disclosed in the 2010 Annual Report, the Group restructured
its banking facilities in November 2010 and meets its day-to-day
working capital requirements by means of an invoice discounting
facility of up to GBP1.5m. This currently bears interest at 4%
above base rate and is secured against a fixed and floating charge
over the assets of the Company and its subsidiaries.
Cash flow
There was a cash outflow from operating activities of GBP0.3m
(2010: GBP0.5m). After financing and investing activities relating
to the sale of Charteris House and repayment of the loan, the
overall cash outflow was limited to GBP0.2m (2010: GBP0.7m).
Net funds on 31 July 2011 were GBP0.7m (2010: net debt GBP1.4m)
comprising cash of GBP1.1m (2010: GBP0.9m) offset by drawdown
against the Company's invoice discounting facility of GBP0.4m
(2010: Bank loans GBP2.3m). Cash includes GBP0.5m of VAT received
on the sale of Charteris House and paid to HMRC at the end of
August 2011.
The Group's trade receivable days at year end has reduced to 37
days (2010: 65 days). This improvement is principally due to the
payment of a major outstanding account and introduction of a new
timesheet and project financial management IT system that has made
a significant difference to the accuracy and timeliness of the
month-end invoicing cycle.
Capital expenditure was GBP0.1m (2010: GBP0.1m), reflecting
essential IT asset renewals and IT system improvements as noted
above.
Going Concern
The Board regularly reviews the adequacy of resources available
and considers the options to increase the availability of working
capital if and when required. The nature of the Group's business is
such that there is inherent uncertainty over the commencement of
projects and the timing of cash flows arising from clients
thereafter (see note 2). However, the Directors believe that,
taking into consideration actions which could be taken in response
to reasonable cash flow sensitivities, the Group will continue to
operate within its agreed facilities.
Patrick Carter
Finance Director
22 November 2011
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2011
Notes 2011 2010
Continuing operations GBP'000 GBP'000
Revenue 12,512 15,423
_____ _____
Other external charges (2,389) (2,872)
Staff costs (9,016) (11,423)
Other administrative expenses (4,428) (2,099)
______ ______
(15,833) (16,394)
Operating loss before exceptional items (671) (783)
Redundancy costs (235) (188)
Impairment of goodwill (2,100) -
Impairment and loss on disposal of property,
plant and equipment (315) -
Operating loss (3,321) (971)
Finance costs (135) (57)
Loss before taxation and exceptional
items (806) (840)
Redundancy costs (235) (188)
--------------------------------------------- ----- -------- --------
Impairment of goodwill (2,100) -
--------------------------------------------- ----- -------- --------
Impairment and loss on disposal of property,
plant and equipment (315) -
--------------------------------------------- ----- -------- --------
Loss before taxation (3,456) (1,028)
Taxation 128 10
_____ _____
Loss for the financial year attributable
to owners of the parent (3,328) (1,018)
_____ _____
Loss per share
Basic and diluted 4 (8.17)p (2.49)p
No dividend was proposed in respect of the financial years ended
31 July 2010 or 2011.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2011 2010
GBP'000 GBP'000
Loss for the financial year (3,328) (1,018)
Deferred tax being income recognised
directly in equity (4) 5
Total comprehensive income for
the year attributable to owners
of the parent (3,332) (1,013)
CONSOLIDATED BALANCE SHEET
31 JULY 2011
2011 2010
Notes GBP'000 GBP'000
Non-current assets
Goodwill 3,979 6,079
Other intangible assets 78 77
Property, plant and equipment 27 3,143
Deferred tax asset 34 29
4,118 9,328
Current assets
Trade and other receivables 2,348 3,958
Current tax credit - 16
Cash and cash equivalents 1,076 864
3,424 4,838
Non-current assets classified as held
for sale 210 -
______ ______
Total assets 7,752 14,166
Current liabilities
Invoice discounting facility (384) -
Trade and other payables (2,864) (3,868)
Borrowings - (185)
Provisions (58) (33)
Deferred consideration - (100)
(3,306) (4,186)
Total assets less current liabilities 4,446 9,980
Non-current liabilities
Borrowings - (2,126)
Deferred tax liability (34) (152)
(34) (2,278)
Net assets 4,412 7,702
Equity
Called up share capital 434 432
Share premium account 2,606 2,568
Merger reserve 2,573 2,573
ESOP reserve (194) (194)
Other reserve 26 26
Retained earnings (1,033) 2,297
Total equity attributable to owners
of the parent 5 4,412 7,702
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2011
2011 2010
GBP'000 GBP'000
Loss before taxation (3,456) (1,028)
Adjustments for:
Depreciation and impairment of property,
plant and equipment 349 88
Amortisation of intangible assets 61 12
Good will impairment 2,100 -
Share-based payments 2 -
Net interest expense 104 55
Loan Finance costs 31 2
______ ______
Operating cash flows before movements
in working capital (809) (871)
Decrease in receivables 1,610 801
Decrease in payables (979) (475)
______ ______
Cash used by operations (178) (545)
Net corporation taxes repaid 18 83
Interest paid (104) (55)
Net cash outflow from operating activities (264) (517)
Investing activities
Disposal of property, plant, equipment
and software 2,575 -
Purchase of property, plant, equipment
and software (80) (101)
Acquisition of SIG Consulting Limited
(earn out) (60) -
Net cash from investing activities 2,435 (101)
Financing activities
Dividends paid - (82)
Drawdown of loan (net of fees) - 25
Repayment of borrowings (2,343) -
Net cash from financing activities (2,343) (57)
Decrease in cash and cash equivalents (172) (675)
Cash and cash equivalents at the beginning
of the year 864 1,539
Cash and cash equivalents at the end
of the year 692 864
NOTES:
1. BASIS OF PREPARATION
The financial information in this announcement does not
constitute statutory financial statements as defined in
section 434 of the Companies Act 2006. The statutory accounts
for the year ended 31 July 2011 form the basis for the
financial information presented by the directors in this
final results announcement and will be delivered to the
Registrar of Companies following the Company's Annual General
Meeting. The audit report on these financial statements
contained an Emphasis of Matter paragraph as follows:
"In informing our opinion on the financial statements,
which is not modified, we have considered the adequacy
of the disclosure made in note 2 which indicates continued
uncertainty over the level of demand for the Group's services
and the timing of the settlement of outstanding receivables
on major projects. In response to this uncertainty, the
directors have considered the actions they would take in
response to a fall in the anticipated level of revenues
and/or timing of settlement of receivable balances. On
this basis, the directors believe that the Group will continue
to operate within the agreed banking facilities.
These conditions, along with other matters as set forth
in note 2 indicate the existence of a material uncertainty
which may cast significant doubt about the group's ability
to continue as a going concern.
The financial statements do not include any adjustments
that would result if the Company were unable to continue
as a going concern."
Copies of the Company's report and financial statements
will be sent to shareholders shortly and will be available
at the registered office of the Company and on the Company's
website www.charteris.com.
2. SIGNIFICANT ACCOUNTING POLICIES - GOING CONCERN
The Company meets its day-to-day working capital requirements
through a GBP1.5m invoice discounting facility that is
subject to a rolling 3 month notice period, bears interest
at 4.0% over base rate and is secured against a fixed and
floating charge over the assets of the Company and its
subsidiaries. The finance available under this facility
is determined by the level and ageing profile of debtors
at any point in time and therefore it is subject to fluctuations
in the timing of both invoicing and settlement.
The Directors have prepared projected cash flow information
for the next twelve months taking account of projected
revenues and the Company's weighted pipeline of sales opportunities.
The Directors have taken into consideration actions they
could take in response to reasonable cash flow sensitivities
arising from adverse movements in trading performance and/or
timing of settlement of receivables including obtaining
new finance facilities and disposal of the remaining freehold
property. On this basis, the Directors believe that the
Group will continue to operate within the agreed facilities.
Whilst the Directors believe the going concern basis is
appropriate, the nature of the Group's business is such
that in the current economic conditions there is inherent
uncertainty over the commencement of major projects, timing
of cash flows arising from clients thereafter and the availability
of alternative finance should this be required. Formally,
these circumstances represent a material uncertainty that
casts significant doubt upon the Company's ability to continue
as a going concern and therefore it may be unable to realise
its assets and discharge its liabilities in the normal
course of business. Nevertheless, after making enquiries
and considering the uncertainties described above, the
Directors have a reasonable expectation that the Company
has adequate resources to continue in operational existence
for the foreseeable future. For these reasons, they continue
to adopt the going concern basis of accounting in preparing
the annual financial statements.
3. DIVIDEND
The Directors do not recommend that a dividend is paid
(2010: GBPnil)
4. LOSS PER SHARE
The calculations of loss per share are based on the following
profits and numbers of shares.
2011 2010
GBP'000 GBP'000
Loss after tax for the financial year
before exceptional items (678) (830)
Redundancy costs (235) (188)
Impairment and loss on disposal of fixed
assets (315) -
Impairment of goodwill (2,100) -
Loss after tax for the financial year (3,328) (1,018)
2011 2010
No. of No. of
shares shares
Weighted average number of shares '000 '000
For basic earnings per share 40,964 40,857
Dilutive effect of share options 1,788 2,367
For diluted earnings per share 42,752 43,224
The weighted average number of shares for the purposes of basic
and diluted earnings per share excludes those owned by the Group's
employee benefit trust.
Loss per share 2011 2010
Basic and diluted (8.17)p (2.49)p
Basic and diluted before exceptional
items (1.67)p (2.03)p
5 STATEMENT OF CHANGES IN EQUITY
2011 2010
GBP'000 GBP'000
1 August 2010 7,702 8,797
Loss for the year (3,328) (1,018)
Dividends - (82)
Deferred tax (4) 5
Share based payments 2 -
Issue of new shares 40 -
_____ _____
31 July 2011 4,412 7,702
6. This final results announcement was approved by the Board on
22 November 2011. Copies of this announcement will be available on
the Company's website: www.charteris.com.
7. The AGM will take place at 10:00am on Wednesday, 4 January
2012 at the offices of Baker Tilly, 9th Floor, 25 Farringdon
Street, London.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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