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RNS Number : 5193W

Charteris PLC

01 February 2012

CAE 7.00am on 1 February 2012

Charteris plc

("Charteris" or "the Company")

Trading Statement

Charteris, the Management and IT consultancy, is today providing a half year trading update as it completes the six-month period ended 31 January 2012 (H1 FY12).

The markets in which the Company operates continue to be particularly sensitive to overall economic conditions, with extended sales cycles and increased competition exacerbated by subdued business confidence in the private sector and austerity measures in the public sector. The Company has repositioned its market propositions accordingly, focusing on areas where the Company has a strong track record: cost effective Microsoft business solutions; spend-to-save initiatives in the public sector; and customer centricity and deep experience-based consultancy in the private sector. Sales in these areas are giving grounds for some optimism.

Revenue in H1 FY12 will be significantly lower than for the same period of the previous financial year (H1 FY11). However, measures already taken have considerably reduced the break-even point for the business and the reported operating loss for the period is therefore expected to be of a similar magnitude to the operating loss before exceptional items in H1 FY11.

Charteris continues to operate within its agreed banking facilities. However, as noted in the last annual report and accounts, in the current economic conditions there is inherent uncertainty over the commencement of major projects, timing of cash flow arising from clients thereafter, and the availability of alternative finance should this be required. Therefore, the Directors are currently considering a number of options to address these issues.

Market conditions make full year projections less certain at this stage, but the directors see signs of improvement in the prospects for the underlying businesses and visibility of potential revenue sources. They therefore continue to believe that a return to reliable, profitable month-on-month trading can be delivered, assuming no material increase in economic pressures.

Charteris expects to announce its results for the six months to 31 January 2012 in April.

 
 Enquiries: 
 Allan Barr/Patrick Carter, Charteris plc         Tel: 020 7600 
                                                   9199 
 Roland Cornish/James Biddle - Beaumont Cornish   Tel: 020 7628 
  Limited                                          3396 
  (Nominated Adviser)

This information is provided by RNS

The company news service from the London Stock Exchange

END

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