Booming Charteris bucks trend

Paul Armstrong12 April 2012

IT consultancy Charteris has bucked the industry trend by reporting strong profit growth and a solid balance sheet for the six months to 31 January. The company, which was set up by four former Logica executives, said pre-tax profit came in at £591,000 compared with £61,000 previously as revenue grew 81% to £8.7m.

The market responded by pushing up Charteris shares 8p to 93 1/2p, leaving them marginally above the 90p at which the Alternative Investment Market-listed company raised £3m in November 2000.

Chief executive David Pickering said the company had cash of £4.5m and hoped to acquire similar consultancies over the coming year. 'Market conditions will continue to be tight for a while,' he said. 'There is some evidence of improvement but it won't be dramatic.'

Pickering said Charteris had benefited from a high level of repeat business and new activities with online bank Goldfish and Microsoft.

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