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Well not exactly. However, Charteris is partially blaming “the inclement weather conditions” at the end of last year for preventing consultants reaching client sites and hence impacting the company's financial performance (...as well as caution in the market leading to delayed sales). Whatever the cause, the financial results make dismal reading. The business and IT consultancy has reported a 15% decline in revenues to £6.6 million in the six months to 31st January 2011 and a loss before taxation and exceptional items (including redundancy costs) of £498K. At the bottom line, pre-tax losses stood at £710K.
Charteris continues to reduce its cost base as part of its “recovery plan”. But we get a sense of déjà vu. At the same time last year, we reported that Charteris had reduced costs by 29% but had failed to keep the business in the black (see Charteris struggles in tough consultancy market). The problem remains that, due to the nature of the Charteris’ business, there is bound to be a certain amount of uncertainty. The tough economic climate in both the public and private sector is making things particularly difficult.
Today, Charteris’ announces that Allan Barr, who was appointed as COO on 1 February 2011, will become CEO with immediate effect. It looks like he’ll have his work cut out trying to keep the company's costs in line.
