Period end trading update
19 Juli 2006 - 1:27PM
UK Regulatory
RNS Number:4261G
Chelford Group PLC
19 July 2006
FOR IMMEDIATE RELEASE 19 July 2006
Chelford Group plc
HALF YEAR PERIOD-END TRADING UPDATE
Chelford Group plc ("Chelford" or the "Group"), the IT solutions group, today
provides an update on its performance for the six months to 30 June 2006.
During the first half year, Chelford achieved growth in revenue of over 30 per
cent. and continued to be cash generative during the period. However, due to a
significant over-run on a fixed price contract within the SAP Division and
delays in potential Q2 contracts moving into Q3 reducing licence revenue, profit
for the period was below the comparable period last year.
The Board anticipates improved operational performance in the SAP Division and
strong growth in Group profit during the second half year, based on order books
at the end of June which are over 40 per cent. higher than for the same period
last year. The Board anticipates that revenue will be in line with current
market expectations; profit before taxation as a result of the factors outlined
above is expected to be below market expectations, although the Group's trading
performance for 2006 will be significantly ahead of the year ended 31 December
2005.
New customers signed by the Group in the period include Almac Sciences,
Meadowbrook Foods, LDH, Taylors of Harrogate, Henry Schien, Beam Global, Indigo
Lighthouse, Beko and Telesoft.
After #0.5 million of deferred payments in the first half relating to
acquisitions completed in 2005, net cash at 30 June 2006 was #1.1 million (31
December 2005: #0.9 million).
Interim results announcement
In accordance with its usual timetable, Chelford expects to announce its results
for the six months to 30 June 2006 in mid-September 2006.
About Chelford
Chelford Group plc, the IT solutions group is headquartered in Basingstoke,
Hampshire and its shares are quoted on AIM ( stock code: CHR). Chelford provides
specialist systems solutions for its target markets based upon its own IPR, SAP,
Microsoft and RFID technologies.
For further information, please contact:
Trevor Lewis, Chief Executive 01256-685400
Steve Liebmann at Bankside 020-7367-8883
This information is provided by RNS
The company news service from the London Stock Exchange
END
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