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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Carter&Cart | LSE:CART | London | Ordinary Share | GB00B05K7697 | ORD 4P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 82.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3676Z Carter & Carter Group PLC 29 June 2007 Immediate Release 29 June 2007 Carter & Carter Group plc ('Carter & Carter' or 'the Group') TRADING UPDATE Carter & Carter, the leading provider of learning solutions and outsource support services, provides the following update on trading for the year ending 31 July 2007. The Board of Carter & Carter ('the Board') has previously advised that the results for the year ending 31 July 2007 would be biased towards the second half of the financial year, due in large part to the pattern and phasing of the delivery of learner qualifications, particularly apprenticeships and adult NVQ programmes delivered through Train to Gain. However, the delivery of Train To Gain programmes has failed to meet our expectations in the second half and the Board currently anticipates that the Group's adjusted profit before tax* for the year ending 31 July 2007 will be in the order of #15.5m. Carter & Carter's adult NVQ programmes are primarily funded through contracts with Further Education colleges and Train To Gain which the Government launched last summer with a funding allocation of #230m in the first year. As announced at the time of our interim results on 16th April 2007, our Train To Gain provision got off to a slow start during the first half of the financial year. During the second half of the year Train To Gain has continued at disappointing levels. As a new Government initiative, employers have taken longer to engage in Train To Gain than originally anticipated. In addition, Carter & Carter has been continually refining its processes for managing these programmes. Our automotive apprenticeship activity is trading satisfactorily although we are experiencing some margin pressure. As expected, the completion of learner achievements have also become increasingly biased towards the summer months. Elsewhere, other areas of the business are trading in line with the Board's expectations. Outlook The Board anticipates that Train To Gain and similar programmes will trade satisfactorily in the new financial year. In addition, the Board believes that in the year to July 2008, profitability from automotive apprenticeships will be adversely impacted by recent changes to Government funding levels, as well as lower than anticipated growth in profitability from branded manufacturer programmes. Overall, the Board currently believes that growth in adjusted profit before tax for the year to 31 July 2008 will be 15 - 20% compared to the current financial year. The Group is currently involved in a range of significant tendering activities, in particular in respect of Jobcentre Plus Pathways to Work and regional LSC Work Based Learning programmes. The outcome of this tendering is expected in July. The Board remains confident that Carter & Carter will secure a number of new contracts as a result. An announcement in relation to the tender outcomes will be made in due course. As previously announced, the search for Carter & Carter's new CEO is underway and remains a priority. A further announcement will be made as soon as is practicable. Rodney Westhead, Chairman and Interim Chief Executive commented: "Although we are disappointed with the slower than anticipated take-up of Train To Gain and the impact this will have on the Group's profitability, we continue to focus on the numerous opportunities available to the Group in the UK skills environment. Carter & Carter is a sound and profitable business and is very well placed to take advantage of these opportunities which will generate long term shareholder value." * Adjusted profit before tax is stated before amortisation of intangible assets and exceptional costs There will be a conference call for analysts at 4.30pm today. Please contact Jo Mitcham or Ben Romney at Buchanan Communications on 020 7466 5000 for dial in details. ENDS Contacts Carter & Carter Group Rodney Westhead Chairman 0115 945 7250 John Green Finance Director Buchanan Mark Edwards 020 7466 5000 This information is provided by RNS The company news service from the London Stock Exchange END TSTSEFFMUSWSESM
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