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Carter & Carter suspends shares

Carter & Carter Group has requested that the trading of its ordinary shares be suspended with immediate effect pending clarification of its financial position.

The company issued trading updates on June 29, and July 13 this year, advising that it had experienced a period of change and significant underperformance.

Since that time, the company has been assessing its results for the 12 months ended July 31, 2007 with its auditors and newly appointed divisional management.

In a statement to the stock market, Carter & Carter said: “It has now come to the company's attention that its results for the year to July 31, 2007 are likely to be materially lower than previously expected.

“In particular, the company is assessing the recoverability of certain current assets as at July 31 2007, together with the accuracy of certain other revenue streams in the business. However, at the current time Carter & Carter cannot accurately assess its financial position and is therefore unable to provide the market with an informed update of its position.

“In light of this uncertainty the company has therefore requested a temporary suspension. The company is currently in discussion with its banks regarding its financial position and is renegotiating its bank facilities to reflect its revised level of profitability.”

Carter & Carter said it would keep shareholders informed in due course.

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