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Carter & Carter pre-close statement

Carter & Carter expect profit before tax for the year ended July 31 will be in line with its £15.5 million adjusted prediction.

Analysts previously expected pre-tax profits to reach £22m.

The company said a cost reduction programme was being implemented and costs across the company were still under detailed review.

The announcement comes after Carter and Carter’s share price fell by 80% - from 285.5p to 52p- when the announcement that it had lost bids to acquire the contract for Phase 1 of Pathways to Work last month. Shares in the company are now valued at 96p.

However, the board said it had secured at least £10 million from the Learning & Skills Council, which recently put its work based learning out to tender.

The company said its search for a new group chief executive was progressing well.

“A short list of strong potential candidates has been identified and interviews have commenced.

“Discussions with the Group’s bankers are continuing and a further update will be provided when the group’s preliminary results are announced in October,” the company said.

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