Audited results for the year ended 31 December 2009 and conclusion of internal investigation
24/03/2010
Charter International plc announces that its financial statements for the year ended 31 December 2009, were approved by its Board of Directors on 23 March 2010, and that the Company’s auditors have issued an unqualified audit opinion. The results are unchanged from the unaudited results announcement on 19 February 2010, a copy of which can be found at http://www.charter.ie/chtr_int/media/releases/2010releases/2010-02-19/
The financial statements contain an additional contingent liability note in the following form:-
“The Company announced on 19 February 2010 that it had launched an investigation into possible irregular payments that may have been made in connection with an attempt to obtain business by an overseas Howden subsidiary in an emerging market; this investigation has been concluded.
Some evidence came to light which, whilst not conclusive, indicated that some inappropriate payments may have been made by two overseas third party agents of two Howden subsidiaries to obtain business in an emerging market. Appropriate steps have been taken to notify the relevant authorities.
At this time, the Company cannot determine whether any action will be taken by the relevant authorities. The timing or the outcome of any such action is uncertain. Accordingly no provision has been made for liabilities in these accounts in respect of the potential consequences of such action being taken. On the basis of external legal advice, the Directors do not believe the possible consequences are likely to have a material adverse impact on the Company’s financial position.”
As previously announced, the Board has declared an increased second interim dividend of 14.5 pence (2008: 14.0 pence) per share which will be paid on 7 May 2010 to holders of ordinary shares registered on 16 April 2010.
The Board is planning to publish the annual report on the Company’s website on 26 March 2010.
The Annual General Meeting of the Company will be held on 29 April 2010.
Contact
Andrew Fenwick; Sophie Brand, Brunswick +44 (0) 20 7404 5959
Michael Foster, Chief Executive; Robert Careless, Finance Director
Aidan Wallis, Head of Investor Relations +44 (0) 20 7404 5959
Internet users will be able to view this announcement, together with other information about Charter International plc
at the company’s website http://www.charter.ie
Cautionary statement
Certain sections of this announcement contain forward looking statements that are subject to risk factors associated with, amongst other things, the economic and business circumstances occurring from time to time in the countries and sectors in which the Company and its subsidiaries and associates operate. It is believed that the expectations reflected in this announcement are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated.