Here is a company with a very small cap and good ongoing service income.
The question is whether the recently added SAP associated business can add a boost to its activity.
in the H1 statement was the following:
"The New Business pipeline has strengthened in recent months and is now a cause for optimism, with the company anticipating a return to operational profitability in the traditionally stronger second half. It is anticipated that, given current contract negotiations, Q4 will see a significant increase in the level of new business signed, with order intake for 2002 exceeding 2001 and with a major element of revenue recognition flowing through into 2003, ensuring improved profitability and cash generation going forward."
Let us see.

FWIW results tomorrow

LONDON (AFX) - Chelford Group PLC said it looks forward to an EBITDA profit
in 2003.
In the year to Dec 31 2002, the EBITDA loss was 263,000 stg, compared with a
323,000 stg loss and slightly better than expectations. Chelford Group traded
profitably at EBITDA level in second half 2002 and SSI traded profitably at an
EBITDA level for 2002.
Turnover for 2002 was 7.3 mln stg compared with 7.8 mln and recurring
revenues were up 11 pct.
Pretax loss for the year was 1.03 mln stg compared with a loss of 1.05 mln.
Against a background of challenging market conditions, the group said it has
made good progress towards realising its strategy of building a market leading
Supply Chain solutions business through acquisition and organic growth.
The board said the slip in turnover in the year was primarily due to a lower
level of sales of third party products and decision delay by some customers.
Order intake increased by 28 pct over 2001 and performance in the second
half was an improvement over the first half, with a Group EBITDA profit of 7,000
stg against an EBITDA loss of 270,000 stg, the company added.
Chairman William Birkett said performance in Q1 is encouraging, with
improvement over Q1 2002 and with a strong pipeline of new opportunities.
"The Chelford board has a clear strategy, we have a strong management team
and a committed staff and will continue to seek to develop the group through
organic growth and by acquisition."
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