REG - Christie Group PLC - Trading Statement

ChristieAnnouncement

15/02/2024 07:00

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RNS Number : 1774D  Christie Group PLC  15 February 2024

15 February 2024

 

Christie Group plc

("Christie Group" or the "Company")

 

Full Year Trading Update

 

The Board of Christie Group plc (CTG.L) advises that, as anticipated, it will
report an improved second half trading performance in 2023 compared to the
first-half. The full year result, before exceptional costs, is expected to be
in line with market expectations which were revised in early December.

Full Year Performance

 

Revenues in the Company's Professional and Financial Services ("PFS") division
returned to more encouraging levels following the end of the summer period,
notwithstanding the subsequent and frustrating delay of some deals into 2024
which were otherwise expected to exchange in the latter part of 2023.

 

Revenues in the Group's Stock & Inventory Systems & Services ("SISS")
division in H2 were lower than H1, as traditional seasonal trading patterns in
our UK retail stocktaking operation took effect, exacerbated by the loss of
Wilkos as a client when it fell into administration. This partially impinged
upon the improved half-on-half performance otherwise delivered in the PFS
division, the continued ongoing progress in the Group's hospitality and
pharmacy stocktaking operations, and a positive year for new business wins in
its software visitor attraction business.

 

Overall, the improved PFS revenues in late H2 have contributed to the Company
expecting to report a second-half operating profit before exceptional items.
 As previously reported, the Group will report exceptional items as a result
of the July 2023 Board changes, together with some restructuring carried out
in its operations in both the PFS and SISS divisions during H2.

Outlook

 

The Group is seeing positive and encouraging activity levels across its
sectors at the start of 2024, with its UK transactional and advisory pipelines
having now recovered to a significantly improved position from a year ago.
2024 for the Group has started positively, with particularly strong January
invoicing in its UK agency and advisory business, Christie & Co.

 

The Group expects to issue final audited results for 2023 in April 2024.

 

Enquiries:

 

Christie Group plc

Dan
Prickett
07885 813101

Chief
Executive

 

Simon Hawkins
 
07767 354366

Chief Financial Officer

 

Shore Capital

Patrick Castle
 
020 7408 4090

Nominated Advisor and Broker

 

Notes to Editors:

Christie Group plc, quoted on AIM, is a leading professional business services
group with 37 offices across the UK and Europe, catering to its specialist
markets in the hospitality, leisure, healthcare, medical, childcare &
education and retail sectors.

 

Christie Group operates in two complementary business divisions: Professional
& Financial Services (PFS) and Stock & Inventory Systems &
Services (SISS). These divisions trade under the brand names: PFS - Christie
& Co, Pinders, Christie Finance and Christie Insurance: SISS - Orridge,
Venners and Vennersys.

 

Tracing its origins back to 1846, the Group has a long-established reputation
for offering valued services to client companies in agency, valuation
services, investment, consultancy, project management, multi-functional
trading systems and online ticketing services, stock audit and inventory
management. The diversity of these services provides a natural balance to the
Group's core agency business.

 

The information contained within this announcement is deemed by the Company to
constitute inside information under the Market Abuse Regulations (EU) No.
596/2014.

 

For more information, please go to www.christiegroup.com.

 

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