REG - Christie Group PLC - AGM Statement

ChristieAnnouncement

14/06/2023 07:00

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RNS Number : 5918C  Christie Group PLC  14 June 2023

14 June 2023

 

Christie Group plc

("Christie Group" or the "Group")

AGM Statement

Christie Group plc (AIM: CTG.L), the leading provider of Professional &
Financial Services and Stock & Inventory Systems & Services to the
hospitality, leisure, healthcare, medical, childcare & education and
retail sectors, announces that at today's Annual General Meeting, the Chairman
and Chief Executive, David Rugg, will deliver the following statement:

"Professional & Financial Services

Transactional times have elongated as portfolio break-ups absorb market
resources.  Additionally due diligence is extended, particularly where vendor
distress is involved.  In such cases vendor warranties or indemnities, if
available, may provide less assurance.

 

Our agency practice within Christie & Co has been favoured with portfolio
disposals, such as a group of

61 pubs for Marston's PLC, the UK-wide Coast & Country hotel collection,
the sale of 45 dental practices for BUPA and the sale of 111 care homes for
Four Seasons Health Care.  Whilst completions to date are down, our level of
new sale mandates and offers to purchase are both ahead of the prior year.
We have just launched our Healthcare sector business in Germany.  Our
consultants and valuers are busy in both the UK and Europe, the latter with a
preponderance of bank driven work.

 

Christie Finance has increased its pipeline in value by 28% since 1st January
2023.  The highest volume increase has been in our unsecured lending &
asset finance division.  Secondary and tertiary lenders appear inundated but
under-resourced. This slows deal progress.

 

Christie Insurance is working with Pinders' building surveying services to
help insurance clients ensure adequate protection against current rebuilding
costs.

 

Stock & Inventory Systems & Services

Orridge has followed the rebalancing of retail stocktaking from the shop to
warehouse and distribution centres.  Our pharmacy stocktaking remains on the
high street.  We are confident that we can grow our supply chain work quite
rapidly, as in many cases it is being outsourced for the first time.

 

Venners, our leisure and hospitality stocktaker, continues its uninterrupted
recovery.  Its consultancy team analysed a client's purchases to reveal a
half million pounds of overcharging!

 

Vennersys, our visitor attraction SaaS business, has signed a new contract
with Aspro, the operator of significant leisure attractions.  There have been
18 new users to our system this year, to date.

 

Summary

 

As previously reported, our revenues will be second-half weighted. Our costs
are in line with expectations.

 

We are pleased to have now fully repaid our CLBILS loan, as we previously
indicated would happen by the end of H1. We have no term debt on our balance
sheet."

 

 

 

Enquiries:

 Christie Group plc
 David Rugg                     020 7227 0707
 Chairman and Chief Executive

 Dan Prickett                   020 7227 0700
 Chief Operating Officer

 Shore Capital
 Patrick Castle / Iain Sexton   020 7408 4090

 Nominated Adviser and Broker

 

Notes to Editors:

 

Christie Group plc, quoted on AIM, is a leading professional business services
group with 38 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 Group 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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