REG - Christie Group PLC - Full Year Trading Update

ChristieAnnouncement

21/01/2025 07:00

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RNS Number : 0183U  Christie Group PLC  21 January 2025

21 January 2025

 

Christie Group plc

("Christie Group" or the "Company")

 

Full Year Trading Update

 

The Board of Christie Group plc (CTG.L) advises that it now anticipates
reporting an improved full year operating profit for 2024, ahead of the £1.0m
upper range previously indicated in the Company's September trading update.

As a result of a stronger than anticipated end to the year in its Professional
and Financial Services ("PFS") division, the Group now expects to report an
operating profit, before exceptional items, for 2024 of more than £1.4m.
Following on from a first-half operating loss of £0.6m, this will equate to a
H2 operating profit before exceptional items of over £2.0m.

 

Operating profit before exceptional items excludes profits realised on the
disposal of Orridge Holdings Limited, which was transacted and announced on
5(th) November 2024.

 

Within its PFS division, the Group saw particularly strong second-half
performances from its agency and advisory business, Christie & Co and its
finance brokerage business, Christie Finance. Christie & Co brokered the
sale or purchase of over 1,100 deals in the year across its sectors, while
Christie Finance delivered a 40% growth in revenues year-on-year and a more
than three-fold growth in profitability, as lending activity into the Group's
targeted sectors remained very robust. Second-half operating losses from its
international brokerage and advisory operations were also significantly
reduced in comparison to H1.

 

Within its Stock and Inventory Systems and Services division, the Group's
hospitality stock audit business, Venners, contributed a 14% growth in its own
revenues, and in doing so has more than doubled its previous year's operating
profit.

 

The Group ended the year with a positive cash balance of £4.9m, following
receipt of £4.0m proceeds from the sale of Orridge Holdings Limited and the
improved H2 trading performance.

 

All figures reported above remain subject to audit.

Outlook

 

The Group began 2025 with its transactional pipelines in its UK operations
over 9% higher than the same point a year earlier. The Board retains some
caution moving into 2025, given uncertainty about the impact of the increased
tax burden on our loyal customers and businesses in our sectors, but
underlying activity remains encouraging so far.

 

The Group expects to issue final audited results for 2024 in April 2025.

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 33 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 - Venners and
Vennersys.

 

Tracing its origins back to 1896, 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 https://www.christiegroup.com/.

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