REG - Christie Group PLC - Half Yearly Report <Origin Href="QuoteRef">C3U.L</Origin>
RNS Number : 8935YChristie Group PLC14 September 201514 September 2015
Christie Group plc
Interim Results for the six months ended 30 June 2015
Christie Group plc ('Christie' or the 'Group'), the leading provider of Professional Business Services and Stock & Inventory Systems & Services to the leisure, retail and care markets, is pleased to announced its Interim Results for the six months ended 30 June 2015.
Key points:Revenue for the first half up 8% to 31.7m (2014: 29.4m)
Operating profit more than doubled to 1.7m (2014: 0.8m)
Basic earnings per share for the first half increased to 4.18p per share (2014: 1.74p per share)
Interim dividend increased to 1.0p per share (2014: 0.75p per share)
Advisory work buoyant in first half with over 5,500 businesses valued
Encouraging end to the first-half creates expectation of a more balanced performance than 2014
Strong M&A activity and related financing activity continues into second half
Commenting on the results, David Rugg, Chief Executive of Christie Group, said:
"Our first-half performance demonstrates a continuation of the progress we are making in a market place which offers plenty of opportunity for the future and immediate encouragement for the remainder of 2015. "
Enquiries:
Christie Group plc
David Rugg
Chief Executive
020 7227 0707
Daniel Prickett
Chief Financial Officer
020 7227 0700
Charles Stanley SecuritiesNominated Adviser & Broker
Russell Cook
020 7886 2980
Notes to Editors:
Christie Group plc, quoted on AIM, is a leading professional business services group with 46 offices across the UK, Europe and Canada, catering to its specialist markets in the leisure, retail and care sectors.
Christie Group operates in two complementary business divisions: Professional Business Services (PBS) and Stock & Inventory Systems & Services (SISS). These divisions trade under the brand names: PBS - 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 essential 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.
For more information, please go to www.christiegroup.com.
CHAIRMAN'S STATEMENT
I am pleased to report a strong finish to our first-half trading. Our operating profit more than doubled to 1.7m (2014: 0.8m). This increase was achieved from an 8% growth in revenue to 31.7m (2014: 29.4m) as we benefitted from a resurgent post-election trading period. As a result, we anticipate that our full-year performance will be more evenly balanced than we saw in 2014.
In what was a first for us, I was particularly pleased to record an appearance in Hansard, with Christie + Co's acclaimed research - entitled "The UK Nursing Workforce: Crisis or Opportunity" - the subject for questions in the upper house.
Professional Business Services
Post-election, our transactional work gathered pace. Strong demand pursued the available opportunities we brought to market. M & A activity culminated in the sale of Interhotels in Germany, the acquisition of The London Autistic Spectrum Centre for Fairview Homes and the sale of the Rezidor Hotel Bristol. The Hotel Freizeit Auefeld was sold for Avalon Hotels to Transworld Corporation, while Golden Tulip Marne-la-Valle, Mercure Tours and the Falkensteiner Hotel & Spa Bleibergerhof Austria were also sold.
Christie + Co is working with Galvin Brothers to search for pub sites for their new pub company reflecting the strength of the gastro pub market, whilst in the Childrens' Day Care sector, recent notable deals include the sale of the Edinburgh Corner House portfolio to Bertram Nursery Group, and a group of three nurseries from Liverpool Day Nurseries Ltd to Kids Planet Day Nurseries Ltd.Our practices enjoyed a hectic period during which we formally valued over 4,500 businesses and gave pricing options advice in respect of a further 1,000. We also undertook a number of significant advisory projects for existing owners, operators, investors and funders which, by their commercially sensitive nature, remain confidential. Assignments included strategic advice across education, care, hotel, restaurant, pub, dental and doctors' surgeries, with franchised businesses a growing segment. We reported on asset conditions, lease terms, tenant companies' financial standing, local market analysis and asset management strategy, brand selection, management strength and financial feasibility.
Christie Finance has experienced a highly competitive lending environment. Interest margins have been chased down to pre-recession levels whilst loan-to-value ratios remain relatively consistent across sectors. Given the wide range of available financing facilities, the role of our intermediaries is in strong demand. We broker both new business to the market and assist existing clients to review their position, or remain with their existing lender on competitive terms. We arranged debt funding for the acquisition by an Asian investor of Bredbury Hall and secured financing for the portfolio of Resimed Ltd, a Midlands Care group.
The increase in Insurance Premium Tax (IPT) from 6% to 9.5% presents an opportunity as policyholders will increasingly check the price competitiveness of existing insurance cover.
Stock & Inventory Systems & Services
Within the hospitality sector, we have been newly engaged by Ash Pubs & Taverns, Bath Ales, Drinks Group, Enjoy Pubs, Innovation, Hawthorn Leisure and others in a period of strong growth.
Our Health & Safety monitoring and alerts service grew apace and our operational compliance inspections and reports were in strong demand as was Event Profit Control. Together with inventory work, these additional services provide a rounded offering to our stock audit clients.
Our retail stocktaking businesses engage a high number of assignment-specific counters. The recent announcement by the Chancellor of the intention to eliminate the gap between the National Minimum Wage and the Living Wage will add significantly to our costs in our UK business, while our continental operations will be unaffected. We intend to work with our clients to protect our profit margins and achieve a sustainable and profitable business that continues to provide the first-class service offering that is our benchmark.
We are therefore focused on attracting future new customers to offset this disruption. New retail clients include Entertainment Alliance, Sequel and Roman Originals, in addition to those that I referred to in my June statement. Alongside this growth in our stocktaking client base, the launch of our Supply Chain service at the beginning of 2015 will prove of timely assistance in achieving this aim.
Vennersys announced that it will help support secure transactions by supporting Apple Pay, the easy, secure and private way to pay, from its launch in July.
Through Vennersys' Venpos Cloud and Enterprise products, the company's leading visitor attraction, ticketing, backoffice and Epos solutions, visitor attractions can take full advantage of Apple Pay. Payment card information will be more secure for purchases made with Apple Pay via our NFC enabled POS terminals.
Our growth in working capital remains consistent with our increase in activity and revenue as our balance sheet continues to strengthen.Outlook
Since the end of our first half we have continued to enjoy strong M&A activity, including the sale of 146 pubs on behalf of the liquidators handling the GRS group of companies and the sale of 24 recently developed care homes to Anchor on behalf of LNT Group. In addition, Christie + Co has also represented Chinese investor HK CTS Metropark Hotels in their purchase of Kew Green Hotels.
This gives us confidence that the Group should achieve its anticipated full year result as each of our businesses experience strong demand for their services. Your management and staff alike have worked enthusiastically and applied great skill for which I thank them.
As a result of their efforts, the Board have declared an increased interim dividend of 1.0p (2014: 0.75p per share) which will be paid on 16 October 2015 to shareholders on the register on 25 September 2015.Philip Gwyn
Chairman
Consolidated interim income statement
Note
Half year to 30 June
2015
'000
(Unaudited)
Half year to 30 June
2014
'000
(Unaudited)
Year ended 31 December 2014
'000
Continuing operations:
Revenue
4
31,738
29,406
61,011
Employee benefit expenses
(21,329)
(19,839)
(40,274)
10,409
9,567
20,737
Depreciation and amortisation
(266)
(273)
(458)
Impairment charge
-
-
(56)
Other operating expenses
(8,427)
(8,479)
(16,517)
Operating profit
4
1,716
815
3,706
Finance costs
(49)
(53)
(125)
Finance income
-
-
9
Pension scheme finance costs
(256)
(124)
(231)
Total finance charge
(305)
(177)
(347)
Profit before tax
1,411
638
3,359
Taxation
5
(409)
(311)
(1,142)
Profit for the period after tax
1,002
327
2,217
All amounts derive from continuing operations.
Profit / (loss) for the period after tax attributable to:
Equity shareholders of the parent
1,091
458
2,455
Non-Controlling interest
(89)
(131)
(238)
1,002
327
2,217
Earnings per share attributable to equity holders - pence
- Basic
6
4.18
1.74
9.34
- Fully diluted
6
4.06
1.66
8.99
Consolidated interim statement of comprehensive income
Half year to 30 June
2015
'000
(Unaudited)
Half year to 30 June
2014
'000
(Unaudited)
Year ended 31 December 2014
'000
Profit for the period after tax
1,002
327
2,217
Other comprehensive losses:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations
(67)
17
41
Net other comprehensive (losses) / income to be reclassified to profit or loss in subsequent periods
(67)
17
41
Items that will not be reclassified to profit or loss:
Actuarial gains / (losses) on defined benefit plans
57
(2,393)
(9,726)
Income tax effect
(11)
443
1,862
Net other comprehensive income / (losses) not being reclassified to profit or loss in subsequent periods
46
(1,950)
(7,864)
Other comprehensive losses for the period, net of tax
(21)
(1,933)
(7,823)
Total comprehensive income / (losses) for the period
981
(1,606)
(5,606)
Total comprehensive income / (losses) attributable to:
Equity shareholders of the parent
1,070
(1,475)
(5,368)
Non-Controlling interest
(89)
(131)
(238)
981
(1,606)
(5,606)
Consolidated interim statement of changes in shareholders' equity
Share capital
'000
Fair value and other reserves '000
Cumulative
translation
adjustments
'000
Retained earnings
'000
Non - Controlling interest
'000
Total equity
'000
Half year to 30 June 2014 (Unaudited)
Balance at 1 January 2014
531
5,526
503
(6,600)
(51)
(91)
Profit / (loss) for the period after tax
-
-
-
458
(131)
327
Other comprehensive losses for the period after tax
-
-
-
(1,950)
-
(1,950)
Exchange differences on translating foreign operations
-
-
17
-
-
17
Total comprehensive income / (losses) for the period
-
-
17
(1,492)
(131)
(1,606)
Movement in respect of employee share scheme
-
(132)
-
(2)
-
(134)
Employee share option scheme:
- value of services provided
-
60
-
-
-
60
Dividends paid
-
-
-
(262)
-
(262)
Balance at 30 June 2014
531
5,454
520
(8,356)
(182)
(2,033)
Year ended 31 December 2014 (Audited)
Balance at 1 January 2014
531
5,526
503
(6,600)
(51)
(91)
Profit / (loss) for the year after tax
-
-
-
2,455
(238)
2,217
Other comprehensive losses for the year after tax
-
-
-
(7,864)
-
(7,864)
Exchange differences on translating foreign operations
-
-
41
-
-
41
Total comprehensive income / (losses) for the year
-
-
41
(5,409)
(238)
(5,606)
Movement in respect of employee share scheme
-
(664)
-
(5)
-
(669)
Employee share option scheme:
-value of services provided
-
92
-
-
-
92
Dividends paid
-
-
-
(459)
-
(459)
Balance at 31 December 2014
531
4,954
544
(12,473)
(289)
(6,733)
Half year to 30 June 2015 (Unaudited)
Balance at 1 January 2015
531
4,954
544
(12,473)
(289)
(6,733)
Profit / (loss) for the period after tax
-
-
-
1,091
(89)
1,002
Other comprehensive income for the period after tax
-
-
-
46
-
46
Exchange differences on translating foreign operations
-
-
(67)
-
-
(67)
Total comprehensive (losses) / income for the period
-
-
(67)
1,137
(89)
981
Movement in respect of employee share scheme
-
144
-
-
-
144
Employee share option scheme:
- value of services provided
-
91
-
-
-
91
Dividends paid
-
-
-
(392)
-
(392)
Balance at 30 June 2015
531
5,189
477
(11,728)
(378)
(5,909)
Consolidated interim statement of financial position
Note
At 30 June 2015
'000
(Unaudited)
At 30 June 2014
'000
(Unaudited)
At 31 December 2014
'000
Assets
Non-current assets
Intangible assets - Goodwill
1,674
1,763
1,740
Intangible assets - Other
854
570
697
Property, plant and equipment
994
970
893
Deferred tax assets
3,814
2,768
3,817
Available-for-sale financial assets
635
635
635
Other receivables
465
466
465
8,436
7,172
8,247
Current assets
Inventories
4
-
2
Trade and other receivables
14,172
12,472
11,089
Current tax assets
12
190
12
Cash and cash equivalents
11
472
421
3,770
14,660
13,083
14,873
Total assets
23,096
20,255
23,120
Equity
Capital and reserves attributable to the Company's equity holders
Share capital
8
531
531
531
Fair value and other reserves
5,189
5,454
4,954
Cumulative translation reserve
477
520
544
Retained earnings
(11,728)
(8,356)
(12,473)
(5,531)
(1,851)
(6,444)
Non-Controlling interest
(378)
(182)
(289)
Total equity
(5,909)
(2,033)
(6,733)
Liabilities
Non-current liabilities
Retirement benefit obligations
9
13,728
6,857
13,970
Provisions
313
313
258
14,041
7,170
14,228
Current liabilities
Trade and other payables
8,747
8,592
8,804
Current tax liabilities
808
-
403
Borrowings
3,397
4,568
4,385
Provisions
2,012
1,958
2,033
14,964
15,118
15,625
Total liabilities
29,005
22,288
29,853
Total equity and liabilities
23,096
20,255
23,120
These consolidated interim financial statements have been approved for issue by the Board of Directors on 11 September 2015.
Consolidated interim statement of cash flows
Note
Half year to 30 June 2015
'000
(Unaudited)
Half year to 30 June 2014'000
(Unaudited)
Year ended
31 December 2014
'000
Cash flow from operating activities
Cash (used in) / generated from operations
10
(1,274)
(745)
3,188
Interest paid
(49)
(53)
(125)
Tax (paid) / received
(11)
-
147
Net cash (used in) / generated from operating activities
(1,334)
(798)
3,210
Cash flow from investing activities
Purchase of property, plant and equipment (PPE)
(291)
(134)
(223)
Proceeds from sale of PPE
9
6
12
Intangible assets expenditure
(244)
(61)
(266)
Investment in available-for-sale asset
-
(150)
(150)
Interest received
-
-
9
Net cash used in investing activities
(526)
(339)
(618)
Cash flow from financing activities
Proceeds from invoice discounting
291
969
15
Dividends paid
(392)
(262)
(459)
Net cash (used in) / generated from financing activities
(101)
707
(444)
Net (decrease) / increase in cash and cash equivalents
(1,961)
(430)
2,148
Cash and cash equivalents at beginning of period
6
(2,130)
(2,130)
Exchange losses on Euro bank accounts
(58)
(12)
(12)
Cash and cash equivalents at end of period
11
(2,013)
(2,572)
6
Notes to the consolidated interim financial statements
1. General information
Christie Group plc is the parent undertaking of a group of companies covering a range of related activities. These fall into two divisions - Professional Business Services and Stock & Inventory Systems & Services. Professional Business Services principally covers business valuation, consultancy and agency, mortgage and insurance services, and business appraisal. Stock & Inventory Systems & Services covers stock audit and counting, compliance and food safety audits and inventory preparation and valuation, hospitality and cinema software.
2. Basis of preparation
The interim financial information in this report has been prepared using accounting policies consistent with IFRS as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee (IFRIC) and there is an ongoing process of review and endorsement by the European Commission. The financial information has been prepared on the basis of IFRS that the Directors expect to be adopted by the European Union and applicable as at 31 December 2015.
The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2014, except for those noted below and except for the adoption of new standards and interpretations effective as of 1 January 2015. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
A number of amendments apply for the first time in 2015. However, they do not materially impact the annual consolidated financial statements of the Group or the interim condensed consolidated financial statements of the Group.
Non-statutory accounts
These consolidated interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting'. The financial information for the year ended 31 December 2014 set out in this interim report does not constitute the Group's statutory accounts for that period. The statutory accounts for the year ended 31 December 2014 have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified, did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis. The financial information for the periods ended 30 June 2015 and 30 June 2014 is unaudited.
3. Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are consistent with those applied to the consolidated financial statements for the year ended 31 December 2014.
4. Segment information
The Group is organised into two main business segments: Professional Business Services and Stock & Inventory Systems & Services.
The reportable segment results for continuing operations for the period ended 30 June 2015 are as follows:
Professional Business Services
'000
Stock & Inventory Systems & Services
'000
Other
'000
Group
'000
Total gross segment revenue
17,574
14,216
1,520
33,310
Inter-segment revenue
(52)
-
(1,520)
(1,572)
Revenue
17,522
14,216
-
31,738
Operating profit / (loss)
2,444
(394)
(334)
1,716
Net finance charge
(305)
Profit before tax
1,411
Taxation
(409)
Profit for the period after tax
1,002
The reportable segment results for continuing operations for the period ended 30 June 2014 are as follows:
Professional Business Services
'000
Stock & Inventory Systems & Services
'000
Other
'000
Group
'000
Total gross segment revenue
14,562
14,896
1,239
30,697
Inter-segment revenue
(52)
-
(1,239)
(1,291)
Revenue
14,510
14,896
-
29,406
Operating profit / (loss)
831
264
(280)
815
Net finance charge
(177)
Profit before tax
638
Taxation
(311)
Profit for the period after tax
327
The reportable segment results for continuing operations for the year ended 31 December 2014 are as follows:
Professional Business Services
'000
Stock & Inventory Systems & Services
'000
Other
'000
Group
'000
Total gross segment revenue
33,343
27,772
2,549
63,664
Inter-segment revenue
(104)
-
(2,549)
(2,653)
Revenue
33,239
27,772
-
61,011
Operating profit
3,276
202
228
3,706
Net finance charge
(306)
(96)
55
(347)
Profit before tax
3,359
Taxation
(1,142)
Profit for the year after tax
2,217
The Group is not reliant on any key customers.
5. Taxation
Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets where it is probable that these assets will be recovered.
The tax on the Group's profit before tax differs from the theoretical amount that would arise using the standard rate of corporation tax in the UK of 20%, based on the Group's profit before tax and before pension scheme finance costs, due to 65,000 arising from other movements in the deferred tax asset.
6. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period, which excludes the shares held in the Employee Share Ownership Plan (ESOP) trust.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company has only one category of potential dilutive ordinary shares: share options.
The calculation is performed for the share options to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company's shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.
Half year to
30 June 2015
'000
Half year to
30 June 2014
'000
Year ended
31 December 2014
'000
Profit from total operations attributable to equity holders of the Company
1,091
458
2,455
30 June 2015
Thousands
30 June 2014
Thousands
31 December 2014
Thousands
Weighted average number of ordinary shares in issue
26,113
26,379
26,285
Adjustment for share options
716
1,133
1,011
Weighted average number of ordinary shares for diluted earnings per share
26,829
27,512
27,296
30 June 2015
Pence
30 June 2014
Pence
31 December 2014
Pence
Basic earnings per share
4.18
1.74
9.34
Fully diluted earnings per share
4.06
1.66
8.99
7. Dividends
A final dividend in respect of the year ended 31 December 2014 of 1.5p per share, amounting to a total dividend of 392,000, was approved and paid to the Christie Group plc registrar on 24 June 2015. The funds were transferred to shareholders on 03 July 2015.
An interim dividend in respect of 2015 of 1.0p per share, amounting to a dividend of 265,000, was declared by the directors at their meeting on 09 September 2015. These financial statements do not reflect this dividend payable.
The dividend of 1.0p per share will be payable to shareholders on the record on 25 September 2015. The ex-dividend date will be 24 September 2015. The dividend will be paid on 16 October 2015.
8. Share capital
30 June 2015
30 June 2014
31 December 2014
Ordinary shares of 2p each
Number
'000
Number
'000
Number
'000
Allotted and fully paid:
At beginning and end of period
26,526,729
531
26,526,729
531
26,526,729
531
The Company has one class of ordinary shares which carry no right to fixed income.
Investment in own shares
The Group has established an Employee Share Ownership Plan (ESOP) trust in order to meet its future contingent obligations under the Group's share option schemes. The ESOP purchases shares in the market for distribution at a later date in accordance with the terms of the Group's share option schemes. The rights to dividend on the shares held have been waived.
At 30 June 2015 the total payments by the Group to the ESOP to finance the purchase of ordinary shares during the period were 2,672,000 (30 June 2014: 2,237,000; 31 December 2014: 2,639,000). This figure is inclusive of shares purchased and subsequently issued to satisfy employee share awards. The market value at 30 June 2015 of the ordinary shares held in the ESOP was 487,000 (30 June 2014: 309,000; 31 December 2014: 750,000). The investment in own shares represents 368,000 shares (30 June 2014: 238,000; 31 December 2014: 532,000) with a nominal value of 2p each.
9. Retirement benefit obligations
The obligation outstanding of 13,728,000 (30 June 2014: 6,857,000; 31 December 2014: 13,970,000) includes 980,000 (30 June 2014: 1,000,000; 31 December 2014: 1,000,000) relating to David Rugg who transferred 80% of his accrued benefits out of the Christie Group Pension and Assurance Scheme during 2014. At this date 20% of the residual benefit remained payable to Mr Rugg under agreement of the Christie Group plc Remuneration Committee.
The Group operates two defined benefit schemes (closed to new members) providing pensions on final pensionable pay. The contributions are determined by qualified actuaries on the basis of triennial valuations using the projected unit method.
When a member retires, the pension and any spouse's pension is either secured by an annuity contract or paid from the managed fund. Assets of the schemes are reduced by the purchase price of any annuity purchase and the benefits no longer regarded as liabilities of the scheme.
The amounts recognised in the statement of comprehensive income and the movement in the liability recognised in the statement of financial position have been based on the forecast position for the year ended 31 December 2015 after adjusting for the actual contributions to be paid in the period.
The movement in the liability recognised in the statement of financial position is as follows:
Half year to
30 June 2015
'000
Half year to
30 June 2014
'000
Year ended
31 December 2014
'000
Beginning of the period
13,970
4,796
4,796
Expenses included in the employee benefit expense
314
284
632
Contributions paid
(743)
(740)
(1,415)
Finance costs
256
124
231
Pension paid
(12)
-
-
Actuarial (gains) / losses recognised
(57)
2,393
9,726
End of the period
13,728
6,857
13,970
The amounts recognised in the income statement and statement of comprehensive income are as follows:
Half year to
30 June 2015
'000
Half year to
30 June 2014
'000
Year ended
31 December 2014
'000
Current service cost
314
284
632
Total included in employee benefit expenses
314
284
632
Net interest cost
256
124
231
Total included in finance costs
256
124
231
Actuarial gains / (losses)
57
(2,393)
9,726
Total included in other comprehensive income / (losses)
57
(2,393)
9,726
The principal actuarial assumptions used were as follows:
Half year to 30 June 2015
%
Half year to 30 June 2014
%
Year ended 31 December 2014
%
Inflation rate
3.00
3.20
3.00
Discount rate / expected return on plan assets
4.00
4.75
4.00
Future salary increases
3.00
3.20
3.00
Future pension increases
2.20 - 3.40
2.20 - 3.50
2.20 - 3.40
Assumptions regarding future mortality experience were consistent with those disclosed in the financial statements for the year ended 31 December 2014.
10. Note to the cash flow statement
Cash (used in) / generated from operations
Half year to
30 June 2015
'000
Half year to
30 June 2014
'000
Year ended
31 December 2014
'000
Continuing operations
Profit for the period
1,002
327
2,217
Adjustments for:
- Taxation
409
311
1,142
- Finance costs
49
53
116
- Depreciation
179
213
387
- Amortisation of intangible assets
87
60
71
- (Profit) / loss on sale of property, plant and equipment
(3)
(1)
7
- Foreign currency translation
(44)
10
83
- Increase in provisions
34
67
87
- Movement in share option charge
91
60
92
- Retirement benefits
(185)
(332)
(552)
- Decrease in non-current other receivables
-
34
35
Changes in working capital (excluding the effects of exchange differences on consolidation):
- Increase in inventories
(2)
-
(2)
- Increase in trade and other receivables
(3,059)
(1,653)
(270)
- Increase /(decrease) in trade and other payables
168
106
(225)
Cash (used in) / generated from operations
(1,274)
(745)
3,188
11. Cash and cash equivalents include the following for the purposes of the cash flow statement:
Half year to
30 June 2015
'000
Half year to
30 June 2014
'000
Year ended
31 December 2014
'000
Cash and cash equivalents
472
421
3,770
Bank overdrafts
(2,485)
(2,993)
(3,764)
(2,013)
(2,572)
6
12. Related-party transactions
There is no controlling interest in the Group's shares.
During the period rentals of 162,000 (30 June 2014: 159,000; 31 December 2014: 318,000) were paid to Carmelite Property Limited, a company incorporated in England and Wales, and jointly owned by The Christie Group Pension and Assurance Scheme, The Venners Retirement Benefit Fund and The Fitzroy Square Pension Fund, by Christie Group plc in accordance with the terms of a long-term lease agreement.
13. Publication of Interim Report
The 2015 Interim Financial Statements are available on the Company's website www.christiegroup.com
This information is provided by RNSThe company news service from the London Stock ExchangeENDIR BRGDCIBBBGUB
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