REG - Christie Group PLC - Interim Results
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RNS Number : 0827B Christie Group PLC 29 September 2025
29 September 2025
Christie Group plc
Interim Results for the six months ended 30 June 2025
Group delivers significantly improved and profitable H1 performance
Christie Group plc ('Christie Group' or the 'Group'), the leading provider of
Professional & Financial Services (PFS) and Stock & Inventory Systems
& Services (SISS) to the hospitality, leisure, healthcare, medical,
childcare & education and retail sectors, today announces its Interim
Results for the six months ended 30 June 2025
H1 2025 Financial Headlines
· 24% growth in revenues (£6.6m) from continuing operations to
£34.8m (2024: £28.1m)
· H1 operating profit from continuing operations of £1.3m (2024:
£0.4m loss)
· Strong performance in PFS division with revenues up by 29% to
£28.7m (2024: £22.3m)
· SISS revenues up by 5% to £6.1m (2024: £5.8m)
· Significantly improved cash balance at the end of H1 with cash
and cash equivalents of £5.0m (2024: £0.9m negative)
· Net funds improved by £7.4m to £5.0m (2024: net debt of £2.4m)
· Both defined benefit pension schemes remain in surplus with no
ongoing cash cost
· Earnings per share of 2.63p (2024: 3.51p negative)
· The Board has declared an increased interim dividend of 0.75p (H1
2024: 0.50p per share) reflecting the improved H1 performance
H1 2025 Operational Headlines
· 39% growth in H1 transactional brokerage income from our UK and
International operations
· 20% increase in Valuation and Business Appraisal revenues
· 8% growth in our finance brokerage income
· 7% growth in our general insurance book with 90% client renewal
rates achieved
· Growth achieved in our hospitality stock audit business, despite
sector challenges with absorbing increases in employers' national insurance
· 16% growth in first half revenues from our visitor attraction
software business
· 14% increase in H1 employee benefit costs attributable to
income-linked incentive payments and growth in PFS division headcount
Current trading and outlook
· Group begins H2 with transactional brokerage pipelines 15% higher
than the start of the year and 10% up on H1 2024
· Finance brokerage activity is also encouraging with strong
instruction levels throughout H1 and a pipeline at 30 June 2025 10% higher
than the start of the year
· Investment and lending appetite into our sectors remains robust
· Board anticipates delivery of a full year performance in line
with expectations
Financial results for the six months ended 30 June 2025
6 months ended 6 months ended 12 months ended
30 June 2025 (unaudited) 30 June 2024 (unaudited) 31 December 2024 (audited)
Revenue £34.8m £28.1m £60.4m
Operating profit/(loss) £1.3m (£0.4m) £2.0m
Profit/(loss) before tax £0.9m (£0.9m) £1.0m
Basic EPS continuing 2.63p (2.46p) 4.42p
Dividend Interim 0.75p Interim 0.50p Full year 2.25p
Dan Prickett, Chief Executive, commented:
"We continue to make progress across the Group, which these Interim results
reflect. We have increased first-half revenues by 24%, returned the Group to a
profitable H1 trading position, and our cash position has been significantly
strengthened over the last twelve months from the combination of improved
trading and the divestment of the Orridge group.
We continue to focus on expanding our teams and capabilities in those sectors
and locations where we see medium and long term opportunities to grow our
market share in our PFS activities. Across our PFS division, we have strong
pipelines in our transactional and advisory businesses, which position us well
for the second half.
Within our SISS division, we continue to win clients in both the hospitality
stock audit business and our visitor attraction software business.
While our pipelines and ongoing activity levels are encouraging, sensitivity
remains as to deal times. Adopting a sensible level of prudence, we anticipate
a more balanced full year performance than we delivered in the previous year
and remain confident of delivering a full year performance in line with
expectations."
Enquiries:
Christie Group plc
Daniel Prickett 07885 813101
Chief Executive
Simon Hawkins 07767 354366
Chief Finance Officer
Shore Capital
Patrick Castle 020 7408 4090
Nominated Adviser & Broker
Notes to Editors:
Christie Group plc (CTG.L), quoted on AIM, is a leading professional business
services group with 32 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 for the purposes of Article 7 of the UK Market
Abuse Regulation (EU) No. 596/2014 which is part of the UK law by virtue of
the European Union (Withdrawal) Act 2018.
For more information, please go to https://www.christiegroup.com
(https://url.avanan.click/v2/r02/___https:/www.christiegroup.com___.YXAxZTpzaG9yZWNhcDphOm86MTU1NGNmNTk4MzMxNDhiMjlkYWJmOWI4NTIwYWY0ZTk6NzoxNjVlOmVmNDhkZDUyOTNlOWFjZDc4ZDk0ZWZjNWE3M2Y5NWRmNDBjZjljNGMyYTQzZmQzNjA4MzcwNmRmMjQwNGRjZDU6cDpGOk4)
Chief Executive's review
We are pleased to report a significantly improved and profitable first-half
performance. As we reported in early June, demand for our services has been
strong across the range of sectors in which we specialise. Investment and
lending appetite for those sectors has remained robust and while there are
some headwinds due to macroeconomic trends and potential disruption as a
result of the forthcoming budget announcement, we anticipate that continuing
throughout the second half of the year. While we have delivered growth in both
our divisions, activity across our Professional and Financial Services ("PFS")
division has been particularly encouraging and we commenced H2 with strong
pipelines which underpin our confidence for the full year.
Financial Review
The Group reported revenues from continuing operations of £34.8m (2024:
£28.1m) and an operating profit of £1.3m (2024: £0.4m operating loss). The
£1.7m improvement in our first-half profitability reflected strong growth in
our PFS division, where H1 operating profit improved to £1.8m (2024: £0.0m)
derived from a £6.4m increase in H1 PFS revenue.
Revenue growth in our Stock & Inventory Systems & Services ("SISS")
division was more modest but nonetheless above inflation, at 5%, which saw the
division report a first-half operating loss of £0.5m, consistent with that
achieved a year earlier.
Employee benefit expenses increased by 14.4% to £24.1m (2024: £21.1m). This
14% increase was primarily attributable to two positive factors: increases in
income-linked employee incentive payroll costs as a result of the 29% increase
in PFS revenues and a 7.5% increase in our PFS employee numbers as we focused
recruitment in that division to expand our teams in services, sectors and
geographies where we see opportunities for further growth.
Finance costs reduced to £0.4m (2024: £0.5m), with all these finance costs
being interest costs arising on lease liabilities. We had no interest costs
payable on bank facilities, given our positive net cash position. Following
the divestment of Orridge in November 2024 and the improved trading
performance, our cash and cash equivalents balance at the end of H1 was £5.0m
(2024: £0.9m borrowings). We anticipate a cash-generative trading performance
in H2, whereas our first-half cashflow always reflects outflows attributable
to the payment of annual bonuses and commissions relating to the previous
financial year. Both of our defined benefit pension schemes remain in surplus.
Reflecting the much-improved first half performance, its confidence in the
full year outcome and its desire to deliver a progressive return to
shareholders, the Board has declared an increased interim dividend of 0.75p
per share (H1 2024: 0.5p per share) which will be paid on 7(th) November 2025
to shareholders on the register on 10(th) October 2025.
Professional and Financial Services Division
Having consistently brokered the sale of over 1,000 businesses a year since
2020, we are once again on track to repeat this level of volume in 2025. Our
mix of business in the first half has been in higher value assets and sectors
than was the case in H1 2024. The result is that, while overall fee income
from our UK and European business agency operations was 39% higher than H1
2024, the volume of businesses sold was slightly lower. H1 2024 was
characterised by the completion of a number of lower-value, but higher-volume
portfolio instructions. However, we began H2 with a pipeline of transactions
in solicitors' hands which was 10% higher than the same point in 2024 in both
volume and value.
We have also seen strong demand for our valuation and advisory services.
Valuation and Business Appraisal income was 20% higher than H1 2024, as
lenders continue to look to our two national valuation businesses to inform
their own new lending, covenant monitoring and refinancing decisions.
In our finance brokerage business, we delivered an 8% growth in H1 fee income.
We experienced some deal delays in the first quarter, which served to soften
the level of growth we would otherwise have achieved, but lending appetite
into our sectors has been strong throughout the period and we saw the business
gather momentum as we moved through the first half. We ended the period with
pipelines nearly 10% higher than at the start of the year, headcount 7% up on
the same point a year earlier with ongoing recruitment plans, and strong
demand and activity across our Commercial Mortgage, Corporate Debt Advisory,
Real Estate and Bridging, and Unsecured lending teams.
Our insurance brokerage business provides a source of recurring income through
commissions earned from annual client renewals while also selling Life Cover
and Protection products to business owners. Excellent client service delivery
and outcomes were evidenced by the business achieving a client renewal rate in
H1 of 90%. This, coupled with sales to new clients, saw the Gross Written
Premium value of annual policies placed through us grow by 7% in the first 6
months of the year.
Stock & Inventory Systems & Services Division
In the SISS division, our hospitality stock audit business experienced subdued
demand in the first quarter as the UK hospitality sector adopted a prudent
approach to expenditure ahead of the impact on clients of the increases in
employers' national insurance. It nonetheless increased revenues and delivered
a profitable first half performance once again despite these challenging
headwinds for the sector. We anticipate a stronger second half performance and
continued growth.
In our visitor attraction software business, H1 revenues were increased by 16%
on the previous year as the business continued to win new clients, increasing
its roster of contracted and live clients by 20% over the same period. This
has been achieved while controlling overheads in the business, which increased
by only 4.8% compared to H1 2024. The second half has begun positively, with a
number of additional clients already added through the traditionally quieter
summer period when operators focus their attention on peak visitor numbers to
their sites. In addition to the 20% year-on year growth in live client
numbers, the business has already secured a further 12% growth in client
numbers through contracted clients awaiting installation and go-live.
Outlook
The Group commenced the second half with encouraging pipelines for both the UK
and our European businesses, with the combined UK and International
transactional pipeline 15% higher in fee income value than the start of the
year. In addition to this robust M&A activity across our sectors, our
finance brokerage business also began H2 with its own pipeline 10% higher than
the start of the year. However, some sensitivity to deal timing remains and we
have not experienced deal delays in H1 2025 that characterised the first half
of 2024 and benefitted H2 2024. As such we are anticipating a more balanced
full year performance than the prior year.
In our SISS division we expect continued growth from our hospitality stock
audit business, and remain focused on eliminating losses in our visitor
attraction software business.
Once again, I would like to thank our excellent teams who continue to deliver
best-in-class services to our clients. The first half result reflects their
commitment, hard work, ingenuity and expertise and from that foundation, we
are well positioned to deliver a full year performance in line with
expectations.
Dan Prickett
Chief Executive Officer
Independent Review Report to Christie Group plc
Introduction
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six-month period ended
30 June 2025 which comprises the Interim Consolidated Income Statement, the
Interim Consolidated Statement of Comprehensive Income, the Interim
Consolidated Statement of Financial Position, the Interim Consolidated
Statement of Cash Flows, the Interim Consolidated Statement of Changes in
Equity and the related Notes 1 to 16.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2025 is not prepared, in all
material respects, in accordance with International Accounting Standard
('IAS') 34 "Interim Financial Reporting", as adopted for use in the United
Kingdom and the AIM Rules issued by the London Stock Exchange.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" issued for use in the United Kingdom. A
review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with International
Standards on Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in Note 2, the annual financial statements of the group are
prepared in accordance with International Financial Reporting Standards
adopted for use in the United Kingdom ("UK adopted IFRS"). The condensed set
of financial statements included in this half-yearly financial report has been
prepared in accordance with International Accounting Standard ('IAS') 34
"Interim Financial Reporting", as adopted for use in the United Kingdom.
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report
in accordance with International Accounting Standard ('IAS') 34 "Interim
Financial Reporting", as adopted for use in the United Kingdom and the AIM
Rules issued by the London Stock Exchange.
In preparing the half-yearly financial report, the directors are responsible
for assessing the Group's ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the
company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statement in the
half-yearly financial report. Our conclusion, including our conclusions
relating to going concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
MHA, Statutory Auditor
Milton Keynes, United Kingdom
26 September 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability
partnership in England and Wales (registered number OC312313)
Consolidated interim income statement
Note Half year to 30 June Half year to 30 June Year ended 31 December 2024
2025 2024 £'000
£'000 £'000 (Audited)
(Unaudited) (Unaudited)
restated
Continuing operations
Revenue 4 34,751 28,106 60,386
Employee benefit expenses (24,136) (21,092) (42,871)
10,615 7,014 17,515
Other operating expenses (9,290) (7,443) (15,516)
Operating profit/(loss) 1,325 (429) 1,999
Finance costs (434) (494) (952)
Finance income 14 - -
Total finance costs (420) (494) (952)
Profit/(loss) before tax 905 (923) 1,047
Taxation 6 (227) 289 95
Profit/(loss) after tax from continuing operations 678 (634) 1,142
Discontinued operations
(Loss)/profit from discontinued operations 5 - (272) 865
Profit/(loss) for the period 678 (906) 2,007
Earnings per share attributable to equity holders - pence
From continuing operations:
Basic 7 2.63 (2.46) 4.42
Diluted 7 2.62 (2.46) 4.40
From continuing and discontinued operations:
Basic 7 2.63 (3.51) 7.77
Diluted 7 2.62 (3.51) 7.73
All profit/(loss) after tax is attributable to the equity shareholders of the
parent.
The profit from discontinued operations of 30 June 2025: £nil (31 December
2024: £865,000 includes a gain on disposal of £1,471,000, 30 June 2024:
£nil).
30 June 2024 has been restated to reflect the discontinued operation in
November 2024 - see note 5.
Consolidated interim statement of comprehensive income
Half year to 30 June Half year to 30 June Year ended 31 December 2024
2025 2024 £'000
£'000 £'000 (Audited)
(Unaudited) (Unaudited)
Profit/(loss) for the period after tax 678 (906) 2,007
Other comprehensive income/(losses):
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations 29 (8) (26)
Net other comprehensive income/(losses) to be reclassified to profit or loss (8) (26)
in subsequent periods
29
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit plans - - (1,225)
Effect of asset ceiling - - 1,234
- - 9
Tax effect on defined benefit plans - - 307
Tax effect of asset ceiling - - (309)
- - (2)
Net other comprehensive income not being reclassified to profit or loss in - - 7
subsequent periods
Other comprehensive income/(losses) for the period net of tax 29 (8) (19)
Total comprehensive income/(losses) for the period 707 (914) 1,988
Total comprehensive income/(losses) for the period are wholly attributable to
equity shareholders of the parent.
Consolidated interim statement of changes in shareholders' equity
Share capital Other reserves £'000 Cumulative Retained earnings Total equity
£'000 translation £'000 £'000
reserve
£'000
Half year to 30 June 2025 (unaudited)
Balance at 1 January 2025 531 3,758 499 323 5,111
Profit for the period after tax - - - 678 678
Other comprehensive income - - 29 - 29
Total comprehensive income for the period - - 29 678 707
Movement in respect of employee share scheme - (473) - - (473)
Employee share option scheme:
- value of services provided - 29 - - 29
Dividends payable - - - (444) (444)
Transactions with shareholders - (444) - (444) (888)
Balance at 30 June 2025 531 3,314 528 557 4,930
Half year to 30 June 2024 (unaudited)
Balance at 1 January 2024 531 3,679 525 (1,434) 3,301
Loss for the period after tax - - - (906) (906)
Other comprehensive losses - - (8) - (8)
Total comprehensive losses for the period - - (8) (906) (914)
Movement in respect of employee share scheme - 82 - - 82
Employee share option scheme:
- value of services provided - 31 - - 31
Dividends payable - - - (128) (128)
Transactions with shareholders - 113 - (128) (15)
Balance at 30 June 2024 531 3,792 517 (2,468) 2,372
Year ended 31 December 2024 (audited)
Balance at 1 January 2024 531 3,679 525 (1,434) 3,301
Profit for the year after tax - - - 2,007 2,007
Other comprehensive (losses)/income - - (26) 7 (19)
Total comprehensive losses for the year - - (26) 2,014 1,988
Movement in respect of employee share scheme - 22 - - 22
Employee share option scheme:
- value of services provided - 57 - - 57
Dividends paid - - - (257) (257)
Transactions with shareholders - 79 - (257) (178)
Balance at 31 December 2024 531 3,758 499 323 5,111
Consolidated interim statement of financial position
At 31 December 2024
At 30 June 2025 At 30 June 2024 £'000
£'000 £'000 (Audited)
(Unaudited) (Unaudited)
Note
Assets
Non-current assets
Intangible assets - Goodwill 178 1,807 178
Intangible assets - Other 1,684 1,408 1,542
Property, plant and equipment 824 940 774
Right of use assets 5,219 6,046 5,371
Deferred tax assets 1,921 2,390 2,149
Other receivables 3,265 2,984 3,265
13,091 15,575 13,279
Current assets
Inventories 8 16 24
Trade and other receivables 9 9,700 11,837 8,327
Other current assets 1,960 2,056 3,010
Cash and cash equivalents 14 4,960 705 4,870
16,628 14,614 16,231
Total assets 29,719 30,189 29,510
Equity
Capital and reserves attributable to the Company's equity holders
Share capital 10 531 531 531
Other reserves 3,314 3,792 3,758
Cumulative translation reserve 528 517 499
Retained earnings 557 (2,468) 323
Total equity 4,930 2,372 5,111
Liabilities
Non-current liabilities
Trade and other payables 471 385 715
Retirement benefit obligations 11 780 852 812
Lease liabilities 7,370 7,978 7,501
Provisions 1,276 1,243 1,235
9,897 10,458 10,263
Current liabilities
Trade and other payables 12 10,708 9,845 9,510
Lease liabilities 1,150 1,399 1,204
Current tax liabilities 21 29 20
Borrowings - 3,094 -
Provisions 3,013 2,992 3,402
14,892 17,359 14,136
Total liabilities 24,789 27,817 24,399
Total equity and liabilities 29,719 30,189 29,510
Consolidated interim statement of cash flows
Note Half year to 30 June Half year to 30 June Year ended 31 December 2024
2025 2024 £'000
£'000 (Unaudited) £'000 (Audited)
(Unaudited)
Cash flow from operating activities
Cash generated from/(used in) operations 13 1,867 (1,129) 3,737
Interest paid (434) (565) (952)
Tax paid - (50) (52)
Net cash generated from/(used in) operating activities 1,433 (1,744) 2,733
Cash flow from investing activities
Purchase of property, plant and equipment (220) (214) (503)
Interest received - 2 -
Proceeds from sale of Orridge, net of cash sold - - 3,840
Intangible asset expenditure (408) (405) (787)
Net cash (used in)/generated from investing activities (628) (617) 2,550
Cash flow from financing activities
Proceeds from invoice discounting - 809 -
Repayment of lease liabilities (716) (645) (1,401)
Dividends paid - - (257)
Net cash (used in)/generated from financing activities (716) 164 (1,658)
Net increase/(decrease) in cash 89 (2,197) 3,625
Cash and cash equivalents at beginning of period 4,870 1,248 1,248
Exchange gains/(losses) on euro bank accounts 1 2 (3)
Cash and cash equivalents at end of period 14 4,960 (947) 4,870
Notes to the consolidated interim financial statements
1. General information
Christie Group plc is a public limited company incorporated in and operating
from England. The Company's ordinary shares are traded on the AIM Market
operated by the London Stock Exchange. Christie Group plc is the parent
undertaking of a group of companies covering a range of related activities.
These fall into two divisions - Professional & Financial Services and
Stock & Inventory Systems & Services. Professional & Financial
Services principally covers business valuation, consultancy & agency,
business mortgages & insurance services and business appraisal. Stock
& Inventory Systems & Services covers stock audit & counting,
consulting, compliance, inventory preparation & valuation and hospitality
& software solutions.
2. Basis of preparation
The interim financial statements have been prepared in accordance with
International Accounting Standard ('IAS') 34 "Interim Financial Reporting", as
adopted for use in the United Kingdom and the accounting policies applied in
the financial statements for the year ended 31 December 2024. Taxes on income
in the interim periods are accrued using the effective tax rate that would be
applicable to expected total annual earnings.
There are no new standards, amendments or interpretations that have been
published and are mandatory from 1 January 2025 that have a material effect on
the 31 December 2025 accounts.
Going concern
Having reviewed the Group and Company's detailed budgets, projections and
funding requirements to 31 December 2026, taking account of reasonable
possible changes in trading performance over this period, the Directors
believe they have reasonable grounds for stating that the Group and Company
have adequate resources to continue in operational existence for the
foreseeable future. Accordingly, the Directors continue to adopt the going
concern basis in preparing these interim accounts.
Non-statutory accounts
These consolidated interim financial statements have been prepared in
accordance with IAS 34 'Interim Financial Reporting'. The statutory accounts
for the year ended 31 December 2024 have been delivered to the Registrar of
Companies. The auditors reported on these accounts reported the following:
(1) their report was unqualified;
(2) did not contain a statement under either section 498(2) or section
498(3) of the Companies Act 2006; and
(3) 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 2025 and 30 June 2024
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.
Critical accounting estimates and assumptions
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 discussed below.
(a) Estimated impairment of investments
Investments are subject to an impairment review annually and when there are
indications that the carrying value may not be recoverable. The recoverable
amounts of cash-generating units have been determined based on value-in-use
calculations.
(b) Retirement benefit obligations
The assumptions used to measure the expense and liabilities related to the
Group's defined benefit pension plans are reviewed annually by professionally
qualified, independent actuaries, trustees and management as appropriate.
Management bases their assumptions on their understanding and interpretation
of applicable scheme rules which prevail at the statement of financial
position date. The measurement of the expense for a period requires
judgement with respect to the following matters, amongst others:
- the probable long-term rate of increase in pensionable pay;
- the inflation rate;
- the discount rate; and
- the estimated life expectancy of participating members.
The assumptions used by the Group, may differ materially from actual results,
and these differences may result in a significant impact on the amount of
pension expense recorded in future periods. In accordance with IAS 19, the
Group recognises all actuarial gains and losses immediately in other
comprehensive income.
Critical accounting judgements and assumptions
The critical judgements made in the process of applying the Group's accounting
policies during the year that have the most significant effect on the amounts
recognised in the financial statements are set out below.
(a) Deferred taxation
Deferred tax assets are recognised to the extent that the Group believes it is
probable that future taxable profit will be available against which temporary
timing differences and losses from previous periods can be utilised.
Management judgement is required to determine the amount of deferred tax
assets that can be recognised, based upon the likely timing and the level of
future taxable profits together with future tax planning strategies.
(b) Revenue recognition
The valuation of unbilled revenue is based on an estimate of the amount
expected to be recoverable from clients and involves detailed understanding of
the contractual terms with clients. Management is required to make estimates
in determining the point at which the fair value of consideration can be
measured reliably.
The principal uncertainty over this estimation is a result of the amounts not
yet being billed to the client. The extent of such uncertainty is increased
on engagements where conditions remain at the point of exchange of contract,
such as approval of the transaction from relevant regulators, which mean that
the success of the transaction is not certain.
Management has evaluated the terms, performance milestones, counterparty
intentions along with historical experience and external market conditions to
determine whether it is highly probable that these contracts will be
successfully executed, and where it has been judged that the outcome can be
reliably measured, revenue has been recognised accordingly.
4. Segment information
The Group is organised into two main business segments: Professional &
Financial Services (PFS) and Stock & Inventory Systems & Services
(SISS).
The segment results for the period ended 30 June 2025 are as follows:
PFS SISS Other Group
£'000 £'000 £'000 £'000
Total gross segment revenue 28,721 6,090 - 34,811
Inter-segment revenue (60) - - (60)
Revenue 28,661 6,090 - 34,751
Operating profit/(loss) 1,798 (473) - 1,325
Finance costs (354) (80) 14 (420)
Profit/(loss) before tax 1,444 (553) 14 905
Taxation (227)
Profit for the period after tax 678
The segment results for the period ended 30 June 2024 are as follows:
PFS SISS Other Group
Continuing activities £'000 £'000 £'000 £'000
Total gross segment revenue 22,345 5,821 - 28,166
Inter-segment revenue (60) - - (60)
Revenue 22,285 5,821 - 28,106
Operating loss 37 (466) - (429)
Finance costs (398) (104) 8 (494)
Loss before tax (361) (570) 8 (923)
Taxation 289
Loss for the period after tax (634)
The segment results for the year ended 31 December 2024 are as follows:
PFS SISS Other Group
Continuing activities £'000 £'000 £'000 £'000
Total gross segment sales 48,917 11,589 - 60,506
Inter-segment sales (120) - - (120)
Revenue 48,797 11,589 - 60,386
Operating profit/(loss) 2,529 (530) - 1,999
Finance costs (662) (53) (237) (952)
Profit/(loss) before tax 1,867 (583) (237) 1,047
Taxation 95
Profit for the year after tax 1,142
Revenue recognised in the period has been derived from the provision of
services provided when the performance obligation has been satisfied.
5. Discontinued Operations
On 4 November 2024 the Group disposed of its entire issued share capital of
Orridge Holdings Limited to RGIS Inventory Specialists Limited ("RGIS") for a
cash consideration of up to £5.0m.
The consideration is structured on a cash free/debt free basis and comprised
an upfront cash payment of £4.0m paid on completion and up to a further
£1.0m of retained consideration to be payable within 12 months after
completion subject to completion accounting and working capital adjustments.
Orridge was Europe's longest established stocktaking business, having been
founded in 1846 and originally acquired by Christie Group in 2001. Its
pan-European services were co-ordinated from operational bases in the UK,
Germany and Belgium. Orridge specialised in all fields of stocktaking
including high street retailing, warehousing and factory operations,
pharmacies and supply chain services.
The disposal reflected the Board's continued efforts to improve the quality of
earnings, and the net proceeds from the disposal will be used to strengthen
the balance sheet and allow the Group to focus on growth opportunities in its
core businesses and end markets to deliver value for all stakeholders.
5.1 Discontinued operations income statement for the year ended 31 December
2024
31 December
2024 30 June 2024
£'000 £'000
Revenue 11,136 7,185
Employee benefit expenses (8,309) (5,251)
2,827 1,934
Other operating expenses (3,301) (2,087)
Operating loss (474) (153)
Finance costs (115) (71)
Finance income 4 2
Total finance costs (111) (69)
Loss before tax (585) (222)
Taxation (21) (50)
Loss after tax from discontinued operations (606) (272)
Gain on disposal of subsidiaries 1,471 -
Profit/(loss) from discontinued operations 865 (272)
Basic earnings per share for discontinued operations for 30 June 2025: nil (31
December 2024: 3.35p, 30 June 2024: (1.05)p). Diluted earnings per share for
discontinued operations for 30 June 2025: nil (31 December 2024: 3.33p, 30
June 2024: (1.05)p.
The gain on disposal of the Orridge Group discontinued operation is summarised
as follows:
Total
£'000
Consideration received or receivable:
Cash received on 4 November 2024 4,000
Deferred consideration 1,000
Total disposal consideration 5,000
Carrying value of net assets sold (2,392)
Cash received on completion 209
Completion adjustments (343)
Transaction costs incurred (688)
Onerous costs following transaction completion (315)
Gain on sale of Orridge 1,471
5.2 Cash flows from discontinued operations
31 December
2024 30 June
£'000 2024
£'000
Cash flow from operating activities
Cash generated from/(used in) operations 197 (990)
Interest paid (115) (71)
Tax paid (21) -
Net cash generated from/(used in) operating activities 61 (1,061)
Cash flow from investing activities
Purchase of property, plant and equipment (237) -
Intangible asset expenditure (4) -
Proceeds from sale of Orridge* 4,209 -
Interest received - 2
Net cash generated from investing activities 3,968 2
Cash flow from financing activities
Net drawdown of invoice finance 157 809
Repayment of lease liabilities (147) (88)
Net cash generated from financing activities 10 721
Net increase/(decrease) in cash 4,039 (338)
Cash and cash equivalents at beginning of period 540 540
Cash and cash equivalents 4,579 202
*Proceeds from sale of Orridge represents cash received by the Group on the
disposal of Orridge. This was received by Christie Group plc.
5.3 Effect of the disposal on the consolidated statement of financial position
The carrying amount of assets and liabilities of the Orridge business unit as
at 4 November 2024 was as follows:
Statement of financial position of the discontinued operations
2024
£'000
Assets
Intangible assets - Goodwill 1,614
Right of use assets 581
Deferred tax assets 46
Trade and other receivables 2,714
Other current assets 23
Cash and cash equivalents 369
Total assets 5,347
Liabilities
Trade and other payables 1,689
Lease liabilities 353
Provisions 46
Borrowings 867
Total liabilities 2,955
Net assets of the disposal group 2,392
6. 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.
7. Earnings per share
Basic earnings per share is calculated by dividing the profit/(loss)
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, once performance conditions are met. 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 issued 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 Half year to Year ended 31 December 2024
30 June 2025 30 June 2024 £'000
£'000 £'000
Profit/(loss) after tax from continuing operations 678 (634) 1,142
Profit/(loss) attributable to the equity holders 678 (906) 2,007
30 June 2025 30 June 2024 31 December 2024
Thousands Thousands Thousands
Weighted average number of ordinary shares in issue 25,767 25,793 25,827
Adjustment for share options 154 (158) 130
Weighted average number of ordinary shares for diluted earnings per share 25,957
25,921 25,635
30 June 2025 30 June 2024
Pence pence 31 December 2024
pence
Continuing operations:
Basic earnings per share 2.63 (2.46) 4.42
Diluted earnings per share 2.62 (2.46) 4.40
Attributable to equity holders of the Company:
Basic earnings per share 2.63 (3.51) 7.77
Diluted earnings per share 2.62 (3.51) 7.73
8. Dividends
A final dividend in respect of 2024 of 1.75p per share, amounting to a
dividend of £444,000, was proposed by the directors and approved by the
shareholders at the Annual General Meeting on 12 June 2025, with the funds
paid to the registrar on 8 July 2025. The funds were transferred to
shareholders on 11 July 2025.
An interim dividend in respect of 2025 of 0.75p per share, amounting to a
dividend of £192,000, was declared by the directors at their meeting on 23
September 2025. These financial statements do not reflect this dividend
payable.
The dividend of 0.75p per share will be payable to shareholders on the record
on 10 October 2025. The dividend will be paid on 7 November 2025.
As at the 30 June 2025, the parent company had distributable reserves of
£6,372,000 (31 December 2024: £2,230,000).
9. Trade and other receivables
Half year to Half year to Year ended
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Trade receivables 8,023 8,921 5,448
Less: provision for impairment of receivables (1,145) (747) (493)
Contract assets 2,153 2,586 1,818
Other debtors 669 1,077 1,554
9,700 11,837 8,327
The fair value of trade and other receivables approximates to the carrying
value as detailed above.
10. Share capital
30 June 2025 30 June 2024 31 December 2024
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 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.
11. Retirement benefit obligations
The Group operates two defined benefit schemes (closed to new members)
providing pensions on final pensionable pay. The contributions are determined
by qualified actuaries based on 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 defined benefit is calculated on a year-to-date basis. There have been no
significant market fluctuations or significant one-off events, such as plan
amendments, curtailments and settlements that have resulted in an adjustment
to the actuarially determined pension cost since the end of the prior
financial year. The terms of the schemes are that the Group does not have an
unconditional right to a refund of any surplus. Therefore there is an asset
ceiling that prevents an asset being recognised. The asset ceiling at 31
December 2024 was £15.5m unrecognised asset. Given that the pension schemes
remain in surplus and the asset would not be recognised, accordingly no formal
actuarial valuation of the pension schemes has been undertaken as at 30 June
2025 or at 30 June 2024.
The obligation outstanding of £780,000 (30 June 2024: £852,000; 31 December
2024: £813,000) represents £780,000 (30 June 2024: £852,000; 31 December
2024: £813,000) payable to David Rugg by Christie Group plc. The movement in
the pension liability attributable to David Rugg's pension arises from a
change in the actuarial assumptions used and the discount rate applied. There
have been no changes to the amounts payable to Mr Rugg.
The Group continues to work closely with the Trustee in managing pension
risks, with the defined benefit schemes closed to new members since 1999 &
2000.
In addition, the Group operates a defined contribution scheme for
participating employees. Payments to the scheme are charged as an employee
benefit as they fall due. The Group has no further payment obligations once
the contributions have been paid.
12. Trade and other payables
Half year to Half year to Year ended
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Trade payables 939 1,281 1,399
Other taxes and social security 2,687 2,929 2,451
Other creditors 350 757 446
Contract liabilities 363 366 339
Accruals 6,369 4,512 4,875
10,708 9,845 9,510
13. Note to the cash flow statement
Cash generated from operations
Half year to Half year to Year ended
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Profit/(loss) for the period after tax - continuing 678 (634) 1,142
Loss from discontinued activity - (272) 865
Profit/(loss) for the period 678 (906) 2,007
Adjustments for:
- Taxation 227 (239) (95)
- Finance costs 420 563 952
- Depreciation 680 870 1,484
- Amortisation of intangible assets 265 204 462
- Profit on sale of PP&E - - (5)
- Profit on disposal of Orridge (1,471)
- Foreign currency translation 43 3 28
- (Decrease)/increase in provisions (316) 29 471
- Payments to ESOT (375) - -
- Movement in share option charge 29 31 57
- Movement in non-current other receivables - - (281)
Movement in working capital:
- Decrease/(increase) in inventories 16 (1) (7)
- Increase in trade & other receivables (309) (1,265) (1,599)
- Increase/(decrease) in trade & other payables 509 (418) 1,734
Cash generated from/(used in) operations 1,867 (1,129) 3,737
14. Cash and cash equivalents
Half year to Half year to Year ended
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Cash and cash equivalents 4,960 705 4,870
Bank overdrafts - (1,652) -
4,960 (947) 4,870
The Group is operating within its existing banking facilities and maintains a
net overdraft facility of £4.5m.
15. Related-party transactions
There is no controlling interest in the Group's shares.
During the period rentals of £310,000 (30 June 2024: £299,000; 31 December
2024: £600,000) were payable to Carmelite Property Limited by Christie Group
plc in accordance with the terms of a long-term lease agreement. Carmelite
Property Limited is 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.
16. Publication of Interim Report
The 2025 Interim Financial Statements are available on the Company's website
https://www.christiegroup.com
(https://url.avanan.click/v2/r02/___https:/www.christiegroup.com___.YXAxZTpzaG9yZWNhcDphOm86MTU1NGNmNTk4MzMxNDhiMjlkYWJmOWI4NTIwYWY0ZTk6NzoxNjVlOmVmNDhkZDUyOTNlOWFjZDc4ZDk0ZWZjNWE3M2Y5NWRmNDBjZjljNGMyYTQzZmQzNjA4MzcwNmRmMjQwNGRjZDU6cDpGOk4)
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