REG - Christie Group PLC - Preliminary Results
Mon 07:00
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RNS Number : 3258G Christie Group PLC 28 April 2025
28 April 2025
Christie Group plc
Preliminary results for the 12 months ended 31 December 2024
Group returns to profit after a progressive year and a strong H2
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, is pleased to announce its
audited preliminary results for the 12 months ended 31 December 2024.
2024 FY Financial Headlines:
· Revenue on a continuing basis up by 15.4% to £60.4m (2023:
£52.3m)
· Operating profit before non-recurring costs improved to £2.0m
(2023: £0.3m)
· H2 operating profit from continuing operations of £2.4m with an
operating margin of 7.4% in this period
· Strong improvement in PFS revenues up by £6.6m (15.5%) to
£48.8m (2023: £42.2m)
· SISS revenues up by 14.7% to £11.6m (2023: £10.1m), and
divisional operating losses reduced to £0.5m on a continuing basis (2023:
£0.8m).
· The Group ended 2024 with a significantly improved net funds
position of £4.9m (2023: £0.6m)
· Balance sheet significantly strengthened by Orridge sale proceeds
and strong H2 trading
· Both defined pension schemes remain in surplus
· Final dividend increased to 1.75p (2023: 0.50p) to give total in
year of 2.25p (2023: 1.00p) reflecting the strong H2 performance and the Board
positive outlook for the business
2024 Operational Headlines:
· Successful divestment of the loss making Orridge brand for a cash
consideration of up to £5.0m - £4.2m paid in November 2024
· Record number of businesses sold (1,187 units 2023: 856 units) in
our agency & advisory business Christie & Co
· Value of businesses sold £1.35bn (2023: £1.2bn)
· UK transactional pipelines ended the year 9% higher than the
prior year
· Our finance brokerage Christie Finance tripled its profits in the
year with revenue up by 40%
· Venners our hospitality business doubled its profits in the year
Current trading and outlook:
· The Group is well positioned for an improved performance in 2025
with opportunities for growth across all business sectors in the UK and
internationally
· Current activity levels are encouraging, with transactional
brokerage pipelines ahead of last year and bodes well to broker over 1,000
businesses sales again in 2025
· Strategically, we are continuing to expand our sector offering
internationally following the launch of healthcare in Germany & France in
2023 & 2024 respectively
· The Group remains cautious given the increased tax burdens on our
clients, potential impact of the US government approach to international trade
and current geopolitical events. However, the year has begun encouragingly and
we are confident that the Group is well prepared to deliver on our current
plans for the medium to longer term, in our ability to navigate the challenges
ahead and to continue to deliver improving value to our stakeholders
Commenting on the results, Dan Prickett, Chief Executive of Christie Group
said:
"2024 was a year of progress for our Group, following on from the acute
challenges we faced in 2023. We returned the Group to a positive full year
trading performance, completed the successful divestment of our loss-making
retail & pharmacy stocktaking brand, Orridge, and continued with our plans
to evolve our International brokerage business into a multi-sector offering
with the launch of Healthcare in France, having launched the same sector in
Germany in 2023. Demand for our services and pipelines remains robust and the
Group is well placed to deliver on its plans for the year ahead"
Enquiries:
Christie Group plc
Daniel Prickett 07885 813101
Chief Executive
Simon Hawkins 07767 354366
Chief Financial 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 under the Market Abuse Regulations (EU) No.
596/2014.
For more information, please go to https://www.christiegroup.com/
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CHAIRMAN'S REVIEW OF THE YEAR
In my first full year as Chairman the year has been marked by significant
strategic progress at eliminating losses across the business and improvements
across our continuing divisions, which reflect our commitment to delivering
improved results and value for our clients and stakeholders.
Financial Performance
The table below sets out a summary of the results for the year. The Chief
Executive's Review provides a comprehensive commentary covering the
performance of our two Divisions, but the headline numbers show that the Group
achieved a revenue from continuing operations of £60.4m, a 15.4% growth from
£52.3m in 2023. This growth contributed to operating profits from continuing
operations, excluding non-recurring board changes and restructuring costs of
£2.0m, a significant improvement on the like for like £0.3m of operating
profit in the prior year.
Our Professional & Financial Services (PFS) division experienced 15.5%
revenue growth, reaching £48.8m, up from £42.2m in 2023, which was driven by
a strong recovery in transactional brokerage activity in the UK. Operating
profits of £2.5m grew by 128.2% compared to £1.1m in the prior year.
The Stock & Inventory Systems & Services (SISS) division's continuing
operations showed positive momentum, with revenues increasing by 14.7% to
£11.6m, up from £10.1m in 2023. Operating losses from continuing operations
reduced to £0.5m, compared to a £0.8m loss in the previous year.
2024 2023
Continuing- reported Dis-continued Total Continuing-reported Dis-continued Total
£'000 £'000 £'000 £'000 £'000 £'000
Revenue 60,386 11,136 71,522 52,340 13,533 65,873
Operating (loss)/profit pre non-recurring board changes & restructuring 1,999 (474) 1,525 336 (968) (632)
costs
Non-recurring board changes and restructuring costs - - - (2,461) (262) (2,723)
Operating (loss)/profit post non-recurring board changes & restructuring 1,999 (474) 1,525 (2,125) (1,230) (3,355)
costs
Finance costs (952) (111) (1,063) (808) (120) (928)
Profit / (loss) before tax 1,047 (585) 462 (2,933) (1,350) (4,283)
Taxation 95 (21) 74 536 (52) 484
Profit /(loss) after tax 1,142 (606) 536 (2,397) (1,402) (3,799)
Gain on disposal - 1,471 1,471 - - -
Profit / (loss) for the year 1,142 865 2,007 (2,397) (1,402) (3,799)
Net assets 5,111 3,301
Cash and cash equivalents 4,870 1,336
Earnings per share - Basic 4.42 3.35 7.77 (9.33) (14.79)
Final dividend (pence per share) 1.75 0.50
Full year dividend (pence per share) 2.25 1.00
Strategic Highlights
A key strategic step forward during the year was the disposal of the
persistently loss making Orridge business for an initial consideration of
£4.0m, potentially rising to £5.0m, which was announced on 5 November 2024.
This move supports our strategic priority of eliminating losses across our
operating subsidiaries, which will allow us to focus our resources on growing
our core profitable businesses and improve returns to increase value for all
our stakeholders.
Our agency and advisory business, Christie & Co, brokered the sale or
purchase of 1,187 businesses across its sectors in 2024 compared to 856 during
2023. Additionally, Christie Finance delivered a 40% growth in revenues
year-on-year as we saw improved referral rates from Christie & Co clients,
while advisory and lending activity in our target sectors remained robust.
We built on the changes made in 2023 to the way we operate our insurance
intermediary business, Christie Insurance, to further enhance a more direct
insurance relationship with our clients across the Group. We believe this
change in approach will yield improved results as Christie Insurance
grows.
The hospitality stock audit business, Venners, contributed a 14% revenue
growth and more than doubled its previous year's operating profit, reflecting
our strong position in the market.
Vennersys, our Software-As-A-Service ("SaaS") provider to UK visitor
attractions, continued to win new clients, adding 20 during the year and grew
its annual revenue base, the key to the success of a SaaS business. Revenues
increased by 20% compared to 2023.
Environmental, Social & Governance
We began 2024 in the early stage of a process to review and set down our
approach to ESG across all business units. We remain convinced that as a
collection of service businesses our environmental impact is relatively
limited, but we have been making incremental improvements to our carbon
footprint by reviewing travel and working practices and will continue to do
so.
Within the Group we continue to imbue a culture of being good citizens, caring
for the wellbeing of our employees and doing the right thing. By living and
demonstrating highly ethical and caring values both internally and externally,
we look after our teams and our teams continue to look after our clients,
providing the exceptional quality of service that they expect, deserve and
receive. This is all demonstrated by the length of tenure and progress of our
team members and the strength of our long-term client relationships, which are
constantly endorsed by repeat business and positive feedback.
Looking Ahead
We began 2025 with our transactional pipelines in the UK operations over 9%
higher than at the same point a year earlier. While we remain cautious about
the potential impact of increased tax burdens on our customers and businesses
in our client sectors and the potential impact of the US government's approach
to international trade, the underlying activity in the UK remains encouraging.
The sale of Orridge has boosted our statement of financial position cash
position and enables us to further invest in driving towards a profitable
Stock and Inventory Systems & Services Division, while expanding our
Professional & Financial Services Division sector offerings in Europe and
specifically Germany and France.
While cautious in light of current geopolitical events, we are confident that
the Group is well prepared to deliver on our plans for the year ahead, and in
our ability to navigate the challenges in front of us and to continue to
deliver improving value to all our stakeholders.
I would like to extend my gratitude to our dedicated employees, clients, and
shareholders for their continued support. Together, we will build on this
year's achievements, and we optimistically strive for greater success in the
coming years.
We are recommending a final dividend of 1.75p (2023: 0.50p), to be approved at
our AGM on Thursday 12 June 2025. Subject to that approval, the dividend is
set for payment on 11 July 2025 to those shareholders on the register on 13
June 2025.
Simon Herrick
Non-executive Chairman
25 April 2025
CHIEF EXECUTIVE'S REVIEW
2024 was a year of progress for our Group, following on from the acute
challenges we faced in 2023. We returned the Group to a positive full year
trading performance, completed the successful divestment of our loss-making
retail & pharmacy stocktaking brand, Orridge, and continued with our plans
to evolve our International brokerage business into a multi-sector offering
with the launch of Healthcare in France, having launched the same sector in
Germany in 2023.
While we started the year more slowly than we had hoped in terms of invoicing
activity, we began with the confidence gained from having a transactional
pipeline which was 27% higher than that of the previous year. The expected
timing of the transactions within that pipeline pointed to a second-half
weighting to our 2024 revenues, and that proved to the be the case.
Ultimately, the improved H2 trading performance resulted in a second half
operating profit from our continuing operations of £2.4m, compared to a H1
operating loss of £0.4m. We are rarely a business which delivers two equal
halves, but the strength of our H2 performance highlights some of the
potential within the Group of our continuing brands.
While transactional brokerage volumes were sustained at strong levels
throughout the year, our first half performance relied more on activity in
sectors which traditionally provide lower average fee levels, such as Retail
and Hospitality. Conversely, our second half performance saw that average fee
level rise as we completed on more deals in Healthcare, Dental and Childcare
& Education. That sustained level of volume ultimately saw us successfully
broker the sale or purchase of nearly 1,200 businesses. We are not aware of
anyone else that consistently delivers that level of M&A volume in our
markets.
Elsewhere we tripled the previous year's operating profit contribution from
our finance brokerage business, Christie Finance, and doubled operating
profits in our hospitality stocktaking business, Venners.
Financial performance summary
Revenue from continuing operations grew strongly, by 15.4% to £60.4m (2023:
£52.3m). The principal drivers for this were a record number of businesses
sold by our agency and advisory business, Christie & Co, and strong growth
in both our finance brokerage and hospitality stocktaking businesses.
Operating profit pre non-recurring board changes and restructuring costs from
continuing operations increased to £2.0m (2023: £0.3m). The £1.7m increase
in operating profit from the corresponding increase in revenue of £8.1m
highlights the operational gearing in our remaining businesses, and in doing
so illustrates the operating profit margin potential in those brands that is
possible from delivering further growth. It also highlighted our ability to
recover strongly in our transactional business when we are able to maintain
our sector-expert brokerage teams through a cyclical downturn.
Revenue from our Professional and Financial Services ("PFS") division
increased by 15.5% to £48.8m (2023: £42.2m). This £6.6m increase generated
an improved operating profit from the division of £1.4m, equating to a 22%
marginal operating profit on that revenue growth. Where we invest to grow
headcount within our PFS division we must recognise the salary cost of new
staff through our income statement immediately, while achievement of targeted
levels of income for new brokers can take up to 3 years, given the time it
takes to build a pipeline of new instructions and then take deals through the
M&A process to completion. The 22% operating profit return on the
increased income is therefore net of the costs of increasing PFS headcount by
9% in the year, as well as absorbing inflationary pay and overhead costs on
existing capacity. In short, incremental revenue growth in the division
delivers strong profit flow-through but there is a multi-year lead time to
achieving increased profit through this organic growth.
Our Stock & Inventory Systems and Services ("SISS") division has been
significantly reduced in terms of revenue by the divestment of Orridge. On a
continuing basis, revenue increased by 14.7% in the year to £11.6m (2023:
£10.1m). This reduced operating losses to £0.5m (2023: £0.8m).
Profit from discontinued operations
We completed the disposal of the Orridge group in early November for an
upfront £4.0m consideration, rising to a potential £5.0m. Having incurred
operating losses of £1.23m in 2023 and a further £0.47m in 2024 up to the
date of sale - before the UK's seasonal trading downturn which in 2023
generated operating losses of £0.4m in the last two months of the year - the
disposal was one which the Board decided unanimously was the right thing for
the Group and shareholders. Our ongoing focus is ensuring that we have a group
comprising complementary brands and services which are capable collectively of
generating strong profit returns on a sustainable basis. We felt Orridge no
longer fitted with that objective. Noting the long-term performance of the
brand, to realise an upfront £4.0m of cash consideration and report a total
gain on disposal of £1.5m was a successful outcome. Net assets at the date of
disposal equated to only £0.6m once adjusted for the removal of goodwill,
right of use assets and liabilities relating to leased premises and assets.
Cash and balance sheet
A strong balance sheet is key for the Group in ensuring that we have available
resources to support ongoing investment requirements, as well as providing the
resilience to navigate downturns in the economic cycle which can affect
M&A activity as during 2023. Alongside both of these requirements sits the
objective of paying an appropriate and progressive dividend as a return to
shareholders.
The sale of the Orridge significantly strengthened our year end cash balance.
This was aided by the much improved second-half trading performance. The
combined effect of both was that we ended the year with cash and cash
equivalents of £4.9m (2023: £1.3m) and no borrowings (2023: £0.7m).
Notwithstanding the elimination of borrowings by the year end, we have also
maintained our £4.5m overdraft facility ensuring we have significant cash
headroom to support working capital funding requirements for the foreseeable
future, in support of our trading outlook and ambitions. Our first half
trading period is traditionally more cash intensive, even in periods of
positive trading, as bonuses and commissions for the previous period are paid
out. We would expect 2025 to follow the same pattern.
As it has been for many years, our working capital management continues to be
robust. Bad debt experience is minimal thanks to the quality of our service
and the diligence of our credit control teams, and we strive to pay our own
suppliers on a timely basis.
Having successfully eliminated the deficits on our two defined benefit pension
schemes and hedged our exposure to increases in liabilities with an
appropriately de-risked investment strategy, we are now focused on moving both
of our schemes to a position where we can, ultimately, remove them from our
balance sheet entirely. That process will require us to move both schemes to a
'buy-in' position, and then ultimately full 'buy-out' by an appropriate
insurer or insurers and we are actively evaluating the requirements of that
process with an intention to make further progress in 2025.
Professional & Financial Services Division
Our PFS division provides clients across our sectors with a range of services
designed to support their own growth ambitions. While we provide a wide range
of services tailored to give best-in-class advice to owners and operators
running property-backed businesses in specialist sectors of sufficient size to
support a functioning M&A market, those services broadly fit into 5
headline offerings:
· Brokering the sale and purchase of businesses;
· Valuation & appraisal of businesses, typically to support
lending requirements;
· Consultancy and advisory services to assist owners and operators
looking to acquire, establish or grow a business in those sectors and to
optimise their own business performance;
· Brokering a range of business finance to support clients'
acquisition, expansion and operational funding needs; and
· Arranging insurance cover for owners and operators in our sectors
We provide these services through four long-established brands: Christie &
Co, Christie Finance, Christie Insurance and Pinders.
Transactional volumes in our agency and advisory business, Christie & Co,
increased by 39% year on year. The 1,187 completions we achieved in the year
included a record number for the UK business. In the UK, we saw particularly
strong deal flow in October as buyers and sellers pushed to get deals
completed ahead of the Autumn budget. Those strong volumes also benefitted
from a number of significant multi-asset disposal mandates, where we sold
packages of 30 to 100+ properties on a break-up basis for individual and
sub-group sales in sectors such as Healthcare, Pubs, Dental and Pharmacy.
In the UK we continue to invest to develop our profile in evolving sectors.
Within our Retail & Leisure team, we strengthened our presence in the
Garden Centres segment, completing on 17 transactions in the year. We also
worked on a number of significant Caravan & Holiday Park mandates and
secured new instructions for 2025. Total Retail & Leisure business
brokerage fee income increased 174% on 2023.
Our ability to develop smaller sub-sectors into a scaled & successful
presence where we can see a potentially voluminous market opportunity is also
evidenced by the market leading positions we have established in Childcare and
Education, Dental and Pharmacy, alongside our older headline specialist
sectors in Healthcare, Hotels and Pubs & Restaurants in which we continue
to excel. Our Healthcare team once again led the market, being involved in
over 60% of the individual transacted care homes in the sector.
In mainland Europe, our businesses operating from France, Germany, Austria and
Spain experienced a more challenging year. We acted on the sale or purchase of
44 hotels in the year, approximately 40% of the same-sector volume we achieved
in the UK albeit with an average fee per transaction which was approximately
four times higher. The opportunity to achieve higher volumes lies in
successfully and consistently penetrating the mid-market transactions as we
already do so successfully in our UK team, and then replicating that approach
across our pan-European team. Investing to build and retain sector-expert
teams is critical to that success, where deal times from instruction to
completion often take between 6 to 12 months, and where new brokers require
time to establish a pipeline of client mandates.
In a more challenging year for valuation activity, Christie & Co and
Pinders valued assets worth over £8.8bn in the year (2023: £9.4bn), valuing
4,872 businesses (2023: 5,291) on a nationwide basis. Both increased their
average fee in a highly competitive landscape, and maintained or increased the
number of panel positions they hold with UK lenders. The volume of businesses
we valued fell, as instructions to revalue larger corporate portfolios for
non-transactional refinancing and balance sheet purposes were more scarce. We
are optimistic we can recapture this demand moving forwards and 2025 has begun
encouragingly. Immediately pre-pandemic, we valued over 6,000 businesses
annually.
Our FCA-regulated finance brokerage business, Christie Finance, had an
excellent year. We saw increased activity across all areas of the business,
with instructions up 15% and fee income increased by 40%. The fee income
growth was boosted relative to instruction volumes by an increase in average
fee per transaction of 15%, driven in part by higher value transactions in our
Corporate Debt Advisory and Real Estate divisions, alongside our higher volume
Commercial Mortgage and Unsecured lending divisions. In total, the business
secured debt for clients of £212m, a 16% increase on 2023 (£183m).
As the Bank of England base rate peaked and then reduced in H2, the reduction
in borrowing costs strengthened demand for funding across our sectors. Niche
lenders continued to feature in the market and we completed loans from 52
different lending sources (2023: 47). To drive its ability to service growing
demand for its services and its development into a multi-division business, we
increased headcount in the business by 20% in the year and plan to continue
that expansion of the business in 2025.
55% of the instructions for our Commercial Mortgage and Debt Advisory
divisions were introduced by Christie & Co, with 10% of all Christie &
Co brokered transactions having a Christie Finance involvement. We believe we
can do more by encouraging greater collaboration between Christie & Co and
Christie Finance, where it is appropriate to do so. Christie Finance secured
funding for 23% of all Christie & Co buyers in the retail sector during
the year, highlighting the potential for Christie Finance involvement where
debt funding is required in a transaction. Both of those areas of the business
have a sector-specialised focus. Conversely, our Unsecured Lending team is
able to support clients on a far more sector-agnostic basis, widening the
business's potential client base in future years.
Our insurance intermediary business, Christie Insurance, offers insurance
policies to meet the needs of businesses in the sectors that Christie & Co
& Christie Finance operate in. The team provide advice on commercial
insurance, employee benefits and life protection. Christie Insurance will
continue to work with Christie & Co and Christie Finance, but have the
potential to do more with other group companies, such as Venners and Pinders.
Life insurance remains a cornerstone of financial planning for protecting
shares, loans, key staff, and families and a fundamental requirement for any
client arranging a commercial mortgage. This is a market on which we remain
focused to provide our clients with the most appropriate cover for them.
Fundamental to its model is retaining a high proportion of its general
insurance book, which requires annual policy renewals on which Christie
Insurance receive a commission. Its client-focused service delivery was
reflected in the retention of over 85% of its clients in 2024 and we
anticipate maintaining or improving on that figure in the year ahead. In an
industry dominated by automation, we are efficient in the delivery of our
service but remain human in its provision; we speak to all our clients
regarding their renewal, interact with them by phone, videoconferencing or
face to face to understand their requirements when acquiring their business,
and help and actively assist them when they have a claim.
PFS divisional KPIs 2024 2023
Total businesses sold 1,187 856
% (decrease) / increase in average fee per business sold (15.83%) 6.66%
Total value of businesses sold (£m) 1,350 1,171
Total valuations carried out (units) 4,872 5,291
% increase in average fee per valuation 11.1% 5.6%
Value of businesses valued (£m) 8,853 9,417
% increase in number of loan offers secured 13.08% 27.00%
Average loan size (£'000) 439 463
Stock & Inventory Systems & Services Division
Once again, our hospitality stock audit and consultancy business, Venners,
performed strongly. 2024 saw it exceed its previous year's record for sales
quotes issued, as demand for its outsourced stocktaking and stock audit
services held up well in a UK hospitality sector continuing to face
well-documented challenges. Strong conversion of those quoting levels resulted
in year-on-year revenue growth of over 14% as inflationary fee increases were
combined with a 9.7% increase in the volume of work undertaken.
The business continues to focus on ensuring it is an employer of choice in the
sector. It increased its headcount through further recruitment to support its
growth, and its holistic approach to staff retention strategies -
remuneration, benefits, training and development and embedded support and
coaching - saw attrition rates fall. In a competitive landscape, this helps to
ensure Venners retains its position as the largest and leading stock auditor
to the sector. Some of its more notable new client additions in the year
included Compass Hotels, Italian Kitchen Group, Wingstop, Thesleff Group and
Ipswich Town Football Club and Venners' proud long-term relationship
supporting Marstons on its own stock audit continues to thrive.
The business made further progress in growing its higher-margin Consultancy
and Compliance revenues. The latter saw a year-on-year growth in the volume of
work undertaken of 14% (2023: 15% growth), while the former delivered a 60%
increase in the number of days consultancy advice provided to clients. Both
reflect the recognition in the sector of Venners' experience and how its
expertise can be translated into profit improvements for its clients.
The combined effect of strong revenue growth and a controlled cost model meant
that the business more than doubled its operating profit contribution to the
division.
Vennersys, our Software-As-A-Service ("SaaS") provider to UK visitor
attractions, continued to grow its client roster. Following an encouraging
2023, when the business secured new clients, the first half of 2024 was far
more challenging to convert a strong pipeline into signed-and-sealed
contracted revenue. Pleasingly, the second half of the year was much improved
in that regard and a steady flow of H2 wins saw the business add 20 new
clients in total over the full year. Less than was achieved in 2023, which
was disappointing, but a much improved second half. We are pleased that 2025
has begun more positively than the early part of 2024.
Over 78% of the business' annual revenues came from recurring revenue streams
- notably license fees and commissions payable on online ticketing sales -
from clients secured on contracts ranging from 1 to 5 years in duration.
Overall, the business achieved a 20% growth in its total revenues in the year.
The significant investment we have made in creating the fully integrated and
functionally rich product we can offer clients was designed to drive an even
higher growth rate in the future to more swiftly reduce operating losses and
move the overall SISS division into profit. A profitable SISS division remains
a key short-term objective.
SISS divisional KPIs 2024 2023
Total stocktakes & audits carried out (number of jobs) 32,989 30,071
% increase in average income per job 3.1% 9.5%
% of visitor attraction client admissions purchased online 46.4% 47.7%
Outlook
We began 2025 with our transactional brokerage pipelines up on the same point
a year earlier. This is encouraging and bodes well for our ability to once
again broker the sale of over 1,000 businesses, as we have done in three of
the last four years.
Having launched a Healthcare transactional presence in both Germany and France
in 2023 and 2024 respectively, we intend to continue to broaden our sector
expertise on a strategically targeted basis in Europe and we are actively
engaged in that process as we look to launch a third sector offering in
Germany during 2025.
Despite the geopolitical news and events which might indicate otherwise, the
year has begun encouragingly for our businesses. M&A activity has remained
robust in the UK, France and Germany and new instructions and agreed deals are
replenishing our pipelines at a similar rate to the deals reaching contractual
exchange.
Lender appetite into our sectors also appears to be holding up well. Demand
for our valuation and business appraisal services has been stronger than we
traditionally experience in the first quarter, with valuations for both
refinancing and transactional activity being required across our sectors.
We remain cautious about the medium and longer term impact across our sectors
of the 2024 Autumn Budget, and particularly the increase in National Minimum
Wage and employer National Insurance contributions. Only around 5% of business
brokerage instructions received in the UK in 2024 had some form of distress,
half the rate of that seen in 2023. We are planning for distress rates to
increase again in 2025 as labour costs squeeze margins and limit operators'
profits and ability to invest in the recruitment that they may otherwise have
planned. However, at the time of writing we do not see discernible signs that
this is dampening demand for our own services.
Dan Prickett
Chief Executive
25 April 2025
CHIEF FINANCIAL OFFICER'S REVIEW
As expressed in the Chief Executive review, 2024 was a progressive year for
the Group delivering a profitable full year profit following a challenging,
frustrating and ultimately disappointing 2023. However, it was story of "two
halves", with a significant second half year weighting, as expected given the
profile of the pipeline as we commenced the year.
The Group continued to make substantial progress with meaningful growth in
revenues and profitability, despite the ongoing challenges in the economy. In
the year, we divested the Orridge Group of businesses which had been loss
making for a number of years, for a cash consideration of up to £5.0m.
Moreover, we exited 2024 with positive net funds, zero external borrowings,
significantly reduced cash pension obligations and an appreciably stronger
balance sheet to support our future growth ambitions.
Income statement - continuing basis
Revenue for the full year was up by 15% to £60.4m (2023: £52.3m) with an
increase in operating profit before profit from the disposal of discontinued
operations of £2.0m (2023: £0.3m profit pre non-recurring board changes and
restructuring costs).
Result by half years
HY1 HY2 Total Var HY2 v HY1
£'000 £'000 £'000 £'000
Revenue 28,106 32,280 60,386 4,174
Operating result (395) 2,394 1,999 2,789
Operating margin % (1.4%) 7.4% 3.3% 8.8%
We achieved an appreciably stronger second half year performance with an
operating profit of £2.4m against a £0.4m operating loss in the first half.
This was in line with expectations as the profile of the pipeline in the
transactional businesses in the Group indicated a second half weighting which
ultimately was the case.
Historically, we are a Group where performance tends to be second half
weighted, however this was starker in 2024 principally because of
transactional mix and the benefits of the improvements made over the last 12 -
18 months. This second half performance of a profit of £2.4m with an
operating margin of 7.4% illustrates the potential within the Group.
Balance sheet
Like all businesses, the Group ambition is to have a strong balance sheet to
support and fund future growth opportunities, whilst providing resilience to
any short term market disruption and to fund a progressive dividend strategy.
The Group balance sheet was strengthened with a number of different factors
contributing to this as follows:
· Divestment of the loss making Orridge Group for a total
consideration of up to £5.0m
· Elimination of all external debt as at the year-end (2023:
£0.7m)
· De-risked defined benefits with only minimal ongoing employer
contributions payable for active members of £0.1m
· Robust working capital and debtor management
Cash and net debt
Following the divestment of the Orridge Group of businesses, we ended the year
with a significant increase in net funds to £4.9m (2023: £0.6m), measured as
cash & cash equivalents less total borrowings, whilst we ended the year
with no external borrowings (2023: £0.7m, of which £0.6m related to the
Orridge group invoice discounting facility).
The Board maintained dividend payments despite the H1 loss, reflecting the
Board's confidence in the Group's second half and future prospects.
Capital investment
During the year, we invested £1.3m (2023: £0.9m) in capital expenditure.
This included £0.7m (2023 £0.5m) for the ongoing development of our SaaS
visitor attraction software business. As a Group, we continue to develop and
augment our tech capabilities to deliver enhanced solutions for our clients,
improve operation efficiencies and facilitate & streamline more
cross-selling opportunities across the Group.
Pension schemes
As a Group, we have endeavoured to mitigate pension risk exposure with our two
defined benefit schemes closed to new members since 1999 and 2000
respectively. Active employee membership of those two schemes stands at less
than 2% of our average total number of employees, whilst the remaining
eligible employees are members of our defined contribution schemes.
The pension liability as measured at the balance sheet date in accordance with
IAS 19 & IFRIC 14 was £0.8m and this has considerably improved over
recent years with a reduction in the liability of over £19.0m since 2020. In
fact, at the balance sheet date there was a surplus of £15.5m in the defined
benefit schemes although accounting standards prevent us from being able to
recognise this in our balance sheet.
Moreover, the trustees of both schemes have made significant investment
strategy changes to a matching hedged strategy, with the objective that this
minimises ongoing cash obligations for the Group going forward. We continue to
explore further de-risking options to ultimately remove both defined benefit
schemes off our balance sheet which remains the long-term objective.
Key performance indicators (KPIs)
In addition to the non-financial KPIs included in the Chief Executive report,
the principal financial KPIs for the Group and the individual operating
divisions are set out in the table below.
· Revenue movement % - is a key indicator that the Group monitor.
· Operating result % - an important part of our strategy is the
profitable growth of our businesses and one measure of this is the operating
profit % margin. This is measured as operating result pre restructuring costs
as a percentage of revenue.
· Earnings per share (EPS) growth - an important part of our
strategy is the growth in our EPS. This is measured both in absolute terms and
year-on-year % growth.
· Net funds/(debt) - a key metric for the Group is its cash and
debt resources. Net funds/(debt) position is closely monitored.
· Pension liability - a key metric for the Group is the defined
benefit pension scheme liability.
KPIs Group PFS SISS
Revenue movement (%)
2024 on 2023 continuing 15.4% 15.5% 14.7%
2023 on 2022 (4.8%) (10.9%) 8.4%
2022 on 2021 13.0% 8.2% 24.8%
2021 on 2020 45.1% 67.0% 9.2%
2020 on 2019 (45.9%) (43.0%) (50.1%)
Group PFS SISS
Operating profit/(loss) as % of revenue
2024 continuing 3.3% 5.2% (4.6%)
2023 (1.0%) 3.2% (8.4%)
2022 7.9% 16.0% (9.7%)
2021 8.5% 17.3% (13.6%)
2020 (11.9%) (7.1%) (19.8%)
EPS (pence) Group YOY mve YOY %
2024 7.77p 22.56p 152.5%
2023 (14.79p) (27.11p) (220.0%)
2022 12.32p (1.39p) (10.1%)
2021 13.71p 33.03p 171.0%
2020 (19.32p) (34.62p) (226.3%)
Net funds (£'000) Group Movement
2024 4,870 4,255
2023 615 (6,601)
2022 7,216 2,617
2021 4,599 521
2020 4,078 (674)
Group Movement
Pension liability (£'000)
2024 812 71
2023 883 70
2022 953 8,044
2021 8,997 11,139
2020 20,136 (8,125)
Group
At a Group level, it was a significantly improved position against the prior
year KPIs.
Revenue increased by 15.4% in the year, following a 4.8% reduction in 2023.
Operating profit improved by 4.3%, whilst there was a considerable improvement
in net funds which increased by £4.3m to £4.9m. The two defined pension
benefit schemes remain in surplus and the pension liability has significantly
reduced by £19.3m in the period listed above, which has significantly
strengthened the balance sheet.
PFS
In the PFS division, revenue improved by 15.4% following the noteworthy 39%
increase in transactional volumes in our agency businesses, together with the
increased activity in our finance business Christie Finance. Operating profit
% moved forward to 5.2% from 3.2% and this is inclusive of the ongoing
strategic investment to grow our headcount in the UK and internationally
particularly in new sectors internationally. The return on investment of this
headcount growth - can take up to 3 years before a broker is fully productive
- impacts short-term profitability as the associated payroll costs of this
headcount growth is charged to the income statement as incurred.
Our ambitions for the division remain unaltered; profitable growth through the
strategic expansion of our service offerings where we can replicate our UK
business models and services while remaining focused on our specialist
sectors. The investment we have made and continue to make creating an
international infrastructure across new sectors, whilst impacting short-term
profitability will ultimately lead to reduced sector risk, increased capacity
and the ability for enhanced operational gearing which make improvement of
these KPI's a realistic objective.
SISS
The SISS division had an improved performance, particularly in our Hospitality
stock audit & consultancy business Venners which was the principal driver
of the 14.7% increase in revenue in this division. Encouragingly, the
operating loss % reduced in the year and a profitable SISS division remains a
key short term objective for the board.
Taxation
The absolute tax position for the year was a credit of £0.1m (2023: credit
£0.5m). This credit is principally due to utilising tax losses brought
forward in the year. In addition, we have utilised tax losses to carry forward
which will benefit future years income statement and cashflow.
The deferred tax asset remained consistent at £2.1m (2023: £2.1m).
Earnings per share (EPS)
Total EPS increased in the year to 7.77p (2023: negative 14.79p). EPS from
continuing operations was 4.42p (2023: negative 9.33p), however the gain on
the disposal increased 2024 total EPS to 7.77p.
The board believe that with the progress the Group has made in 2024, this
should benefit the Group's EPS levels going forward.
2024 EPS is represented as follows:
Continuing Discontinued Total
£'000 £'000 £'000
Profit/(loss) after tax 1,142 (606) 536
Gain on disposal - 1,471 1,471
Total profit after tax 1,142 865 2,007
EPS
Profit/(loss) after tax 4.42p (2.35p) 2.07p
Gain on disposal - 5.70p 5.70p
Total EPS 4.42p 3.35p 7.77p
Simon Hawkins
Chief Financial Officer
25 April 2025
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2024
2024 2023
restated
£'000 £'000
Continuing operations
Revenue 60,386 52,340
Employee benefit expenses (42,871) (37,574)
17,515 14,766
Other operating expenses (15,516) (14,430)
Operating profit pre non-recurring board changes and restructuring costs 1,999 336
Non-recurring board changes and restructuring costs - (2,461)
Operating profit/(loss) post non-recurring board changes and restructuring 1,999 (2,125)
costs
Finance costs (952) (920)
Finance income - 112
Total finance costs (952) (808)
Profit/(loss) before tax 1,047 (2,933)
Taxation 95 536
Profit/(loss) after tax from continuing operations 1,142 (2,397)
Discontinued operations
Profit/(loss) from discontinued operations 865 (1,402)
Profit/(loss) for the year 2,007 (3,799)
Earnings per share
From continuing operations:
Basic 4.42 (9.33)
Diluted 4.40 (9.33)
From continuing and discontinued operations:
Basic 7.77 (14.79)
Diluted 7.73 (14.79)
All profit/(loss) after tax is attributable to the equity shareholders of the
parent.
The profit from discontinued operations of £865,000 includes a gain on
disposal of £1,471,000 (2023: nil).
The accompanying notes are an integral part of these preliminary results.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2024
2024 2023
£'000 £'000
Profit/(loss) after tax 2,007 (3,799)
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations (26) (42)
Net other comprehensive loss to be reclassified to profit or loss in (26) (42)
subsequent years
Items that will not be reclassified subsequently to profit or loss:
Remeasurements of defined benefit plans (1,225) 2,892
Effect of asset ceiling 1,234 (2,882)
9 10
Income tax effect on defined benefit plans 307 (723)
Income tax effect of asset ceiling (309) 721
(2) (2)
Net other comprehensive income not being reclassified to profit or loss in 7 8
subsequent years
Other comprehensive loss for the year net of tax (19) (34)
Total comprehensive income/(loss) for the year 1,988 (3,833)
Total comprehensive income is attributable to the equity shareholders of the
parent.
The accompanying notes are an integral part of these preliminary results.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
As at 31 December 2024
For the year ended 31 December 2023 Share capital Cumulative translation reserve Retained earnings Total equity £'000
£'000 Other reserves £'000 £'000
£'000
Balance at 1 January 2023 531 5,128 567 2,170 8,396
Loss for the year after tax - - - (3,799) (3,799)
Other comprehensive (loss)/income - - (42) 8 (34)
Total comprehensive loss for the year - - (42) (3,791) (3,833)
Movement in respect of employee share scheme - (571) - - (571)
Employee share option scheme
- value of services provided - 76 - - 76
Dividends paid - - - (767) (767)
Transfer from share option reserve - (954) - 954 -
Transactions with shareholders - (1,449) - 187 (1,262)
Balance at 31 December 2023 531 3,679 525 (1,434) 3,301
For the year ended 31 December 2024 Share capital Cumulative translation reserve Retained earnings Total equity £'000
£'000 Other reserves £'000 £'000
£'000
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 (loss)/income - - (26) 7 (19)
Total comprehensive (loss)/income 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 STATEMENT OF FINANCIAL POSITION
At 31 December 2024
2024 2023
£'000 £'000
Assets
Non-current assets
Intangible assets - Goodwill 178 1,826
Intangible assets - Other 1,542 1,249
Property, plant and equipment 774 1,013
Right of use assets 5,371 6,294
Deferred tax assets 2,149 2,102
Other receivables 3,265 2,984
13,279 15,468
Current assets
Inventories 24 17
Trade and other receivables 8,327 9,442
Other current assets 3,010 3,186
Cash and cash equivalents 4,870 1,336
16,231 13,981
Total assets 29,510 29,449
Equity
Share capital 531 531
Other reserves 3,758 3,679
Cumulative translation reserve 499 525
Retained earnings 323 (1,434)
Total equity 5,111 3,301
Liabilities
Non-current liabilities
Trade and other payables 715 814
Retirement benefit obligations 812 883
Lease liabilities 7,501 8,322
Provisions 1,235 1,243
10,263 11,262
Current liabilities
Trade and other payables 9,510 9,834
Lease liabilities 1,204 1,296
Current tax liabilities 20 72
Borrowings - 721
Provisions 3,402 2,963
14,136 14,886
Total liabilities 24,399 26,148
Total equity and liabilities 29,510 29,449
The accompanying notes are an integral part of these preliminary results.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2024
2024 2023
£'000 £'000
Cash flow from operating activities
Cash generated from/(used in) operations 3,737 (1,809)
Interest paid (952) (1,043)
Tax paid (52) (612)
Net cash generated from/(used in) operating activities 2,733 (3,464)
Cash flow from investing activities
Purchase of property, plant and equipment (503) (368)
Intangible asset expenditure (787) (544)
Proceeds from sale of Orridge, net of cash sold 3,840 -
Interest received - 115
Net cash generated from/(used in) investing activities 2,550 (797)
Cash flow from financing activities
Repayment of bank loan - (1,000)
Net drawdown of invoice finance - 10
Repayment of lease liabilities (1,401) (1,565)
Dividends paid (257) (767)
Net cash used in generated financing activities (1,658) (3,322)
Net increase/(decrease) in cash 3,625 (7,583)
Cash and cash equivalents at beginning of year 1,248 8,839
Foreign currency movements (3) (8)
Cash and cash equivalents at end of year 4,870 1,248
The accompanying notes are an integral part of these preliminary results.
NOTES TO THE PRELIMINARY ANNOUNCEMENT
1. BASIS OF PREPARATION
The financial information set out in this announcement does not comprise the
Company's statutory accounts for the years ended 31 December 2024 or 31
December 2023.
The financial information has been extracted from the statutory accounts of
the Company for the years ended 31 December 2024 and 31 December 2023. The
auditors reported on those accounts; their reports were unqualified.
The statutory accounts for the year ended 31 December 2023 have been delivered
to the Registrar of Companies, whereas those for the year ended 31 December
2024 will be delivered to the Registrar of Companies following the Company's
Annual General Meeting.
While the financial information included in this preliminary announcement has
been prepared in accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRSs), this announcement does
not itself contain sufficient information to comply with IFRSs. The Company
expects to publish full financial statements that comply with IFRSs in June
2024.
These policies have been consistently applied to all years presented, unless
otherwise stated.
2. SEGMENT INFORMATION
The Group is organised into three main operating segments: Professional
& Financial Services (PFS), Stock & Inventory Systems & Services
(SISS) and Other.
T 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
The segment results for the year ended 31 December 2023 are as follows:
PFS SISS Other Group
Continuing activities £'000 £'000 £'000 £'000
Total gross segment sales 42,351 10,105 - 52,456
Inter-segment sales (116) - - (116)
Revenue 42,235 10,105 - 52,340
Operating profit/(loss) pre non-recurring board changes and restructuring 1,108 (772) - 336
costs
Non-recurring board changes and restructuring costs (181) (133) (2,147) (2,461)
Operating profit/(loss) post non-recurring board changes and restructuring 927 (905) (2,147) (2,125)
costs
Finance costs (530) (132) (146) (808)
Profit/(loss) before tax 397 (1,037) (2,293) (2,933)
Taxation 536
Loss for the year after tax (2,397)
Revenue is allocated below based on the entity's country of domicile.
2024 2023
Continuing activities £'000 £'000
Revenue
Europe 60,386 52,329
Rest of the World - 11
60,386 52,340
3. DIVIDENDS
A final dividend in respect of the year ended 31 December 2024 of 1.75p per
share (2023: 0.50p), amounting to a payment of £448,000 (2023: £126,000) is
to be proposed at the Annual General Meeting on 12 June 2025.
In the year the Group paid an interim dividend of 0.50p per share (2023:
0.50p) totalling £129,000 (2023: £126,000).
4. 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 year, which excludes the shares held in the
Employee Share Ownership Plan (ESOP) trust.
2024 2023
£'000 £'000
Profit/(loss) after tax from continuing operations 1,142 (2,397)
Profit/(loss) attributable to equity holders of the Company 2,007 (3,799)
Thousands Thousands
Weighted average number of ordinary shares in issue 25,827 25,694
Adjustment for share options 130 235
Weighted average number of ordinary shares for diluted earnings per share 25,957 25,929
2024 2023
Pence Pence
Continuing operations:
Basic earnings per share 4.42 (9.33)
Diluted earnings per share 4.40 (9.33)
Attributable to equity holders of the Company:
Basic earnings per share 7.77 (14.79)
Diluted earnings per share 7.73 (14.79)
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 dilutive
potential 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.
5. NOTES TO THE CASH FLOW STATEMENT
Cash generated from operations 2024 2023
£'000 £'000
Profit/(loss) for the year after tax - continuing 2,007 (3,799)
Loss from discontinued activity (606) -
Profit/(loss) for the year 1,401 (3,799)
Adjustments for:
Taxation (95) (484)
Finance costs 952 928
Depreciation 1,484 1,591
Amortisation of intangible assets 462 399
Profit on sale of PP&E (5) (64)
Profit on disposal of Orridge (1,471) -
Increase in provisions 471 1,692
Payments to ESOT - (375)
Foreign currency translation 28 88
Share option charge 57 76
Movement in non-current other receivables (281) (173)
Movement in working capital:
(Increase)/decrease in inventories (7) 8
Increase in trade and other receivables (1,599) (191)
Increase/(decrease) in trade and other payables 2,340 (1,505)
Cash generated from/(used in) operations 3,737 (1,809)
Report and Accounts
Copies of the 2024 Annual Report and Accounts will be posted to shareholders
in May. Further copies may be obtained by contacting the Company Secretary
at the registered office. Alternatively, the 2024 Annual Report and Accounts
will be available to download from the investors section on the Company's
website www.christiegroup.com
Key dates
The Annual General Meeting of the Company is scheduled to take place at
10.00am on Thursday 12 June 2025 at Whitefriars House, 6 Carmelite Street,
London, EC4Y 0BS.
Group Companies
Professional & Financial Services
Christie & Co
Christie & Co is the leading specialist firm providing business intelligence in the hospitality, leisure, healthcare, medical, childcare & education and retail sectors. A leader in its specialist markets, it employs the largest team of sector experts in the UK & Europe providing professional agency, valuation and consultancy services.
www.christie.com (https://url.avanan.click/v2/___http:/www.christie.com___.YXAxZTpzaG9yZWNhcDphOm86MzhkNjU3YmQyMDAwMDI5MTlmZTZlMWI0M2U4MzIzNWE6NjowY2NkOjdmNTJhMjRkMjFiMTUwYTJlYTQzM2Q3MmUwM2QyZTNhMzQxM2Y4YzZkOWE1MGMyNDkwMjYyNzY0NDVjMDEwNTA6cDpGOk4)
Christie Finance
Christie Finance has 45 years' experience in financing businesses in the hospitality, leisure, healthcare, medical, childcare & education, retail and medical sectors. Christie Finance prides itself on its speed of response to client opportunities and its strong relationships with finance providers.
www.christiefinance.com (https://url.avanan.click/v2/___http:/www.christiefinance.com___.YXAxZTpzaG9yZWNhcDphOm86MzhkNjU3YmQyMDAwMDI5MTlmZTZlMWI0M2U4MzIzNWE6NjpmMjk5OjljZmU5ZmZiODA1NWQ3ZjhkOTAzMzA5NGIyZTI2OWNhMjE5MWM1MGFhMDIwNDNiODUzYTVkNWY4YWFlYzRkOGU6cDpGOk4)
Christie Insurance
Christie Insurance has over 45 years' experience arranging business insurance in the hospitality, leisure, healthcare, medical, childcare & education and retail sectors. It delivers and exceeds clients' expectations in terms of the cost of their insurance and the breadth of its cover.
www.christieinsurance.com (https://url.avanan.click/v2/___http:/www.christieinsurance.com___.YXAxZTpzaG9yZWNhcDphOm86MzhkNjU3YmQyMDAwMDI5MTlmZTZlMWI0M2U4MzIzNWE6Njo5Y2I5OjczNWNhOTNjNDBjYjNhMDgyOGUwMDkyMjRkNzU0YTlkNTlhMzY4ZDc3OThlODI5ZDgwNGQ0YWYxODlmNzNlZGE6cDpGOk4)
Pinders
Pinders is the UK's leading specialist business appraisal, valuation and
consultancy company, providing professional services to the licensed, leisure,
retail and care sectors, and also the commercial and corporate business
sectors. Its Building Consultancy Division offers a full range of project
management, building monitoring and building surveying services. Pinders staff
use business analysis and surveying skills to look at the detail of the
businesses to arrive at accurate assessments of their trading potential and
value.
www.pinders.co.uk
(https://url.avanan.click/v2/___http:/www.pinders.co.uk___.YXAxZTpzaG9yZWNhcDphOm86MzhkNjU3YmQyMDAwMDI5MTlmZTZlMWI0M2U4MzIzNWE6NjowOWQ3OmQ3ZTg3ZjYwOWRjMmM5N2FhMzdiZmY3ODc5ZDRjYTNkYjEwNjBjMDFlMzIwYmVlMWQxODI4OTVlZmMxZTFmOWI6cDpGOk4)
Stock & Inventory Systems & Services
Venners
Venners is the leading supplier of stocktaking, inventory, consultancy &
compliance services and related stock management systems to the hospitality
sector. Consultancy & compliance services include control audits and live
event stock taking. Bespoke software and systems enable real-time management
reporting to customers using the best available technologies. Venners is the
largest and longest established stock audit company in the sector in the UK.
www.venners.com
(https://url.avanan.click/v2/___http:/www.venners.com___.YXAxZTpzaG9yZWNhcDphOm86MzhkNjU3YmQyMDAwMDI5MTlmZTZlMWI0M2U4MzIzNWE6NjpkNjM0OjJjNWY3NjVhYmM1ZDdjNDBhNWEzNmZkZjNhY2VmYmU4OTU1MGM0Y2E4NTg5OTQ0MTIyM2Y4ZmFiYTM4YmVlMjI6cDpGOk4)
Vennersys
Vennersys operates in the UK and deliveries online cloud-based ticketing sales
and admission systems to visitor attractions such as historic houses and
estates, museums, zoos, safari parks, aquaria and cinemas. It has over 30
years' experience delivering purpose-designed solutions for clients'
ticketing, admissions, EPoS and food and beverages sales requirements.
www.vennersys.co.uk
(https://url.avanan.click/v2/___http:/www.vennersys.co.uk___.YXAxZTpzaG9yZWNhcDphOm86MzhkNjU3YmQyMDAwMDI5MTlmZTZlMWI0M2U4MzIzNWE6NjpjY2Y0OjRhYjdiNjMwNDE0NmFlNjk3OTc0NTQ3NmY1OTUwNzRiMzFlY2NmNzg4YjZjMmM3YzU2NWIwNWZiZjhhYTBmNDE6cDpGOk4)
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. END FR PPURUCUPAURMRecent news on Christie
See all newsREG - Christie Group PLC - Preliminary Results
AnnouncementREG - Christie Group PLC - Full Year Trading Update
AnnouncementREG - Christie Group PLC - Holding(s) in Company
AnnouncementREG - Christie Group PLC - Director/PDMR Shareholding
AnnouncementREG - Christie Group PLC - Disposal of Orridge Holdings Limited
Announcement