Christie Group PLC Trading Update (4288I)
07 Agosto 2023 - 1:00AM
UK Regulatory
TIDMCTG
RNS Number : 4288I
Christie Group PLC
07 August 2023
7 August 2023
Christie Group plc
("Christie Group" or the "Company")
Trading Update
The Board of Christie Group Plc (CTG.L) advises that, following
continued delays in achieving contractual exchange on ongoing
transactions in its agency and advisory business, Christie &
Co, and alterations to the expected timing and outcome of certain
significant portfolio assignments, it now expects full year
performance to be materially below previous expectations.
Those deal delays, which have now been a prevailing factor
throughout the first half, are unfortunately anticipated to last at
least until the end of the summer period before more normalised
exchange and invoicing activity resumes. The slowdown in
transactions brokered by Christie & Co during the first half
reflects lower activity levels and sentiment in the wider market,
as recently reported by a number of competitors.
While the Group expects to report a first-half operating loss,
the Board nonetheless expects a positive second half trading
performance, markedly ahead of first half performance and more
consistent with second-half trading in 2022. Transactional
pipelines are at levels which remain historically strong and which
support this trading outlook. Aborted deal volumes remain
comparable with 2022 and do not indicate a lack of intent among
vendors and buyers to proceed with instructed transactions.
In contrast, the Group is encouraged by activity in other areas
of its PFS division. Second half prospects for the Group's finance
brokerage business are positive, with unsecured lending a growing
part of its own brokerage activities. Pinders, the Group's business
appraisal operation, ended July with its pipeline at a record value
level.
Within the SISS division, the Group's Hospitality stocktaking
activities continue to recover well post-pandemic, in line with
management expectations and are experiencing strong levels of
demand. Its Pharmacy stocktaking and Supply Chain operations have
both performed ahead of expectation in the first half.
The Group ended the first half without any term debt, with both
defined benefit pension schemes in surplus, and with appropriate
banking facilities in place to support its working capital funding
requirements.
As previously reported, the Group expects to incur one-off
exceptional costs this financial year relating to the former Group
Chairman and Chief Executive leaving the Group. Interim results for
the six months ended 30(th) June 2023 will be released in
September.
Enquiries:
Christie Group plc
Dan Prickett 07885 813101
Chief Executive
Simon Hawkins 07767 354366
Group Finance Director
Shore Capital
Patrick Castle 020 7408 4090
Nominated Advisor and Broker
Notes to Editors:
Christie Group plc, quoted on AIM, is a leading professional
business services group with 38 offices across the UK and Europe,
catering to its specialist markets in the hospitality, leisure,
healthcare, medical, childcare & education and retail
sectors.
Christie Group operates in two complementary business divisions:
Professional & Financial Services (PFS) and Stock &
Inventory Systems & Services (SISS). These divisions trade
under the brand names: PFS - Christie & Co, Pinders, Christie
Finance and Christie Insurance: SISS - Orridge, Venners and
Vennersys.
Tracing its origins back to 1846, the Group has a
long-established reputation for offering valued services to client
companies in agency, valuation services, investment, consultancy,
project management, multi-functional trading systems and online
ticketing services, stock audit and inventory management. The
diversity of these services provides a natural balance to the
Group's core agency business.
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulations (EU) No. 596/2014.
For more information, please go to www.christiegroup.com.
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END
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