TIDMCTG
RNS Number : 0012C
Christie Group PLC
16 June 2021
16 June 2021
Christie Group plc
("Christie Group" or the "Company")
AGM Statement
Christie Group plc (CTG.L), the leading provider of Professional
& Financial Services and Stock & Inventory Systems &
Services to the hospitality, leisure, healthcare, medical,
childcare & education and retail sectors, announces that at
today's Annual General Meeting, the Chairman and Chief Executive,
David Rugg, will make the following statement:
"Dear Shareholders, The Recovery Continues
I am pleased to report that the recovery that first emerged in
the second half of 2020 continues. The business is progressing well
and has traded in line with market expectations.
Professional & Financial Services
We are seeing strong performances across most parts of our
Professional & Financial Services Division.
Our UK businesses have led the way with progress, despite being
locked down again from early January 2021.
By the end of May, Christie & Co, had exchanged or completed
contracts on the sale of 164 hospitality businesses alone and a
retail business for every working day of the year so far.
Central & Eastern Europe have contributed to an encouraging
start, but the Mediterranean countries await the advent of this
summer season. Elsewhere we are currently experiencing strong buyer
demand across each of the trade sectors we serve.
The breadth of our sector specialisations is illustrated by our
involvement in a variety of transactions. The sale of The Essex
Smile Centre in Rayleigh to Dentex Healthcare Group limited, one of
the fastest growing dental corporates in the UK, Red Mist Leisure
an award winning pub company to Red Lion Holdings for a guide price
of GBP20m, the 181 bedroom Hilton Warwick / Stratford- upon- Avon,
the 1000 year old 5 star Schloss Pichlarn Hotel in the Austrian
Alps, 27 Pizza Hut Delivery units to Starboard Hotels who are
diversifying their hospitality portfolio in a growing sector, 7
petrol stations in northern England to Certas Energy UK Limited and
the former Rastrick Independent School & Day Nursery in
Brighouse.
Our appraisal practice, Pinders, has experienced an upturn in
the number of valuations commissioned in respect of asset-rich
businesses raising additional loans to tide them over for short
term cash flow requirements. As businesses reopen, we expect
lenders to seek our assistance in reviewing their exposure to
businesses impacted by the pandemic. Pinders intends to relaunch
its graduate training programme in July. Its building services
division is operating at pre Covid levels and is recruiting.
At Christie Finance we have now processed our last CBILS loans.
The successor Recovery Loan Scheme is being utilised by the
Challenger Banks for both secured and unsecured lending. Such
lending is typically only accessible via an accredited broker.
Therefore, for Christie Finance the outlook for loans granted is
further improved. We were pleased to raise the funding for the MBO
of Auckland Care, a specialist provider for adults with learning
difficulties.
Working with Christie Finance, Christie Insurance can assist
their clients with overcoming concerns where they need to give a
personal guarantee; the cover includes existing or new personal
guarantees and may include lease guarantees.
Stock & Inventory Systems & Services
After the lockdown ended, our licensed trade stock auditing
business, Venners, is now experiencing a return of clients as
premises opened internally (in England) from 17th May. We
anticipate Venners schedule of visits will be over 50% operative by
the end of July. Earlier this year we were pleased to complete 98
change valuations pursuant to the takeover of Brains pubs by
Marston.
Our Retail stocktaking business, Orridge, is reaping the
benefits from its reorganisation and restart in 2020. So too are
its clients, receiving the highest service level ever achieved.
Recent M&A activity in the sector should unleash further
opportunity for us in the UK, France & Benelux. Clients who
require a duopoly of service provision will not accept sole
supplier status created by provider mergers.
Our Orridge Pharmacy division conducted its largest stocktake
event to enable the transfer of the 57 branch Dudley Taylor chain
to Avicenna. New business wins have primarily been generated for
our supply chain service. We look forward to benefit from the
occupancy of our own vehicles increasing, once precautionary covid
measures are lifted as well as the benefits to be gained from
investment in hybrid vehicles.
Vennersys, our SaaS provider, experienced a surge in online
ticket sales that had hitherto been absent this year. It
anticipates further increases in volumes when social distancing
measures are relaxed. The business has activated a record 18
attractions for new users of our ERP system since Easter, including
Hurst Castle, the British Motor Museum and Sky Park Farm.
Our staff
I thank all our teams for their considerable achievements in
trying times. I commend the management of our seven trading
businesses for ensuring the wellbeing and morale of our
colleagues.
My particular thanks are expressed to our management in
continental Europe who have led the charge without any physical
interaction with our UK headquartered team. Lastly, the initiative
and energy of your executive and the support of the wider board has
been both spontaneous and essential.
Directorate changes
I would like to thank Victoria Muir, who is retiring from the
board today after completing a three-year term. In particular, for
her help in modernising our corporate governance practice and
chairing independent and objective nominations processes and
subsidiary MD appointments committees. To have achieved this
excellence through the pandemic is a greater achievement. We are
most appreciative and wish her well.
Chris Day retires from the board at today's AGM. I place on
record my personal thanks to Chris Day and also my thanks on behalf
of all those who served with Chris on our Group board over the past
25 years. Chris has been an inspiration to a generation in our
business.
Andrew Doyle joined our board on 1 June 2021 and therefore
stands for re-election today. We welcome his strategic engagement
and oversight in our operation and growth. Andrew has agreed to
chair the Nominations Committee.
Simon Herrick joined our board on 1 May 2021 and therefore also
stands for re-election today. We welcome Simon who has accepted the
chair of the Audit Committee.
Summary
Most of the businesses upon which our services are focused are
property based. Historically, these have provided a hedge against
inflation. Each of our services and all of our sectors are in
demand.
We expect further progress once our remaining hospitality
markets fully re-open for business both here and in mainland
Europe. Based upon current momentum we look forward to a strong
second half.
I wish you well."
Enquiries:
Christie Group plc
David Rugg 01908 920594
Chairman and Chief Executive
Dan Prickett 01908 920537
Chief Operating Officer
Shore Capital:
Patrick Castle 020 7408 4090
Nominated Adviser & Broker
Notes to Editors:
Christie Group plc, quoted on AIM, is a leading professional
business services group with 40 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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