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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Christie Group Plc | LSE:CTG | London | Ordinary Share | GB0001953156 | ORD 2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 95.00 | 90.00 | 100.00 | 95.00 | 95.00 | 95.00 | 20,039 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Business Services, Nec | 69.23M | 3.21M | 0.1210 | 7.85 | 25.2M |
From Apr 2019 to Apr 2024
TIDMCTG
RNS Number : 9608Q
Christie Group PLC
18 September 2017
18 September 2017
Christie Group plc
Interim Results for the six months ended 30 June 2017
Christie Group plc ('Christie' or the 'Group'), the leading provider of Professional Business Services and Stock & Inventory Systems & Services to the leisure, retail and care markets, is pleased to announce its Interim Results for the six months ended 30 June 2017.
Key points:
-- First half revenues up 10.6% to GBP34.9m (2016: GBP31.6m)
-- First-half operating profit before exceptional items of GBP1.0m (2016: operating loss of GBP0.9m)
-- Basic earnings per share of 1.49p per share (2016: Negative 4.95p per share) -- Interim dividend maintained at 1.0p per share (2016: 1.0p per share) -- Professional Business Services revenues up 17.7% to GBP19.3m (2016: GBP16.4m)
-- Stocktaking and Inventory Systems and Services revenues up 2.9% to GBP15.6m (2016: GBP15.2m)
-- UK transactional activity has recovered, with contributions from across our sectors -- Lender market remains positive and continues to diversify
Commenting on the results, David Rugg, Chief Executive of Christie Group, said:
"We are pleased to report an encouraging first-half performance, with strong growth. Business buyers have been undeterred by political events and our sector-specialist knowledge and services are in demand. We remain optimistic for our full year prospects."
Enquiries:
Christie Group plc David Rugg Chief Executive 020 7227 0707 Daniel Prickett Chief Financial Officer 020 7227 0700 Panmure Gordon (UK) Limited Dominic Morley / Charles Leigh-Pemberton Nominated Adviser & Broker 020 7886 2980
Notes to Editors:
Christie Group plc, quoted on AIM, is a leading professional business services group with 42 offices across the UK, Europe and Canada, catering to its specialist markets in the leisure, retail and care sectors.
Christie Group operates in two complementary business divisions: Professional Business Services (PBS) and Stock & Inventory Systems & Services (SISS). These divisions trade under the brand names: PBS - Christie & Co, Pinders, Christie Finance and Christie Insurance: SISS - Orridge, Venners and Vennersys.
Tracing its origins back to 1846, the Group has a long established reputation for offering essential services to client companies in agency, valuation services, investment, consultancy, project management, multi-functional trading systems and online ticketing services, stock audit and inventory management. The diversity of these services provides a natural balance to the Group's core agency business.
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.
CHAIRMAN'S STATEMENT
As anticipated in my AGM statement in June, our first-half result was a material improvement over the corresponding period in 2016, further supporting our view that last year was adversely affected in the run up to the EU Referendum. Reflecting this recovery, we achieved an operating profit before exceptional items of GBP1.0 million (2016: GBP0.9m operating loss) from revenue of GBP34.9 million (2016: GBP31.6m). In the UK, neither the EU Referendum nor the General Election outcome have deterred business buyers. Indeed, this first-half result coupled with the stronger second-half we delivered in 2016, equates to an operating profit before exceptional items over that twelve month period of GBP3.0m.
Stock & Inventory Systems & Services
In Germany, our retail stocktaking operation Orridge, added counts for Fressnapf, Hugo Boss and Amor. We have also agreed trials for four additional retailers for work in 2018, while our new sales initiative in France has been successful in securing work for Fremaux Delorme and trials with six retailers for work both in France and Belgium. Across our European operations, we are rolling out our UK-style of bonus schemes to boost count rates whilst maintaining accuracy.
In the UK we have welcomed Musto, Habitat, Tate Gallery, Goulds Departments Stores and Trotters School Uniform Warehouse as clients. We are working with two other major retailers to provide our services, although with systems adaptation requirements these should be to the benefit of next year. All high street client contracts expiring in the period were successfully renewed.
Our Pharmacy division is achieving incremental gains in a sector where ownership remains diversified. Our Supply Chain service, whilst hitherto operating in distribution centres, has been successful in adding "in good faith receiving" checks to food retailers sites whilst we are concurrently on site for our routine stocktaking operations. This creates an integrated and cost effective solution. Evolving further from its origins and reflecting our knowledge in the hospitality sector, our Supply Chain work has also moved beyond pure retail with a new assignment to focus on food and drink supplies.
Continuing in the licence sector with Venners, we won stocktaking for Amber Taverns and for Milton Group, a portfolio of 73 pubs just purchased from Mitchell & Butlers. For our Health & Safety services we added Cotswold Inns and Hotels and Yummy Pub Company.
Early adoption of evolving and emerging third party software and technology is vital. As Venners' Clients adopt newer more modern systems that introduce a greater level of control and analysis into their businesses, we too gain vital exposure to a working knowledge of such systems. We adopt them into our working practices and integrate them into our own technology infrastructure.
Trevor Heyburn, the Managing Director of Venners, has decided to take a well-earned retirement after over forty years with the firm. I am pleased to advise we have been able to appoint our current Client Services Director, Steve Mayne, to the role of Managing Director and have created a new role of Deputy M.D. to further strengthen Venners' solid management team.
Vennersys, our cloud-based e-ticketing and customer management system for visitor attractions, reports a healthy outlook for growth. Scottish Seabird Centre, Greensand Trust, Dynamic Earth and Active Tameside are all recently welcomed as users.
Professional Business Services
We have enjoyed a strong first-half performance by our existing UK regional office network. Owning and operating one's own business remains an aspiration for many. Our coordinated sector-specialist teams were busy assisting corporate operators to either build or rationalise their portfolios across both branded and unbranded assets.
In Hotels, we've been busy on regional brokerage transactions. Branded examples included the sale of Holiday Inn Expresses in Tamworth and Ramsgate, the Holiday Inn Coventry South and a number of Mercures including Hatfield, Hull and Bowdon, Cheshire. Most recently we have sold on behalf of Principal Hotel Group, Project Prime, a group of five regional hotels to be operated by a major FTSE 100 Plc. Remaining in the UK hospitality arena in the Pub sector, we have seen most of the activity coming from established PubCos seeking to expand their estates.
Differing from the UK, hotel agency completions in our mainland Europe operations were subdued in the period. However momentum has begun to gather pace. Completions nonetheless included two branded hotels - the Lindner Hotel Much in Cologne and the Steigenberger in Linz - as well as the Best Western L'Artist Hotel in the Loire Valley and the Hotel Live & Dream in Barcelona.
The Care team have been continuing with their ongoing work of disposal of non-core assets for Four Seasons, including the sale of six homes based across the North East and South Yorkshire to Hill Care. We also acted on behalf of LRH to sell thirteen homes in a deal worth over GBP70m and completed three deals for specialist supported living provider National Care Group. In one of the largest transactions of the year, Christie & Co sold the Elderly Care Division of Embrace Group - consisting of thirty five homes across England and Scotland - to Sanctuary Care Group.
Following on from an excellent 2016, our Childcare and Education team facilitated multiple single-asset transactions including providing buy-side advice to ICP Nurseries on their acquisition of Little Monkeys Nurseries, helping them to add to their expanding portfolio of six settings across London and the South East.
In the Medical sector, The Department of Health's funding cuts to Pharmacy remuneration, introduced from September 2016, have to date had little effect on market appetite. Sales activity increased compared with the first half in 2016, and saw our Medical team broker the sale of Patrick Dental Group in Glasgow, made up of two high quality Dental Practices comprising nine surgeries in total.
Active on the ground in fifteen European markets, the Valuations and Consultancy team have undertaken a number of large (and small) assignments across both the UK and Europe, leveraging the knowledge and experience of our teams. The Care Consultancy Team launched its renowned Adult Social Care Report in July which this year focused on funding, staffing and bed blocking. The report has already generated extensive interest and media coverage including The Sunday Times, The Guardian and all key trade publications. The Hotels Consultancy team is busy working on confidential due diligence projects in the UK and across Europe.
Pinders' own excellence in service provision was recognised by Lloyds Bank, with the award of 'South East Valuer of the Year'. As well as valuing over GBP1bn worth of student accommodation in the period, its Building Services division saw significant progression in the learning difficulties sector, with portfolio instructions relating to the G4S, Swanton Care and Danshell groups.
We have decided to create a Financial Services Division to focus the provision of our existing Finance and Insurance services and to seek to make available a wider product offering to our existing client base, as well as the external inflows from our strengthening Christie Finance and Christie Insurance brands. The new division will come into effect once we have obtained the necessary regulatory approvals.
There has been no let up in the continuing diversity of the lender market - new entrants continue to appear. As a result, there has been no detriment to the availability of Commercial Finance for SME's seen post-Brexit or in the run up to the General Election. Expanding its own product offering in light of this positive lending landscape, Christie Finance will launch its new Unsecured Finance option in Q4.
Dividend
The Board has declared an interim dividend of 1.0p per share (2016: 1.0p per share) which will be paid on 20 October 2017 to shareholders on the register on 29 September 2017.
Outlook
Assuming relatively benign conditions continue to prevail overall, the Group is on track for the year with the prospect for further growth into 2018.
Board changes
This is my last statement to you as Chairman, as I retire today.
I have enjoyed enormously my 43 years with the business and I am immensely proud to have seen it grow from a company in the South of England into the international group of companies which it is today. Growth within the Group has always been driven by the quality of service provided to our customers and, in my view, this has never been stronger than it is today. I would like to thank all our talented staff, both current and past, for their unbridled enthusiasm, energy and support over the years. I am very grateful to you all.
It has been a great honour to serve as the first Chairman of our Group since its flotation in 1988 and I am pleased to advise that my long standing colleague and friend David Rugg has agreed to become Chairman, as well as continuing his role as Chief Executive. In support of this move our current Chief Financial Officer Daniel Prickett has moved to Chief Operating Officer and Simon Hawkins, currently finance director of Christie & Co, has been appointed Group Finance Director.
My enthusiasm and belief in the companies within Christie Group remains undiminished and I will be staying in close contact as both the major shareholder and in my honorary role as Group President. I am also pleased to announce that my son, Hwfa Gwyn, has been invited to join your board, thereby ensuring our family's ongoing involvement in the performance and direction of the Group.
Lastly I thank you, our shareholders, including many longstanding holders, for their loyal support of our Group. I think that the Group is excellently positioned within its various market sectors and so trust that you will continue to support it on the next phase of its journey.
Philip Gwyn
Chairman
Hot Features
Premium
Consolidated interim income
statement
Half year Half year
to 30 to 30
June June
2017 2016
Year ended
31 December
GBP'000 GBP'000 2016
Note (Unaudited) (Unaudited) GBP'000
-------------------------------- ------ ------------- ------------- -------------
Revenue 4 34,925 31,575 64,488
Employee benefit expenses (23,733) (23,260) (45,866)
------------------------------------ ------ ------------- ------------- -------------
11,192 8,315 18,622
Depreciation and amortisation (415) (352) (757)
Impairment charge - - (194)
Other operating expenses (9,749) (8,867) (16,651)
------------------------------------ ------ ------------- ------------- -------------
Operating profit / (loss)
before exceptional items 1,028 (904) 1,020
Exceptional items - - 1,328
Operating profit / (loss)
after exceptional items 4 1,028 (904) 2,348
Finance costs (63) (47) (111)
Finance income 2 - -
Pension scheme finance costs (235) (216) (432)
Total finance charge (296) (263) (543)
------------------------------------ ------ ------------- ------------- -------------
Profit / (loss) before tax 732 (1,167) 1,805
Taxation 5 (376) (202) (516)
------------------------------------ ------ ------------- ------------- -------------
Profit / (loss) for the period
after tax 356 (1,369) 1,289
All amounts derive from continuing operations.
Profit / (loss) for the period after tax attributable to:
Equity shareholders of the
parent 391 (1,301) 1,405
Non-Controlling interest (35) (68) (116)
----------------------------- ----- -------- ------
356 (1,369) 1,289
---------------------------- ----- -------- ------
Earnings per share attributable to equity holders - pence
- Basic 6 1.49 (4.95) 5.35 - Fully diluted 6 1.47 (4.95) 5.25 ----------------- ----- ------- -----
Consolidated interim statement of comprehensive income
Half year Half year
to 30 to 30
June June
2017 2016
Year ended
31 December
GBP'000 GBP'000 2016
(Unaudited) (Unaudited) GBP'000
------------------------------------- ---- ------------- ------------- -------------------------
Profit / (loss) for the period
after tax 356 (1,369) 1,289
------------------------------------------- ------------- ------------- -------------------------
Other comprehensive (losses)
/ income:
Items that may be reclassified
subsequently to profit or
loss:
Exchange differences on translating
foreign operations 2 143 184
------------------------------------------- ------------- ------------- -------------------------
Net other comprehensive income
/ (losses) to be reclassified
to profit or loss in subsequent
periods 2 143 184
------------------------------------------- ------------- ------------- -------------------------
Items that will not be reclassified
to profit or loss:
Re-measurement (losses) /
gains on defined benefit plans (378) (3,046) (8,054)
Income tax effect 64 459 1,011
------------------------------------------- ------------- ------------- -------------------------
Net other comprehensive (losses)
/ income not being reclassified
to profit or loss in subsequent
periods (314) (2,587) (7,043)
------------------------------------------- ------------- ------------- -------------------------
Other comprehensive (losses)
/ income for the period, net
of tax (312) (2,444) (6,859)
------------------------------------------- ------------- ------------- -------------------------
Total comprehensive income
/ (losses) for the period 44 (3,813) (5,570)
------------------------------------------- ------------- ------------- -------------------------
Total comprehensive income / (losses) attributable to:
Equity shareholders of the
parent 79 (3,745) (5,454)
Non-Controlling interest (35) (68) (116)
----------------------------- ----- -------- --------
44 (3,813) (5,570)
---------------------------- ----- -------- --------
Consolidated interim statement of changes in shareholders' equity
Fair
value Cumulative Non -
Share and other translation Retained Controlling Total
capital reserves adjustments earnings interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- --------- ----------- ------------- ---------- ------------- -----------
Half year to 30 June 2016 (Unaudited)
Balance at 1 January
2016 531 5,207 472 (9,073) (454) (3,317)
Profit / (loss)
for the period after
tax - - - (1,301) (68) (1,369)
Items that will
not be reclassified
subsequently to
profit or loss - - - (2,587) - (2,587)
Items that may be
reclassified subsequently
to profit or loss - - 143 - - 143
Total comprehensive
(losses) / income
for the period - - 143 (3,888) (68) (3,813)
Movement in respect
of employee share
scheme - 117 - - - 117
Employee share option
scheme:
- value of services
provided - 2 - - - 2
Dividends payable - - - (394) - (394)
------------------------------- --------- ----------- ------------- ---------- ------------- -----------
Balance at 30 June
2016 531 5,326 615 (13,355) (522) (7,405)
------------------------------- --------- ----------- ------------- ---------- ------------- -----------
Year ended 31 December 2016 (Audited)
--------------------------------------------------------------------------------------------------------------
Balance at 1 January
2016 531 5,207 472 (9,073) (454) (3,317)
Profit / (loss)
for the year after
tax - - - 1,405 (116) 1,289
Items that will
not be reclassified
subsequently to
profit or loss - - - (7,043) - (7,043)
Items that may be
reclassified subsequently
to profit or loss - - 184 - - 184
Total comprehensive
(losses) / income
for the year - - 184 (5,638) (116) (5,570)
Movement in respect
of employee share
scheme - 20 - - - 20
Employee share option
scheme:
-value of services
provided - 238 - - - 238
Acquisition of non
controlling interest - - - (241) 241 -
Dividends paid - - - (657) - (657)
------------------------------- --------- ----------- ------------- ---------- ------------- -----------
Balance at 31 December
2016 531 5,465 656 (15,609) (329) (9,286)
------------------------------- --------- ----------- ------------- ---------- ------------- -----------
Half year to 30 June
2017 (Unaudited)
Balance at 1 January
2017 531 5,465 656 (15,609) (329) (9,286)
Profit / (loss) for
the period after tax - - - 391 (35) 356
Items that will not
be reclassified subsequently
to profit or loss - - - (314) - (314)
Items that may be
reclassified subsequently
to profit or loss - - 2 - - 2
Total comprehensive
income / (losses)
for the period - - 2 77 (35) 44
Movement in respect
of employee share
scheme - 33 - - - 33
Employee share option
scheme:
- value of services
provided - 100 - - - 100
Dividends payable - - - (398) - (398)
Balance at 30 June
2017 531 5,598 658 (15,930) (364) (9,507)
------------------------------- --------- ----------- ------------- ---------- ------------- ---------
Consolidated interim statement of financial position
At 30 At 30 June At 31
June 2017 2016 December
2016
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited)
Note
------------------------------ ------ ------------- ------------- ----------
Assets
Non-current assets
Intangible assets -
Goodwill 1,837 1,790 1,812
Intangible assets -
Other 1,353 1,226 1,241
Property, plant and
equipment 1,536 1,251 1,468
Deferred tax assets 3,781 3,613 3,901
Available-for-sale
financial assets 635 635 635
Other receivables 451 451 451
------------------------------ ------ ------------- ------------- ----------
9,593 8,966 9,508
------------------------------ ------ ------------- ------------- ----------
Current assets
Inventories 16 8 29
Trade and other receivables 14,568 12,913 13,226
Current tax assets 178 243 357
Cash and cash equivalents 11 3,385 2,348 1,637
------------------------------ ------ ------------- ------------- ----------
18,147 15,512 15,249
------------------------------ ------ ------------- ------------- ----------
Total assets 27,740 24,478 24,757
------------------------------ ------ ------------- ------------- ----------
Equity
Capital and reserves attributable to
the Company's equity holders
Share capital 8 531 531 531
Fair value and other
reserves 5,598 5,326 5,465
Cumulative translation
reserve 658 615 656
Retained earnings (15,930) (13,355) (15,609)
------------------------------ ------ ------------- ------------- ----------
(9,143) (6,883) (8,957)
Non-Controlling interest (364) (522) (329)
------------------------------ ------ ------------- ------------- ----------
Total equity (9,507) (7,405) (9,286)
------------------------------ ------ ------------- ------------- ----------
Liabilities
Non-current liabilities
Trade and other payables - - 249
Retirement benefit
obligations 9 18,167 14,721 18,106
Borrowings - 3 1
Provisions 218 281 167
------------------------------ ------ ------------- ------------- ----------
18,385 15,005 18,523
------------------------------ ------ ------------- ------------- ----------
Current liabilities
Trade and other payables 10,891 9,438 8,883
Current tax liabilities 335 73 152
Borrowings 6,807 6,479 5,624
Provisions 829 888 861
------------------------------ ------ ------------- ------------- ----------
18,862 16,878 15,520
------------------------------ ------ ------------- ------------- ----------
Total liabilities 37,247 31,883 34,043
------------------------------ ------ ------------- ------------- ----------
Total equity and liabilities 27,740 24,478 24,757 ------------------------------ ------ ------------- ------------- ----------
Consolidated interim statement of cash flows
Half year Half year
to 30 to 30
June 2017 June 2016
GBP'000 GBP'000 Year ended
(Unaudited) (Unaudited) 31 December
2016
GBP'000
Note
----------------------------------- ------ ------------- ------------- --------------
Cash flow from operating
activities
Cash generated from / (used
in) operations 10 1,202 (2,735) (1,016)
Interest paid (63) (47) (111)
Tax paid (23) (129) (213)
----------------------------------- ------ ------------- ------------- --------------
Net cash generated from /
(used in) operating activities 1,116 (2,911) (1,340)
----------------------------------- ------ ------------- ------------- --------------
Cash flow from investing
activities
Purchase of property, plant
and equipment (PPE) (295) (373) (855)
Proceeds from sale of PPE - 14 16
Interest received 2 - -
Intangible assets expenditure (268) (297) (453)
Net cash used in investing
activities (561) (656) (1,292)
----------------------------------- ------ ------------- ------------- --------------
Cash flow from financing
activities
Proceeds from invoice discounting 779 1,158 363
Payment of finance lease
liabilities (1) (4) (6)
Dividends paid - - (657)
Net cash generated from /
(used in) financing activities 778 1,154 (300)
----------------------------------- ------ ------------- ------------- --------------
Net increase / (decrease)
in cash and cash equivalents 1,333 (2,413) (2,932)
Cash and cash equivalents
at beginning of period (2,933) 17 17
Exchange gain / (losses)
on Euro bank accounts 9 107 (18)
----------------------------------- ------ ------------- ------------- --------------
Cash and cash equivalents
at end of period 11 (1,591) (2,289) (2,933)
----------------------------------- ------ ------------- ------------- --------------
Notes to the consolidated interim financial statements
1. General information
Christie Group plc is the parent undertaking of a group of companies covering a range of related activities. These fall into two divisions - Professional Business Services and Stock & Inventory Systems & Services. Professional Business Services principally covers business valuation, consultancy and agency, mortgage and insurance services, and business appraisal. Stock & Inventory Systems & Services covers stock audit and counting, compliance and food safety audits and inventory preparation and valuation, hospitality and cinema software.
2. Basis of preparation
The interim financial information in this report has been prepared using accounting policies consistent with IFRS as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee (IFRIC) and there is an ongoing process of review and endorsement by the European Commission. The financial information has been prepared on the basis of IFRS that the Directors expect to be adopted by the European Union and applicable as at 31 December 2017.
The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2016, except for those noted below and except for the adoption of new standards and interpretations effective as of 1 January 2017. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
A number of amendments apply for the first time in 2016. However, they do not materially impact the annual consolidated financial statements of the Group or the interim condensed consolidated financial statements of the Group.
Non-statutory accounts
These consolidated interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting'. The financial information for the year ended 31 December 2016 set out in this interim report does not constitute the Group's statutory accounts for that period. The statutory accounts for the year ended 31 December 2016 have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified, did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis. The financial information for the periods ended 30 June 2017 and 30 June 2016 is unaudited.
3. Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are consistent with those applied to the consolidated financial statements for the year ended 31 December 2016.
4. Segment information
The Group is organised into two main business segments: Professional Business Services and Stock & Inventory Systems & Services.
The reportable segment results for continuing operations for the period ended 30 June 2017 are as follows:
Professional Stock &
Business Inventory Other Group
Services Systems GBP'000 GBP'000
GBP'000 & Services
GBP'000
--------------------- --------------- ------------- ---------- ----------
Total gross segment
revenue 19,351 15,628 1,451 36,430
Inter-segment
revenue (54) - (1,451) (1,505)
--------------------- --------------- ------------- ---------- ----------
Revenue 19,297 15,628 - 34,925
--------------------- --------------- ------------- ---------- ----------
Operating profit
/ (loss) 1,408 (558) 178 1,028
Net finance charge (296)
--------------------- --------------- ------------- ---------- ----------
Profit before
tax 732
Taxation (376)
--------------------- --------------- ------------- ---------- ----------
Profit for the period after
tax 356
-------------------------------------- ------------- ---------- ----------
The reportable segment results for continuing operations for the period ended 30 June 2016 are as follows:
Professional Stock &
Business Inventory Other Group
Services Systems GBP'000 GBP'000
GBP'000 & Services
GBP'000
--------------------- --------------- ------------- ---------- ----------
Total gross segment
revenue 16,440 15,188 1,538 33,166
Inter-segment
revenue (53) - (1,538) (1,591)
--------------------- --------------- ------------- ---------- ----------
Revenue 16,387 15,188 - 31,575
--------------------- --------------- ------------- ---------- ----------
Operating loss (414) (116) (374) (904)
Net finance charge (263)
--------------------- --------------- ------------- ---------- ----------
Loss before tax (1,167)
--------------------- --------------- ------------- ---------- ----------
Taxation (202)
--------------------- --------------- ------------- ---------- ----------
Loss for the period after
tax (1,369)
-------------------------------------- ------------- ---------- ----------
The reportable segment results for continuing operations for the year ended 31 December 2016 are as follows:
Professional Stock & Other Group
Business Inventory GBP'000 GBP'000
Services Systems
GBP'000 & Services
GBP'000
------------------------- ------------- ------------ --------- ---------
Total gross segment
sales 35,139 29,455 3,533 68,127
Inter-segment
sales (106) - (3,533) (3,639)
------------------------- ------------- ------------ --------- ---------
Revenue 35,033 29,455 - 64,488
------------------------- ------------- ------------ --------- ---------
Operating profit/(loss)
before exceptional
items 1,407 (165) (222) 1,020
Exceptional items 973 286 69 1,328
------------------------- ------------- ------------ --------- ---------
Operating profit/(loss)
after exceptional
items 2,380 121 (153) 2,348
Finance costs (543)
------------------------- ------------- ------------ --------- ---------
Profit before
tax 1,805
------------------------- ------------- ------------ --------- ---------
Taxation (516)
------------------------- ------------- ------------ --------- ---------
Profit for the
year after tax 1,289
------------------------- ------------- ------------ --------- ---------
The Group is not reliant on any key customers.
5. Taxation
Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets where it is probable that these assets will be recovered.
The tax on the Group's profit before tax differs from the theoretical amount that would arise using the standard rate of corporation tax in the UK of 19%, based on the Group's profit before tax and before pension scheme finance costs, due to GBP87,000 arising from the reduction in the value of the brought forward deferred tax asset and a further GBP85,000 arising from other movements in the deferred tax asset.
6. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period, which excludes the shares held in the Employee Share Ownership Plan (ESOP) trust.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company has only one category of potential dilutive ordinary shares: share options. Where a loss for the year has been recognised the share options are considered anti-dilutive and so not included in the calculation of diluted earnings per share.
The calculation is performed for the share options to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company's shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.
Half year Half year
to to Year ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
-------------------------------- ----------- ----------- -------------
Profit / (loss) from total
operations attributable to
equity holders of the Company 391 (1,301) 1,405
-------------------------------- ----------- ----------- -------------
30 June 30 June 31 December
2017 2016 2016
Thousands Thousands Thousands
-------------------------------- ----------- ----------- -------------
Weighted average number of
ordinary shares in issue 26,351 26,279 26,295
Adjustment for share options 344 - 472
-------------------------------- ----------- ----------- -------------
Weighted average number of
ordinary shares for diluted
earnings per share 26,695 26,279 26,767
-------------------------------- ----------- ----------- -------------
Pence
30 June 30 June
2017 2016
Pence Pence
-------------------------------- ----------- ----------- -------------
Basic earnings per share 1.49 (4.95) 5.35
Fully diluted earnings per
share 1.47 (4.95) 5.25
-------------------------------- ----------- ----------- -------------
7. Dividends
A final dividend in respect of the year ended 31 December 2016 of 1.5p per share, amounting to a total dividend of GBP398,000, was approved and paid to the Christie Group plc registrar on 30 June 2017. The funds were transferred to shareholders on 7 July 2017.
An interim dividend in respect of 2017 of 1.0p per share, amounting to a dividend of GBP265,000, was declared by the directors at their meeting on 13 September 2017. These financial statements do not reflect this dividend payable.
The dividend of 1.0p per share will be payable to shareholders on the record on 29 September 2017. The ex-dividend date will be 28 September 2017. The dividend will be paid on 20 October 2017.
8. Share capital
30 June 2017 30 June 2016 31 December
2016
Ordinary shares of 2p Number GBP'000 Number GBP'000 Number GBP'000
each
-------------------------- ----------- -------- ----------- -------- ----------- --------
Allotted and fully paid:
At beginning and end
of period 26,526,729 531 26,526,729 531 26,526,729 531
-------------------------- ----------- -------- ----------- -------- ----------- --------
The Company has one class of ordinary shares which carry no right to fixed income.
Investment in own shares
The Group has established an Employee Share Ownership Plan (ESOP) trust in order to meet its future contingent obligations under the Group's share option schemes. The ESOP purchases shares in the market for distribution at a later date in accordance with the terms of the Group's share option schemes. The rights to dividend on the shares held have been waived.
At 30 June 2017 the total payments by the Group to the ESOP to finance the purchase of ordinary shares were GBP2,639,000 (30 June 2016: GBP2,639,000; 31 December 2016: GBP2,639,000). This figure is inclusive of shares purchased and subsequently issued to satisfy employee share awards. The market value at 30 June 2017 of the ordinary shares held in the ESOP was GBP129,000 (30 June 2016: GBP203,000; 31 December 2016: GBP151,000). The investment in own shares represents 139,000 shares (30 June 2016: 247,000; 31 December 2016: 182,000) with a nominal value of 2p each.
9. Retirement benefit obligations
The obligation outstanding of GBP18,167,000 (30 June 2016: GBP14,721,000; 31 December 2016: GBP18,106,000) includes GBP965,000 (30 June 2016: GBP962,000; 31 December 2016: GBP990,000) payable to David Rugg by Christie Group plc.
The Group operates two defined benefit schemes (closed to new members) providing pensions on final pensionable pay. The contributions are determined by qualified actuaries on the basis of triennial valuations using the projected unit method.
When a member retires, the pension and any spouse's pension is either secured by an annuity contract or paid from the managed fund. Assets of the schemes are reduced by the purchase price of any annuity purchase and the benefits no longer regarded as liabilities of the scheme.
The amounts recognised in the statement of comprehensive income and the movement in the liability recognised in the statement of financial position have been based on the forecast position for the year ended 31 December 2017 after adjusting for the actual contributions to be paid in the period.
The movement in the liability recognised in the statement of financial position is as follows:
Half year
to Year ended
Half year to 30 June 31 December
30 June 2017 2016 2016
GBP'000 GBP'000 GBP'000
-------------------------------------------- ---------- -------------
Beginning of the period 18,106 11,958 11,958
Expenses included in the employee
benefit expense 219 303 587
Contributions paid (746) (778) (1,547)
Finance costs 235 216 432
Pension paid (25) (24) (50)
Past service cost - - (1,328)
Actuarial losses / (gains)
recognised 378 3,046 8,054
End of the period 18,167 14,721 18,106
----------------------------------- ------- ---------- -------------
The amounts recognised in the income statement and statement of comprehensive income are as follows:
Half year
to Year ended
Half year to 30 June 31 December
30 June 2017 2016 2016
GBP'000 GBP'000 GBP'000
--------------------------------------- ---------- -------------
Current service cost 219 303 587
------------------------------- ------ ---------- -------------
Total included in employee
benefit expenses 219 303 587
------------------------------- ------ ---------- -------------
Past service cost - - (1,328)
------------------------------- ------ ---------- -------------
Total included in exceptional
items - - (1,328)
------------------------------- ------ ---------- -------------
Net interest cost 235 216 432
------------------------------- ------ ---------- -------------
Total included in finance
costs 235 216 432
------------------------------- ------ ---------- -------------
Actuarial (losses) / gains (378) (3,046) (8,054)
Total included in other
comprehensive (losses)
/ income (378) (3,046) (8,054)
------------------------------- ------ ---------- -------------
The principal actuarial assumptions used were as follows:
Half year to 30 June 2017 Half year to 30 June 2016 Year ended 31 December 2016
% % %
-------------------------- -------------------------- ---------------------------- ------------------------------
Inflation rate 2.80 2.70 2.80
Discount rate 3.30 3.10 3.30
Future salary increases 1.00 - 2.00 2.70 1.00-2.00
Future pension increases 2.30 - 3.50 1.90 - 2.70 2.30-3.50
-------------------------- -------------------------- ---------------------------- ------------------------------
Assumptions regarding future mortality experience were consistent with those disclosed in the financial statements for the year ended 31 December 2016.
10. Note to the cash flow statement
Cash generated from / (used in) operations
Half year Half year
to to Year ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Continuing operations
Profit / (loss) for the period 356 (1,369) 1,289
Adjustments for:
- Taxation 376 202 516
- Finance costs 61 47 111
* Past services cost - - (1,328)
- Depreciation 258 216 480
- Amortisation of intangible
assets 157 136 277
- Profit on sale of property,
plant and equipment - (9) (10)
- Foreign currency translation (25) (102) 18
- Increase / (decrease) in
provisions 19 (738) (879)
- Movement in share option
charge 117 117 238
- Retirement benefits (317) (283) (578)
Changes in working capital
(excluding the effects of
exchange differences on consolidation):
- Increase in inventories 13 (2) (23)
- Increase in trade and other
receivables (1,322) (919) (1,203)
- Increase / (decrease) in
trade and other payables 1,509 (31) 76
------------------------------------------ ---------- ---------- -------------
Cash generated from / (used
in) operations 1,202 (2,735) (1,016)
------------------------------------------ ---------- ---------- -------------
11. Cash and cash equivalents include the following for the purposes of the cash flow statement:
Half year Half year
to to Year ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- -------------
Cash and cash equivalents 3,385 2,348 1,637
Bank overdrafts (4,976) (4,637) (4,570)
--------------------------- ---------- ---------- -------------
(1,591) (2,289) (2,933)
--------------------------- ---------- ---------- -------------
12. Related-party transactions
There is no controlling interest in the Group's shares.
During the period rentals of GBP393,000 (30 June 2016: GBP164,000; 31 December 2016: GBP287,000) were paid to Carmelite Property Limited, a company incorporated in England and Wales, and jointly owned by The Christie Group Pension and Assurance Scheme, The Venners Retirement Benefit Fund and The Fitzroy Square Pension Fund, by Christie Group plc in accordance with the terms of a long-term lease agreement.
13. Publication of Interim Report
The 2017 Interim Financial Statements are available on the Company's website www.christiegroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DMGMLGVDGNZM
(END) Dow Jones Newswires
September 18, 2017 02:00 ET (06:00 GMT)
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