We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| 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% | 92.50 | 90.00 | 95.00 | 92.50 | 92.50 | 92.50 | 2 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Business Services, Nec | 69.23M | 3.21M | 0.1210 | 7.64 | 24.54M |
From Apr 2019 to Apr 2024
TIDMCTG
RNS Number : 0288O
Christie Group PLC
30 September 2019
30 September 2019
Christie Group plc
Interim Results for the six months ended 30 June 2019
Christie Group plc ('Christie' or the 'Group'), the leading provider of Professional & Financial Services and Stock & Inventory Systems & Services to the hospitality, leisure, healthcare, medical, childcare & education and retail sectors, is pleased to announce its Interim Results for the six months ended 30 June 2019.
Key points:
-- First half revenues broadly flat at GBP38.1m (H1 2018: GBP38.4m) -- First half operating profit in line with expectation at GBP1.5m (H1 2018: GBP2.0m) -- Interim dividend maintained at 1.25p per share (H1 2018: 1.25p per share) -- An increased pipeline of current and ongoing projects -- We anticipate a stronger second half
Commenting on the results, David Rugg, Chairman and Chief Executive of Christie Group, said:
"Increased investment opportunities in our mid-market 'alternatives' business sectors is fuelling demand for our portfolio of services."
Enquiries:
Christie Group plc David Rugg Chairman and Chief Executive 020 7227 0707 Daniel Prickett Chief Operating Officer 020 7227 0700 Simon Hawkins Group Finance Director 020 7227 0700 Shore Capital Antonio Bossi Nominated Adviser and Broker 020 7408 4090
Notes to Editors:
Christie Group plc, quoted on AIM, is a leading professional business services group with 43 offices across the UK, Europe and Canada, 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 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.
For more information, please go to www.christiegroup.com.
Chairman and Chief Executive's review
Revenue for our first half of GBP38.1m was broadly flat against the corresponding period (H1 2018: GBP38.4m). Our operating profit, whilst reduced at GBP1.5m (H1 2018: GBP2.0m), was in line with our expectation and is related to success fees on a number of transactions being weighted to the second half.
Whilst overall business activity has proved encouraging, we have adopted a cautious approach to UK hiring whilst we await some certainty as to the political outcome.
Professional & Financial Services
Since the 2018 period end the comparatively lower value of sterling has awakened international investment interest for our sectors in the UK. More positively, our core sectors are now recognised as a mainstream area for investors in operational real estate. Colloquially known as "alternative investments", yields have continued to compress and buyer appetite increase. This bodes well for the remainder of the year and into 2020.
Our Care, Childcare and Medical team were awarded the prestigious Property Consultants of the Year, an industry recognition amongst 1,200 participants. The citation highlighted our breadth of reach and our commitment to ground-breaking research and market studies.
Christie & Co recently sold the London based group of the highly rated Little Garden Day Nurseries, founded 30 years ago by Lady Woodford-Hollick and her partner Ms. De-Zoysa. We sold Rainbow Day Nurseries, providing provision for 263 children, sold to Kids Planet, now a group of 41 settings.
We are currently marketing 475 homes for 344 Care providers. Our due diligence work is significant, leaning on our market leading proprietary data set which now features over 81 million data points.
In Dentistry we sold Metamorphosis Dental in London's Fulham, one of the UK's largest and most successful private orthodontic practices, to BUPA Dental Care. Already this year we have agreed the sale of over 135 pharmacies. Ahead of the sale of Papworth Pharmacy, Cambridgeshire, 16 offers were negotiated, resulting in a sale consideration in excess of the required price.
Greene King has recently announced that it has agreed to a recommended bid from a wholly owned subsidiary of Hong Kong based CK Asset Holdings Ltd. Christie & Co has previously provided valuation advice to Greene King. We also achieved the sale of 18 pubs for Wadworth to Red Oak Taverns.
Through the competitive process mentioned in my AGM statement for the sale of the Days Hotel, Waterloo, we generated significant investor interest from a guide price of "Offers in excess of GBP50m", resulting in a successful sale. We have sold hostels in Newcastle and Liverpool to the Youth Hostel Association. In Liverpool we have now been mandated to sell the freehold investment of the National Horseracing College.
We have recently been instructed by Louvre Hotels to market a portfolio of eight hotels spread across the UK, Germany, Spain, the Netherlands and Italy. In France, we have advised on the ongoing acquisition of Hotel ibis Nice Palais des Congres Vieux Nice, for Easyhotels, as well as completing the sale of the Grand Tonic Hotel of Marseille.
Our advisory work has included advising Bain Capital and a number of other investment funds, including DK Partners, Deka, Hapimag and Blackrock, in their interest on varying NPL portfolios as well as in relation to individual assets in Spain, Portugal and Italy.
Pinders continued its half century of operation with a bank review of a new build pool and functions facility to operate under a 'Water Babies' franchise. Pinders also advised Allcures Plc, an existing operator, in the acquisition of a group of ten pharmacies. Pinders identified a number of issues of which the purchaser was unaware, as a result of which the agreed asking price of GBP7.75m was substantially reduced, with a sale agreed in line with the valuation undertaken by Pinders and the purchase completed.
At Christie Finance 15% of our core business mortgage borrowers now also take an advance or tandem unsecured loan facility. Additionally, 14% of core borrowers took Life Assurance through Christie Insurance. Christie Insurance has seen an increased flood risk awareness of late and some clients requiring to cover higher stock holding levels, in case of any supply chain disruption. This is consistent with our Financial Services strategy of broadening the range of products we provide to each client.
Stock & Inventory Systems and Services
At Vennersys, our online ticketing and enterprise system supplier, recent new wins have been in Visitor Attractions and Family Entertainment Centres. Our market leading solutions are being repeatedly selected against our competitors. Planned installation already run to April 2020. Meanwhile our multi-site operators continue to expand their use of our system Venpos Cloud.
Within Orridge, our UK retail stocktaking business has continued the implementation of its return to profit plan. However, almost full employment in the UK has exacerbated the difficulty of attracting and deploying casual workers and compliance with the evolving interpretation of casual worker regulation. A key focus has been the development of a systemised ability to advertise and target recruits by location. In the process we have rewritten our applicant capture systems to maximise reusable applicant information and drive an improvement in resourcing and productivity.
New client wins in the UK included warehouse counts for Manning Impex, while we have won additional work with Paydens in the Pharmacy sector. We continue to focus on the growth of our Supply Chain work and in mainland Europe we carried out stocktaking assignments in 14 countries.
Following a record 2018, Venners continued its profit growth. Regional gains continued. New wins included The New World Trading Company and Michels & Taylor. We began work with another international hotel chain and should see a substantial amount of their estate on board by the end of this year.
Venners till data risk analysis service enables us to highlight suspicious trading at our clients' premises. Our brand compliance consultancy surveys both franchised and managed operations. Whilst our on-line Health and Safety management central system creates a growing partnership.
Summary and Outlook
As already mentioned, we have a strong pipeline of activity. A more benign immigration regime could produce a fillip to our Hospitality and Healthcare sectors. We supply a complementary range of business services providing balanced revenues. More cautious domestic funding of larger M&A deals may slow the market, pending the resolution of Brexit. Thereafter we anticipate an increase in activity.
We help our clients efficiently run their businesses. Overall these produce attractive returns in an investment market otherwise deprived of yield. Our international agency and advisory business is coming of age. We view the future with confidence.
Away from day to day trading matters, following a review, we have decided to have realised the freehold value of Pinder House in Milton Keynes. The recommended reserve exceeds book value by approximately GBP2.8 million. We will continue to operate from these offices under an occupational lease.
As we announced in late June, our new Nominated Advisors are Shore Capital and Corporate Limited, following the acquisition of Stockdale Securities Limited by Shore Capital Markets Limited. We say goodbye to Grant Thornton UK LLP as auditors and have appointed Mazars LLP in their place.
My particular thanks to our management teams and staff for the extra thought that has been required, due to the moving political timetable and continued option of outcomes.
The Board has maintained an interim dividend of 1.25p (H1 2018: 1.25p per share) which will be paid on 1 November 2019 to shareholders on the register on 11 October 2019.
David Rugg
Chairman and Chief Executive
Consolidated interim income statement
Hot Features
Premium
Half year Half year
to 30 June to 30 June
Year ended
31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Note (Unaudited) (Unaudited) (Audited)
--------------------------------- ----- ------------- ------------- -------------
Revenue 4 38,140 38,404 76,090
Employee benefit expenses (27,179) (26,224) (51,884)
-------------------------------------- ----- ------------- ------------- -------------
10,961 12,180 24,206
Depreciation and amortisation (1,115) (509) (1,018)
Impairment charge - - (22)
Other operating expenses (8,331) (9,661) (19,083)
-------------------------------------- ----- ------------- ------------- -------------
Operating profit 1,515 2,010 4,083
Finance costs (449) (64) (169)
Finance income - 2 1
Pension scheme finance costs (175) (158) (316)
Total finance charge (624) (220) (484)
-------------------------------------- ----- ------------- ------------- -------------
Profit before tax 891 1,790 3,599
Taxation (187) (442) (661)
-------------------------------------- ----- ------------- ------------- -------------
Profit for the period after tax 704 1,348 2,938
Profit for the period after tax attributable to:
Equity shareholders of the parent 704 1,366 2,956
Non-controlling interest - (18) (18)
------------------------------------ ---- ------ ------
704 1,348 2,938
----------------------------------- ---- ------ ------
Earnings per share attributable to equity holders - pence
- Basic 6 2.68 5.18 11.23 - Fully diluted 6 2.63 5.12 10.73 ----------------- ----- ----- ------
All amounts derive from continuing operations.
Consolidated interim statement of comprehensive income
Half year Half year
to 30 June to 30 June
Year ended
31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
----------------------------------------------- ---- ------------- ------------- -------------
Profit for the period after tax 704 1,348 2,938
----------------------------------------------------- --- ------------- ------------- -------------
Other comprehensive income:
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translating
foreign operations (6) 21 106
----------------------------------------------------- --- ------------- ------------- -------------
Net other comprehensive income to be
reclassified to profit or loss in subsequent
periods (6) 21 106
----------------------------------------------------- --- ------------- ------------- -------------
Items that will not be reclassified
to profit or loss:
Re-measurement gains/(losses) on defined
benefit plans 1,105 1,800 (694)
Income tax effect (187) (306) 118
----------------------------------------------------- --- ------------- ------------- -------------
Net other comprehensive income/(losses)
not being reclassified to profit or
loss in subsequent periods 918 1,494 (576)
----------------------------------------------------- --- ------------- ------------- -------------
Other comprehensive income/(losses)
for the period 912 1,515 (470)
----------------------------------------------------- --- ------------- ------------- -------------
Total comprehensive income for the period 1,616 2,863 2,468
----------------------------------------------------- --- ------------- ------------- -------------
Total comprehensive income attributable to:
Equity shareholders of the parent 1,616 2,881 2,486
Non-controlling interest - (18) (18)
------------------------------------ ------ ------ ------
1,616 2,863 2,468
----------------------------------- ------ ------ ------
Consolidated interim statement of changes in shareholders' equity
Fair value Cumulative
Share and other translation Retained Non - controlling
capital reserves adjustments earnings interest Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- --------- ----------- ------------- ---------- ------------------ ---------------
Half year to 30 June
2019
(unaudited)
Balance at 1 January
2019 531 5,357 765 (9,032) - (2,379)
Impact of IFRS 16 - - - (1,061) - (1,061)
---------------------- --------- ----------- ------------- ---------- ------------------ ---------------
Restated balance at 1
January
2019 531 5,357 765 (10,093) - (3,440)
Profit for the period
after
tax - - - 704 - 704
Items that will not
be reclassified
subsequently to
profit or
loss - - - 918 - 918
Items that may be
reclassified
subsequently to
profit or
loss - - (6) - - (6)
Total comprehensive
income/(losses)
for the period - - (6) 1,622 - 1,616
Movement in respect
of employee
share scheme - 29 - - - 29
Employee share option
scheme:
-value of services
provided - (45) - - - (45)
Dividends payable - - - (462) - (462)
Balance at 30 June
2019 531 5,341 759 (8,933) - (2,302)
---------------------- --------- ----------- ------------- ---------- ------------------ ---------------
Half year to 30 June 2018 (unaudited)
Balance at 1 January
2018 531 5,612 659 (10,226) (378) (3,802)
Profit/(loss) for the
period after tax - - - 1,366 (18) 1,348
Items that will not
be
reclassified
subsequently
to profit or loss - - - 1,494 - 1,494
Items that may be
reclassified
subsequently to
profit
or loss - - 21 - - 21
Total comprehensive
income/(losses)
for the period - - 21 2,860 (18) 2,863
Movement in respect
of
employee share
scheme - 32 - - - 32 Employee share option scheme: - value of services provided - (127) - - - (127) Acquisition of non-controlling interest (396) 396 - Dividends payable - - - (462) - (462) ---------------------- --------- ----------- ------------- ---------- ------------------ --------------- Balance at 30 June 2018 531 5,517 680 (8,224) - (1,496) ---------------------- --------- ----------- ------------- ---------- ------------------ --------------- Year ended 31 December 2018 (audited) -------------------------------------------------------------------------------------------------------------- Balance at 1 January 2018 531 5,612 659 (10,226) (378) (3,802) Profit/(loss) for the year after tax - - - 2,956 (18) 2,938 Items that will not be reclassified subsequently to profit or loss - - - (576) - (576) Items that may be reclassified subsequently to profit or loss - - 106 - - 106 Total comprehensive income/(losses) for the year - - 106 2,380 (18) 2,468 Movement in respect of employee share scheme - (278) - - - (278) Employee share option scheme: -value of services provided - 23 - - - 23 Acquisition of non-controlling interest (396) 396 - Dividends paid - - - (790) - (790) ---------------------- --------- ----------- ------------- ---------- ------------------ --------------- Balance at 31 December 2018 531 5,357 765 (9,032) - (2,379) ---------------------- --------- ----------- ------------- ---------- ------------------ ---------------
Consolidated interim statement of financial position
Restated At 31 December
2018
At 30 June At 30 June GBP'000
2019 2018
GBP'000 GBP'000 (Audited)
Note (Unaudited) (Unaudited)
-------------------------------- --------- ----------------- ---------------- ---------------
Assets
Non-current assets
Intangible assets - Goodwill 1,856 1,843 1,856
Intangible assets - Other 1,320 1,370 1,387
Property, plant and equipment 3,639 3,687 3,664
Right of use assets 6,017 - -
Deferred tax assets 2,822 2,681 3,009
Other receivables 1,913 1,913 1,913
-------------------------------- --------- ----------------- ---------------- ---------------
17,567 11,494 11,829
-------------------------------- --------- ----------------- ---------------- ---------------
Current assets
Inventories 15 30 29
Trade and other receivables 16,585 14,756 14,848
Current tax assets 158 1 156
Cash and cash equivalents 11 2,394 3,977 4,668
-------------------------------- --------- ----------------- ---------------- ---------------
19,152 18,764 19,701
-------------------------------- --------- ----------------- ---------------- ---------------
Total assets 36,719 30,258 31,530
-------------------------------- --------- ----------------- ---------------- ---------------
Equity
Capital and reserves attributable to the Company's
equity holders
Share capital 8 531 531 531
Fair value and other reserves 5,341 5,517 5,357
Cumulative translation reserve 759 680 765
Retained earnings (8,933) (8,224) (9,032)
-------------------------------- --------- ----------------- ---------------- ---------------
Total equity (2,302) (1,496) (2,379)
-------------------------------- --------- ----------------- ---------------- ---------------
Liabilities
Non-current liabilities
Trade and other payables 134 134 134
Retirement benefit obligations 9 12,641 12,000 14,119
Borrowings 546 692 602
Right of use asset liability 6,137 - -
Provisions 399 464 469
-------------------------------- --------- ----------------- ---------------- ---------------
19,857 13,290 15,324
-------------------------------- --------- ----------------- ---------------- ---------------
Current liabilities
Trade and other payables 10,367 10,984 11,292
Current tax liabilities 67 275 79
Borrowings 6,895 6,365 6,354
Right of use asset liability 966 - -
Provisions 869 840 860
-------------------------------- --------- ----------------- ---------------- ---------------
19,164 18,464 18,585
-------------------------------- --------- ----------------- ---------------- ---------------
Total liabilities 39,019 31,754 33,909
-------------------------------- --------- ----------------- ---------------- ---------------
Total equity and liabilities 36,719 30,258 31,530
-------------------------------- --------- ----------------- ---------------- ---------------
Consolidated interim statement of cash flows
Restated Year ended
Half year Half year
to 30 June to 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Note (Unaudited) (Unaudited) (Audited)
------------------------------------------- ------- --------------- --------------- ---------------
Cash flow from operating activities
Cash (used in)/generated from operations 10 (1,103) 455 2,948
Interest paid (115) (64) (169)
Tax paid (230) (261) (570)
------------------------------------------- ------- --------------- --------------- ---------------
Net cash (used in)/generated from
operating activities (1,448) 130 2,209
------------------------------------------- ------- --------------- --------------- ---------------
Cash flow from investing activities
Purchase of property, plant and equipment (322) (437) (720)
Proceeds from sale of property, plant
and equipment - 10 14
Interest received - 2 1
Intangible assets expenditure (155) (196) (442)
Net cash used in investing activities (477) (621) (1,147) ------------------------------------------- ------- --------------- --------------- --------------- Cash flow from financing activities Repayment of bank borrowings (56) (41) (144) Proceeds from invoice discounting 705 (1) (110) Payment of finance lease liabilities (829) (1) (1) Dividends paid - - (790) Net cash used in financing activities (180) (43) (1,045) ------------------------------------------- ------- --------------- --------------- --------------- Net (decrease)/increase in cash and cash equivalents (2,105) (534) 17 Cash and cash equivalents at beginning of period 201 176 176 Exchange (losses)/gain on Euro bank accounts (6) (21) 8 ------------------------------------------- ------- --------------- --------------- --------------- Cash and cash equivalents at end of period 11 (1,910) (379) 201 ------------------------------------------- ------- --------------- --------------- ---------------
Notes to the consolidated interim financial statements
1. General information
Christie Group Plc is a is a company incorporated in and operating from England. Christie Group plc is the parent undertaking of a group of companies covering a range of related activities. These fall into two divisions - Professional & Financial Services and Stock & Inventory Systems & Services. Professional & Financial Services principally covers business valuation, consultancy & agency, business mortgages & insurance services and business appraisal. Stock & Inventory Systems & Services covers stock audit & counting, compliance, food & safety audits, inventory preparation & valuation and hospitality & 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 2019.
The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2018, except for those noted below and except for the adoption of new standards and interpretations effective as of 1 January 2019. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
IFRS16 replaced IAS17 Leases, with the key change being that lessee accounting will eliminate the IAS17 distinction between operating leases and finance leases, treating most leases in the same manner as finance leases under IAS17. Where an arrangement meets the IFRS16 definition of a lease and we act as a lessee, at commencement a loan obligation for future lease payables will be recognised together with an equal value non-current asset representing the right to use the leased item. Due to the different methods of unwinding the asset and liability, over time, a difference will arise between the value of the lease liability and the corresponding lease asset.
Lease costs are now recognised in the form of depreciation of the right-of-use asset and interest on the lease liability, which may impact the phasing of operating profit and profit before tax, compared to the cost profiles and presentation in the income statement under IAS17. This has also impacted the classification of associated cash flows in the consolidated cash flow statement.
We have applied the modified retrospective 2 basis when adopting the standard. The carrying amount of the initial right-of-use assets was GBP5,744,000 and the respective lease liabilities for all leases entered into before 1 January 2019 was GBP6,780,000. No restatement of prior years was required. The overall impact on equity, was a charge of GBP1,061,000 as shown in the consolidated interim statement of changes in shareholders' equity. Additionally, included in the consolidated interim income statement, is an interest charge of GBP334,000 in relation to IFRS16 interest cost.
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 2018 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 2018 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 2019 and 30 June 2018 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 2018.
4. Segment information
The Group is organised into two main business segments: Professional & Financial Services and Stock & Inventory Systems & Services.
The reportable segment results for continuing operations for the period ended 30 June 2019 are as follows:
Professional Stock & Inventory
& Financial Services Systems & Services Other Group
GBP'000 GBP'000 GBP'000 GBP'000
------------------------- ----------------------- --------------------- ---------- ----------
Total gross segment
revenue 21,348 16,847 1,638 39,833
Inter-segment revenue (55) - (1,638) (1,693)
------------------------- ----------------------- --------------------- ---------- ----------
Revenue 21,293 16,847 - 38,140
------------------------- ----------------------- --------------------- ---------- ----------
Operating profit/(loss) 2,284 (769) - 1,515
Net finance charge (624)
------------------------- ----------------------- --------------------- ---------- ----------
Profit before tax 891
------------------------- ----------------------- --------------------- ---------- ----------
Taxation (187)
------------------------- ----------------------- --------------------- ---------- ----------
Profit for the period after tax 704
-------------------------------------------------- --------------------- ---------- ----------
The reportable segment results for continuing operations for the period ended 30 June 2018 are as follows:
Professional Stock & Inventory
& Financial Services Systems & Services Other Group
GBP'000 GBP'000 GBP'000 GBP'000
------------------------- ----------------------- --------------------- ---------- ----------
Total gross segment
revenue 21,640 16,819 1,810 40,269
Inter-segment revenue (55) - (1,810) (1,865)
------------------------- ----------------------- --------------------- ---------- ----------
Revenue 21,585 16,819 - 38,404
------------------------- ----------------------- --------------------- ---------- ----------
Operating profit/(loss) 2,452 (581) 139 2,010
Net finance charge (220)
------------------------- ----------------------- --------------------- ---------- ----------
Profit before tax 1,790
Taxation (442)
------------------------- ----------------------- --------------------- ---------- ----------
Profit for the period after tax 1,348 -------------------------------------------------- --------------------- ---------- ----------
The reportable segment results for continuing operations for the year ended 31 December 2018 are as follows:
Professional Stock & Inventory
& Financial Services Systems & Services Other Group
GBP'000 GBP'000 GBP'000 GBP'000
------------------------- ----------------------- --------------------- ---------- ----------
Total gross segment
revenue 43,491 32,709 3,502 79,702
Inter-segment revenue (110) - (3,502) (3,612)
------------------------- ----------------------- --------------------- ---------- ----------
Revenue 43,381 32,709 - 76,090
------------------------- ----------------------- --------------------- ---------- ----------
Operating profit/(loss) 5,635 (720) (832) 4,083
Net finance charge (484)
------------------------- ----------------------- --------------------- ---------- ----------
Profit before tax 3,599
Taxation (661)
------------------------- ----------------------- --------------------- ---------- ----------
Profit for the year after tax 2,938
-------------------------------------------------- --------------------- ---------- ----------
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.
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 Year ended
to to 31 December
30 June 2019 30 June 2018 2018
GBP'000 GBP'000 GBP'000
------------------------------------------- -------------- -------------- --------------
Profit from total operations attributable
to equity holders of the Company 704 1,366 2,956
------------------------------------------- -------------- -------------- --------------
31 December
30 June 2019 30 June 2018 2018
Thousands Thousands Thousands
------------------------------------------- -------------- -------------- --------------
Weighted average number of ordinary
shares in issue 26,226 26,351 26,321
Adjustment for share options 564 306 1,224
------------------------------------------- -------------- -------------- --------------
Weighted average number of ordinary
shares for diluted earnings per share 26,790 26,657 27,545
------------------------------------------- -------------- -------------- --------------
31 December
30 June 2019 30 June 2018 2018
Pence Pence Pence
------------------------------------------- -------------- -------------- --------------
Basic earnings per share 2.68 5.18 11.23
Fully diluted earnings per share 2.63 5.12 10.73
------------------------------------------- -------------- -------------- --------------
7. Dividends
A final dividend in respect of the year ended 31 December 2018 of 1.75p per share, amounting to a total dividend of GBP462,000, was approved and paid to the Christie Group plc registrar on 1 July 2019. The funds were transferred to shareholders on 5 July 2019.
An interim dividend in respect of 2019 of 1.25p per share, amounting to a dividend of GBP332,000, was declared by the directors at their meeting on 10 September 2019. These financial statements do not reflect this dividend payable.
The dividend of 1.25p per share will be payable to shareholders on the record on 11 October 2019. The dividend will be paid on 1 November 2019.
8. Share capital
30 June 2019 30 June 2018 31 December
2018
Ordinary shares of 2p each Number GBP'000 Number GBP'000 Number GBP'000
-------------------------------- ----------- -------- ----------- -------- ----------- --------
Allotted and fully paid:
At beginning and end of period 26,526,729 531 26,526,729 531 26,526,729 531
-------------------------------- ----------- -------- ----------- -------- ----------- --------
The Company has one class of ordinary shares which carry no right to fixed income.
Investment in own shares
The Group has established an Employee Share Ownership Plan (ESOP) trust to meet its future contingent obligations under the Group's share option schemes. The ESOP purchases shares in the market for distribution at a later date in accordance with the terms of the Group's share option schemes. The rights to dividend on the shares held have been waived.
9. Retirement benefit obligations
The obligation outstanding of GBP12,641,000 (30 June 2018: GBP12,000,000; 31 December 2018: GBP14,119,000) includes GBP1,254,000 (30 June 2018: GBP956,000; 31 December 2018: GBP1,281,000) 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 based on triennial valuations using the projected unit method.
When a member retires, the pension and any spouse's pension is either secured by an annuity contract or paid from the managed fund. Assets of the schemes are reduced by the purchase price of any annuity purchase and the benefits no longer regarded as liabilities of the scheme.
The 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 2019 after adjusting for the actual contributions to be paid in the period.
In addition, the Group operates a defined contribution scheme for participating employees. Payments to the scheme are charged as an employee benefit as they fall due. The Group has no further payment obligations once the contributions have been paid.
The movement in the liability recognised in the statement of financial position is as follows:
Half year Year ended
Half year to to 31 December
30 June 2019 30 June 2018 2018
GBP'000 GBP'000 GBP'000
----------------------------------------------------- -------------- -------------
Beginning of the period 14,119 14,241 14,241
Expenses included in the employee benefit
expense 197 207 422
Contributions paid (717) (780) (1,503)
Finance costs 175 158 316
Pension paid (28) (26) (51)
Actuarial (gains)/losses recognised (1,105) (1,800) 694
End of the period 12,641 12,000 14,119
------------------------------------------- -------- -------------- -------------
The amounts recognised in the income statement and statement of comprehensive income are as follows:
Half year Year ended
Half year to to 31 December
30 June 2019 30 June 2018 2018
GBP'000 GBP'000 GBP'000
------------------------------------------------- -------------- -------------
Current service cost 197 207 422
Past service cost - - 60
--------------------------------------- -------- -------------- -------------
Total included in employee benefit
expenses 197 207 482
--------------------------------------- -------- -------------- -------------
Net interest cost 175 158 316
--------------------------------------- -------- -------------- -------------
Total included in finance costs 175 158 316
--------------------------------------- -------- -------------- -------------
Actuarial (gains)/losses (1,105) (1,800) 694
Total included in other comprehensive
income (1,105) (1,800) 694
--------------------------------------- -------- -------------- -------------
The principal actuarial assumptions used were as follows:
Half year to 30 June 2019 Half year to 30 June 2018 Year ended 31 December 2018
% % %
-------------------------- -------------------------- ---------------------------- ------------------------------
Inflation rate 3.20 - 3.30 3.00 - 3.10 3.20 - 3.30
Discount rate 2.30 2.00 - 2.70 2.80
Future salary increases 1.00 - 2.00 1.00 - 2.00 1.00 - 2.00
Future pension increases 2.20 - 3.50 2.00 - 3.40 2.10 - 3.50
-------------------------- -------------------------- ---------------------------- ------------------------------
Assumptions regarding future mortality experience were consistent with those disclosed in the financial statements for the year ended 31 December 2018.
10. Note to the cash flow statement
Cash generated from operations
Half year Restated
to Half year Year ended
30 June to 31 December
2019 30 June 2018 2018
GBP'000 GBP'000 GBP'000
Continuing operations
Profit for the period 704 1,348 2,938
Adjustments for:
- Taxation 187 442 661
- Finance costs 115 62 168
- Past service costs - - (60)
- Depreciation 885 315 603
- Amortisation of intangible assets 230 194 415
- Profit on sale of property, plant
and equipment - - (14)
- Foreign currency translation 6 22 1
- Net payment to ESOP - (321) (303)
- Decrease in provisions (61) (51) (157)
- Movement in share option charge 27 (127) 23
- Retirement benefits (548) (441) (756)
- Movement in reserves - (79) -
Changes in working capital (excluding
the effects of exchange differences
on consolidation):
- Decrease/(increase) in inventories 14 (5) (14)
- (Increase)/decrease in trade and
other receivables (1,737) 117 155
- (Decrease in trade and other payables (925) (1,021) (712)
------------------------------------------ ---------- --------------- -------------
Cash (used in)/generated from operations (1,103) 455 2,948
------------------------------------------ ---------- --------------- -------------
11. Cash and cash equivalents include the following for the purposes of the cash flow statement:
Half year
to Half year Year ended
30 June to 31 December
2019 30 June 2018 2018
GBP'000 GBP'000 GBP'000
--------------------------- ---------- -------------- -------------
Cash and cash equivalents 2,394 3,977 4,668
Bank overdrafts (4,304) (4,356) (4,467)
--------------------------- ---------- -------------- -------------
(1,910) (379) 201
--------------------------- ---------- -------------- -------------
The Group is operating within its existing banking facilities.
12. Related-party transactions
There is no controlling interest in the Group's shares.
During the period rentals of GBP233,000 (30 June 2018: GBP280,000; 31 December 2018: GBP457,000) 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.
For the six months ended 30 June 2019, Christie Group plc incurred expenses of GBP50,000 (30 June 2018: GBP50,000; 31 December 2018: GBP100,000) in relation to the engagement of Philip Gwyn for consultancy work.
13. Prior year restatement
The Board have reviewed their previously adopted accounting treatment in relation to the asset previously classified as 'Available-for-Sale'. Having considered the requirements of IFRS 9, IFRS 10 and IAS 37 the Board have restated the Consolidated Statement of Financial Position as at 30 June 2018 and all other elements of the financial statements so affected. This constitutes an error in the accounting treatment adopted in the prior period financial statements and has accordingly been treated as a prior year adjustment. In doing so, the consolidated financial statements are now prepared recognising non-current restricted access financial assets within Other receivables and Other provisions. The restatement had no impact on previously reported profits or losses.
The effect on the Statement of Financial Position as at 30 June 2018 was as follows:
Previously
reported Restated Impact of
2018 2018 restatement
GBP'000 GBP'000 GBP'000
------------------------------- ----------- ---------- -------------
Available-for-sale financial
assets 635 - (635)
Other receivables 182 1,913 1,731
Non-current provisions (161) (464) (303)
Net assets 656 1,449 793
------------------------------- ----------- ---------- -------------
14. Publication of Interim Report
The 2019 Interim Financial Statements are available on the Company's website www.christiegroup.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR LLFIRALIDFIA
(END) Dow Jones Newswires
September 30, 2019 02:00 ET (06:00 GMT)
1 Year Christie Chart |
1 Month Christie Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
