Regulatory Story
Go to market news section View chart   Print
RNS
Christie Group PLC   -  CTG   

Final Results

Released 07:00 11-Apr-2019

RNS Number : 8340V
Christie Group PLC
11 April 2019
 

 

                                                                                                                                     

 

 

 

 

11 April 2019

 

 

Christie Group plc
Preliminary results for the 12 months ended 31 December 2018

Christie Group plc ('Christie Group' 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 preliminary results for the 12 months ended 31 December 2018.

 

Key points:

 

·      Revenue growth of 6.3% to £76.1m (2017: £71.6m)

 

·      Operating profit up by 8.4% to £4.1m (2017: £3.8m)
 

·      Significant improvement in the performance of our international operations

 

·      Earnings per share improved to 11.23p per share (2017: 9.47p per share)
 

·      Total dividend for the year increased to 3.0p per share (2017: 2.75p per share)

 

·      Strong performance for the PFS division with operating profit of £5.6m (2017 £5.3m)
 

·      Challenging year for retail stocktaking within the SISS division, however a return to profit strategy implemented for UK Retail stocktaking

 

·      Record year for the hospitality stocktaking business

 

Commenting on the results, David Rugg, Chairman and Chief Executive of Christie Group said:


"2018 was a year of solid performance. Currently, the uncertainty surrounding Brexit is causing UK transaction related activity to slow. We do have, however, an increased pipeline of transactions. We fully expect these to flow through to completed assignments once investors have more certainty of the Brexit outcome. We expect the second half to be our stronger performance."

 

 

 

 

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

Stockdale Securities

Andy Crossley/Antonio Bossi

Nominated Adviser & Broker

 

 

020 7601 6100

 

Notes to Editors:

Christie Group plc (CTG.L), quoted on AIM, is a leading professional business services group with 45 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.

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 

For more information, please go to www.christiegroup.com.

 

 

 

CHAIRMAN AND CHIEF EXECUTIVE'S REVIEW OF THE YEAR

2018 was a year of solid performance. We increased our operating profit to £4.1m (2017: £3.8m) from revenue of £76.1m (2017: £71.6m). As reported at the time of the announcement of our Interim results in September, this improvement was primarily the result of a significant improvement in the performance of our international operations. Their improvement should be maintained.

 

Our Professional & Financial Services Division ("PFS") moved ahead again, recording an operating profit of £5.6m (2017: £5.3m) from increased revenue of £43.5m (2017: £40.7m). Our Stock & Inventory Systems & Services Division ("SISS") increased revenue to £32.7m (2017: £31.0m). A reduced operating loss of £0.7m was achieved (2017: £1.1m). We began to implement our return to profit strategy for our UK Retail stocktaking operation in the second half of 2018. Already, a number of initiatives have been accomplished.

 

2018 was a year during which the Christie Group, its two divisions and its seven mutually complementary operating companies made tangible progress towards fully realising their significant inherent potential.

 

I believe there are several important reasons for this progress:
 

·      the opportunity each company has to benefit from each other's activities, collectively delivering an integrated set of advisory and transactional services that are desirable for anybody buying, running or selling a property-based business;

·      the existence of a proven, robust and scalable administrative platform that enables our client-facing professionals to deliver valuable services;

·      the high profile and leading reputation of our brands;

·      the increasing traction and profit contribution being achieved by operations based outside the UK; and

·      the unique mix of digital expertise and specialist sector related expertise across many professional disciplines that our multi-generational workforce, built through a strategy of investment, training and development of our own people, brings to optimising the opportunities and solving the challenges our clients face.

This was also the first year of implementing our new five-year growth strategy and individually tailored company-level plans. Our strategy is based on a set of principles enabling us to focus more closely on the efficient delivery of the margin-accretive services our clients most require.

 

These principles include the need to:
 

·      do more of what we do already, through increased emphasis in those of our existing markets with the greatest growth potential; and

·      provide profitable, in-demand new services that are aligned with our existing skillsets (such as the unsecured lending offering that traded through its first full financial year in 2018).

In particular, I believe this year will be mainly remembered for the growing importance to Group performance of our European operations. In fact, 2018 marked 20 years since the launch of our first international operation in France, and 2019 sees the 20th anniversary of our first move into Germany.

 

Today, we have businesses in 18 European cities, and our progress in these centres suggests that Europe can deliver a significant proportion of the growth in revenues and profits that our strategy is designed to support. The approximate £20 million that we have invested in developing our European operations since 1998 appears well placed to pay off in the years ahead.

 

I would like to thank everybody involved with the business - including our clients, advisers, shareholders and (most particularly) our teams - for the valuable contribution they all made to our performance during 2018.

 

As previously notified, after some 35 years of inspired service, my esteemed colleague, Chris Day, has notified the board of his intention to retire in June 2020. We have commenced a process which will lead to a new appointee to assume Chris's roles and responsibilities.

 

I congratulate our head of Internal Audit, Charlotte French, on her appointment as our Group Company Secretary.

 

Currently, the uncertainty surrounding Brexit is causing UK transaction related activity to slow. We do have, however, an increased pipeline of transactions. We fully expect these to flow through to completed assignments once investors have more certainty of the Brexit outcome.

 

We are a well-diversified Group offering best in class services to our strategically selected business sectors.

 

We expect the second half to be our stronger performance.

 

Your directors recommend a final dividend of 1.75p per share (2017: 1.75p per share), increasing the dividend to a total of 3.0p for the year (2017: 2.75p). If approved the dividend will be paid on 5 July 2019 to those shareholders on the register on 7 June 2019.

 

 

 

 

David Rugg
Chairman and Chief Executive
10 April 2019

 

 

 

CHIEF OPERATING OFFICER'S REVIEW

At a Group level, this was a quiet year on the compliance front by comparison with 2017, when the introduction of GDPR regulations and other key regulatory developments demanded an intensive focus on this area. This 'return to normal' enabled us to focus more single-mindedly on growing our business, particularly on expanding our reach with new and existing clients in the UK and on increasing the depth and breadth of our presence in mainland Europe, where significant potential resides.

During 2018, therefore, Christie Group and our operating companies concentrated on implementing our group strategy and complementary company-level plans, designed to increase revenues and profits over the years to come.

Professional & Financial Services Division

On the Professional & Financial Services (PFS) side of the Group, our agency and advisory business, Christie & Co, grew its transactional pipeline by 12%. Year-on-year profit improvement came principally from achieving encouraging growth from its overseas operations. A 24% increase in employee numbers in its mainland Europe operations underlined our determination to continue to deliver growth from our continental offices.

Christie & Co's newer divisions performed particularly well. Highlights for Childcare & Education included the sale of the Yellow Dot and Mace Montessori portfolios, while key achievements for the Medical division included brokering the sale of Scotland's largest dental practice and a number of key assignments in the pharmacy sector. Our Pharmacy team began 2019 a in similar fashion, securing the instruction to sell 70 pharmacies on behalf of Rowlands Pharmacy.

Christie Finance, our specialist funding-market company, secured offers of funding from more than 40 different lenders in 2018, emphasising its position as a premier introducer of business. It also received nearly 30% more instructions than in 2017, with its new Unsecured division delivering a significant proportion of this increase.

The primary focus during 2018 of our commercial insurance arm, Christie Insurance, was on scanning the future direction of the insurance market to ensure we have the resources and flexibility required to act with pace and precision for clients throughout our chosen sectors. This approach enables the company to maximise the opportunities to work with the clients of other Group companies in advance of renewal or business purchase.

Pinders, the UK's leading specialist business appraisal, valuation and consultancy company, delivered a robust performance in 2018 with a 10% increase in the volume of appraisal instructions received. This included a 40% growth in the volume of business received from Barclays Bank, recognising the company's very high standards of service.

The company's 'White Coat' division grew particularly strongly, with a 47% revenue increase.  A key highlight of the year was our valuation of the Manichem Group of 19 pharmacies, which resulted in its acquisition by Enimed, the independent regional community pharmacy group.

Stock & Inventory Systems & Services Division

On the Stocktaking & Inventory Systems & Services (SISS) side of our business, the Orridge brand remains a real strength in attracting and retaining clients in what continues to be a competitive retail sector in the UK. We have responded to the challenges the sector faces by implementing a strategic review of our operational practices as part of our plan to return the UK retail stocktaking business to profit. As well as ensuring we are operating at maximum efficiency, we believe strongly in remaining a client service focused business. These two fundamentals are central to delivering the future growth which is attainable through the provision of stocktaking services to high street, warehouse and distribution centre locations.

Elsewhere in Orridge, our Pharmacy stocktaking capabilities continue to provide stronger margins while also offering a complementary service to Christie & Co clients who are buying and selling pharmacies.  2018 was also a successful and progressive year for our European operations with revenues up 5% and a 6% improvement in profit margin. We expect further growth and profit improvement in the years ahead.

Venners, the largest provider of stocktaking services and related systems to the UK hospitality sector, broke its turnover record in 2018. This was due in no small part to the excellent performance of its Stock Audit, Compliance and Consultancy divisions. The business achieved a number of client wins, including Millennium Hotels, Giggling Squid, Thorley Taverns and the Doncaster Trust. The company's growth in recent year has driven staff numbers from 200 in 2013 to 269 in 2018.

Vennersys, which develops and provides cloud-based ticketing, admission and retail systems to the visitor attractions industry, focused a great deal of attention during 2018 on improving and broadening the functionality of its core Venpos Cloud software suite.

As a result, it has been able to extend its range with existing clients, including Blenheim Palace, Burghley House, 360 Play and Folly Farm. The company also won major new contracts with Dunvegan and Cardiff castles, Kelmarsh Hall and Wentworth Woodhouse.

Summary

Overall, this was a year of encouraging progress for Christie Group and its operating subsidiaries, providing a solid foundation for further advances in the years ahead. By continuing to provide solutions that address the specific challenges our clients face, we not only help them to succeed but also further establish our own service and knowledge leadership position within the sectors we serve.

 

 

 

 

Dan Prickett

Chief Operating Officer

10 April 2019


 

 

 

Consolidated Income Statement
For the year ended 31 December 2018

 

Note

 

2018

Total

£'000

 

2017      

Total

£'000

Revenue

2

76,090

71,635

Employee benefit expenses

 

(51,884)

 (48,978)

 

 

24,206

22,657

Depreciation and amortisation

 

(1,018)

(902)

Impairment reversal/(charge)

 

(22)

61

Other operating expenses

 

(19,083)

(18,048)

Operating profit

 

4,083

3,768

 

(169)

(162)

Pension scheme finance costs

 

(316)

(463)

Finance income

 

1

3

Total finance costs

 

(484)

(622)

Profit before tax

 

3,599

3,146

Taxation

 

(661)

(699)

Profit after tax

 

2,938

2,447

 

 

 

 

Profit for the period after tax attributable to:

 

 

 

Equity shareholders of the parent

 

2,956

2,496

Non-controlling interest

 

(18)

(49)

 

 

2,938

2,447

 

 

 

 

Earnings per share attributable to equity holders - pence

 

Profit attributable to the equity holders of the Company

 

            -Basic

4

11.23

9.47

            -Fully diluted

4

10.73

9.43

All amounts derive from continuing activities.

 

The accompanying notes are an integral part of these preliminary results.

 

 

 

 

 Consolidated Statement of Comprehensive Income

 For the year ended 31 December 2018

 

 

2018

Total

£'000

2017

Total

£'000

 

Profit after tax

 

2,938

2,447

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

 

 

Exchange differences on translating foreign operations

 

106

3

 

Net other comprehensive income to be reclassified to profit or loss in subsequent years

 

106

3

 

 

 

 

 

 

Items that will not be reclassified subsequently to profit or loss:

 

 

 

 

Actuarial (losses)/gains on defined benefit plans

 

(694)

3,233

 

Income tax effect

 

118

(548)

 

Net other comprehensive (losses)/income) not being reclassified to profit or loss in subsequent years

 

(576)

2,685

 

Other comprehensive (losses)/income for the year net of tax

 

(470)

2,688

 

Total comprehensive income for the year

 

2,468

5,135

 

                       

 

Total comprehensive income attributable to

Equity shareholders of the parent

 

2,486

5,184

Non-controlling interest

 

(18)

(49)

 

 

2,468

5,135

 

 

 

 

 Consolidated Statement of Changes in Shareholders' Equity

 As at 31 December 2018

 

Attributable to the Equity Holders of the Company

 

 

 

Share capital

£'000

Fair value and other reserves

£'000

Cumulative translation reserve

£'000

Retained earnings

£'000

Non - controlling interest

£'000

Total equity £'000

 

Balance at 1 January 2017 (restated*)

531

5,465

656

(14,750)

(329)

(8,427)

 

Profit for the year after tax

-

-

-

2,496

(49)

2,447

 

Items that will not be reclassified subsequently to profit or loss

-

-

-

2,685

-

2,685

 

Items that may be reclassified subsequently to profit or loss

-

-

3

-

-

3

 

Total comprehensive income for the year

-

-

3

5,181

(49)

5,135

 

Movement in respect of employee share scheme

-

(82)

-

-

-

(82)

 

Employee share option scheme:

 

 

 

 

 

 

 

-value of services provided

-

229

-

-

-

229

 

Dividends paid

-

-

-

(657)

-

(657)

 

Balance at 31 December 2017 (restated*)

531

5,612

659

(10,226)

(378)

(3,802)

 

 

 

 

 

 

 

 

 

Balance at 1 January 2018

531

5,612

659

(10,226)

(378)

(3,802)

 

Profit 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 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)

 

 

 

(*) Refer to note 6 for full details of the restatement the position at 1 January 2017 and 31 December 2017.

 

 

 

  Consolidated Statement of Financial Position

  At 31 December 2018

 

 

Note

 

 

 

        

 

2018

£'000

        

Restated (*)

2017

£'000

        

Restated (*)

2016

£'000

 

Assets

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

Intangible assets - Goodwill

 

 

 

1,856

1,841

1,812

 

Intangible assets - Other

 

 

 

1,387

1,368

1,241

 

Property, plant and equipment

 

 

 

3,664

3,565

3,559

 

Deferred tax assets

 

 

 

3,009

3,142

3,901

 

Other receivables

 

 

 

1,913

2,044

2,119

 

 

 

 

 

11,829

11,960

12,632

 

Current assets

 

 

 

 

 

 

 

Inventories

 

 

 

29

25

29

 

Trade and other receivables

 

 

 

14,848

14,873

13,226

 

Current tax assets

 

 

 

156

4

357

 

Cash and cash equivalents

 

 

 

4,668

4,692

1,638

 

 

 

 

 

19,701

19,594

15,250

 

Total assets

 

 

 

31,530

31,554

27,882

 

 

 

 

 

 

 

 

 

 Equity

 

 

 

 

 

Share capital

 

 

 

531

531

531

 

Fair value and other reserves

 

 

 

5,357

5,612

5,465

 

Cumulative translation reserve

 

 

 

765

659

656

 

Retained earnings

 

 

 

(9,032)

(10,226)

(14,750)

 

 

 

 

 

(2,379)

(3,424)

(8,098)

 

Non-controlling interest

 

 

 

-

(378)

(329)

 

Total equity

 

 

 

(2,379)

(3,802)

(8,427)

 

Liabilities

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

Trade and other payables

 

 

 

134

436

249

 

Retirement benefit obligations

 

 

 

14,119

14,241

18,106

 

Borrowings

 

 

 

602

734

753

 

Provisions

 

 

 

469

622

676

 

 

 

 

 

15,324

16,033

19,784

 

Current liabilities

 

 

 

 

 

 

 

Trade and other payables

 

 

 

11,292

11,703

8,916

 

Current tax liabilities

 

 

 

79

230

152

 

Borrowings

 

 

 

6,354

6,526

6,596

 

Provisions

 

 

 

860

864

861

 

 

 

 

 

18,585

19,323

16,525

 

Total liabilities

 

 

 

33,909

35,356

36,309

 

Total equity and liabilities

 

 

 

31,530

31,554

27,882

 

 

(*) Refer to note 6 for full details of the restatement the position at 1 January 2017 and 31 December 2017.

 

 

 

 

 Consolidated Statement of Cash Flows

 For the year ended 31 December 2018

 

 

 

Note

 

2018

£'000

 

2017

£'000

Cash flow from operating activities

 

 

 

Cash generated from operations

5

2,948

5,171

Interest paid

 

(169)

(162)

Tax paid

 

(570)

(160)

Net cash generated from operating activities

 

2,209

4,849

Cash flow from investing activities

 

 

 

Purchase of property, plant and equipment 

 

(720)

(575)

Proceeds from sale of property, plant and equipment

 

14

3

Intangible asset expenditure - software

 

(442)

(460)

Interest received

 

1

3

Net cash used in investing activities

 

(1,147)

(1,029)

Cash flow from financing activities

 

 

 

Repayment of bank loan

 

(144)

(17)

Repayments of invoice finance

 

(110)

(12)

Repayment of finance lease liabilities

 

(1)

(6)

Dividends paid

 

(790)

(657)

Net cash used in financing activities

 

(1,045)

(692)

Net increase in cash

 

17

3,128

Cash and cash equivalents at beginning of year

 

176

(2,932)

Exchange losses on euro bank accounts

 

8

(20)

Cash and cash equivalents at end of year

 

201

176

 

 

 

 

 

The accompanying notes are an integral part of these preliminary results.

 

 

 

NOTES TO THE PRELIMINARY ANNOUNCEMENT

1.    BASIS OF PREPARATION

The financial information set out in this announcement does not comprise the Company's statutory accounts for the years ended 31 December 2018 or 31 December 2017.  

The financial information has been extracted from the statutory accounts of the Company for the years ended 31 December 2018 and 31 December 2017. The auditors reported on those accounts; their reports were unqualified.

 

The statutory accounts for the year ended 31 December 2017 have been delivered to the Registrar of Companies, whereas those for the year ended 31 December 2018 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

 

While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRSs), this announcement does not itself contain sufficient information to comply with IFRSs. The Company expects to publish full financial statements that comply with IFRSs in May 2019.

These policies have been consistently applied to all years presented, unless otherwise stated. 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 1 January 2017 and 31 December 2017 and all other elements of the financial statements so affected.  The restatement had no impact on previously reported profits or losses. Details of the restatement are disclosed in note 6.

2.    SEGMENT INFORMATION

The Group is organised into two main operating segments:  Professional & Financial Services and Stock & Inventory Systems & Services.

The segment results for the year ended 31 December 2018 are as follows:

 

 

 

 

 

Professional & Financial Services

£'000

 

 

 

Stock & Inventory Systems & Services

£'000

 

 

 

 

Other

£'000

 

 

 

 

Group

£'000

Total gross segment sales

43,491

32,709

3,502

79,702

Inter-segment sales

(110)

-

(3,502)

(3,612)

Revenue

43,381

32,709

-

76,090

Operating profit/(loss)

5,635

(720)

(832)

4,083

Finance costs

(178)

(230)

(76)

(484)

Profit/(loss) before tax

5,457

(950)

(908)

3,599

Taxation

 

 

 

(661)

Profit for the year after tax

 

 

 

2,938

             

 

 

 

The segment results for the year ended 31 December 2017 are as follows:

 

 

 

 

Professional & Financial Services

£'000

 

 

Stock & Inventory Systems &

 Services

£'000

 

 

 

 

Other

£'000

 

 

 

 

Group

£'000

Total gross segment sales

40,726

31,018

2,992

74,736

Inter-segment sales

(109)

-

(2,992)

(3,101)

Revenue

40,617

31,018

-

71,635

Operating profit/(loss)

5,298

(1,085)

(445)

3,768

Finance costs

(342)

(187)

(93)

(622)

Profit/(loss) before tax

4,956

(1,272)

(538)

3,146

Taxation

 

 

 

(699)

Profit for the year after tax

 

 

 

2,447

             

Revenue is allocated below based on the entity's country of domicile.

 

 

2018

£'000

 

2017

£'000

Revenue

 

 

Europe

75,710

71,249

Rest of the World

380

386

 

76,090

71,635

3.    DIVIDENDS

A dividend in respect of the year ended 31 December 2018 of 1.75p per share, amounting to a total dividend of £464,000 is to be proposed at the Annual General Meeting on 12 June 2019. These financial statements do not reflect this proposed dividend.

4.    EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, which excludes the shares held in the Employee Share Ownership Plan (ESOP) trust.

 

 

2018

£'000

 

2017

£'000

Profit attributable to equity holders of the Company

2,956

2,496

 

 

   Thousands

 

Thousands

Weighted average number of ordinary shares in issue

26,321

1,224

26,346

100

Adjustment for share options

Weighted average number of ordinary shares for diluted earnings per share

27,545

26,446

 

 

Pence

 

Pence

Basic earnings per share

11.23

9.47

Fully diluted earnings per share

10.73

9.43

 

 

5.    NOTES TO THE CASH FLOW STATEMENT

Cash generated from operations

 

 

2018
£'000

Restated (*)

2017

£'000

 

Profit for the year after tax

2,938

2,447

 

Adjustments for:

 

 

 

Taxation

661

699

 

Finance costs

168

159

 

Past service costs

(60)

-

 

Depreciation

603

569

 

Amortisation of intangible assets

415

333

 

Profit on sale of property, plant and equipment

(14)

(3)

 

Foreign currency translation

Net payments to ESOP

1

(303)

16

-

 

(Decrease) in provisions

(157)

(50)

 

Share option charge

23

229

 

Movement in retirement benefit obligation

(756)

(632)

 

(Increase)/decrease in inventories

(14)

3

 

Decrease/(increase) in trade and other receivables

155

(1,573)

 

(Decrease)/increase in trade and other payables

(712)

2,974

 

Cash generated from operations

2,948

5,171

 

 

 

 

(*) Refer to note 6 for full details of the restatement of 2017 figures.

 

6. 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 1 January 2017 and 31 December 2017 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 1 January 2017 was as follows:

 

 




Note

Previously reported
2017
£'000


Restated
2017
£'000


Impact of restatement
£'000

Available-for-sale financial assets

 

635

-

(635)

Other receivables

 

182

2,119

1,937

Non-current provisions

 

(167)

(676)

(509)

Net assets

 

650

1,443

793

 

 

 

 

 

 

                 

The effect on the Statement of Financial Position as at 31 December 2017 was as follows:

 

 




Note

Previously reported
2017
£'000


Restated
2017
£'000


Impact of restatement
£'000

Available-for-sale financial assets

 

635

-

(635)

Other receivables

 

182

2,044

1,862

Non-current provisions

 

(188)

(622)

(434)

Net assets

 

629

1,422

793

 

 

 

 

 

 

                 

 

The impact of the restatement of the opening Statement of Financial Position for 2017 as at 1 January 2017 was an increase in net assets at that date of £793,000.

 

 

Report and Accounts

Copies of the 2018 Annual Report and Accounts will be posted to shareholders in May.  Further copies may be obtained by contacting the Company Secretary at the registered office.  Alternatively, the 2018 Annual Report and Accounts will be available to download from the investors section on the Company's website www.christiegroup.com 

Key dates

The Annual General Meeting of the Company is scheduled to take place at 10.00am on Wednesday 12th June 2019 at Whitefriars House, 6 Carmelite Street, London, EC4Y 0BS. 

Group Companies

Professional & Financial Services

Christie & Co
Christie & Co is a leading specialist firm providing business intelligence in the hospitality, leisure, healthcare, medical, childcare & education and retail sectors. It employs the largest teams of sector specialists in the UK & Europe providing professional agency, valuation and consultancy services.
www.christie.com 
Christie Finance
Christie Finance has 40 years' experience in financing businesses in the hospitality, leisure, healthcare, medical, childcare & education, retail and medical sectors. Christie Finance prides itself on its speed of response to client opportunities and its strong relationships with finance providers.
www.christiefinance.com
Christie Insurance
With over 40 years' experience arranging business insurance in the hospitality, leisure, healthcare, retail and medical sectors, Christie Insurance is a leading company in its markets. It delivers and exceeds clients' expectations in terms of the cost of their insurance and the breath of its cover.
www.christieinsurance.com
Pinders

Pinders is the UK's leading specialist business appraisal, valuation and consultancy company, providing professional services to the licensed, leisure, retail and care sectors, and also the commercial and corporate business sectors. Pinders staff use business analysis and surveying skills to look at the detail of the businesses to arrive at accurate assessments of their trading potential and value.

www.pinders.co.uk

Stock & Inventory Systems & Services
Orridge
Orridge is Europe's longest established stocktaking business specialising in all fields of retail stocktaking including high street, warehousing & factory operations, pharmacy and supply chain services. Orridge prides
itself on the speed in supplying high quality management information to its clients.

www.orridge.eu

Venners
Venners is the leading supplier of stocktaking, inventory, consultancy services and related stock management systems to the hospitality sector. Venners is the largest and longest established stock audit company in the sector in the UK.

www.venners.com

Vennersys
Vennersys operates in the UK and North America with over 20 years' experience delivering online Cloud-based ticketing sales and admission systems to visitor attractions. Examples include historic houses & estates, zoos, safari parks, playcentres and cinemas.

www.vennersys.co.uk www.vennersys.ca


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
 
 
FR URSRRKKASAUR
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Final Results - RNS