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LONDON (Alliance News) - Christie Group PLC Tuesday increased its dividend 50%, as it swung to profit in the first-half, following a strong performance across its two operating divisions.
The provider of professional business services to the leisure, retail and care markets posted pretax profit of GBP638,000 for the six months to June 30, compared with a GBP729,000 loss a year earlier, as revenue rose to GBP29.4 million from GBP25.7 million.
In the previous year, the company booked exceptional costs of GBP396,000 related to the restructuring of the business.
On the back of its performance the company has increased its interim dividend to 0.75 pence from 0.50 pence a year earlier.
Christie said its Professional Business Services saw revenue rise to GBP14.6 million from GBP13.2 million. It said corporate mergers and acquisitions activity has been both "intense and successful."
The company sold pubs to JD Wetherspoons PLC, while the pharmacy agency division sold 11 community pharmacies to AMG Healthcare, the major shareholder of which is buying group Avicenna PLC.
On the other hand, the Stock & Inventory Systems & Systems posted revenue of GBP15.0 million for the period, up GBP12.6 million a year earlier. Recent new clients included Swarovski in Belgium, Holland and Germany, as well as Molton Brown, Harveys of Lewes, St. Austell Brewery and Novus Leisure.
Looking ahead, the company said it expects to report a strong outcome for the year with the potential for further improvement once the recovery in mainland Europe materialises.
Christie Group shares were trading 3.2% lower at 122.00 pence per share Tuesday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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