Last checked at 16 Jun 2015 10:30
16 June 2015
Christie Group plc
("Christie Group" or the "Company")
AGM Statement
Christie Group plc (CTG.L), the leading provider of Professional Business Services and Stock & Inventory Systems & Services to the leisure, retail and care markets, announces that at today's Annual General meeting, the Chairman, Philip Gwyn, is to make the following statement:
"Overall, the Group's trading at this stage is on a par with the prior year. This is a positive position, given the general reticence amongst clients to implement business purchase decisions in the run-up to the General Election. Our transactional pipelines continue to grow and our activity is more evenly distributed across the trade sectors in which we operate.
Professional Business Services Division
May 2015 marked Christie + Co's 80th anniversary of the formation of our broking and advisory company. We are investing in this brand and website in order to make the latter responsive and accessible on all mobile devices. Continued investment in our databases will provide a strong competitive advantage in a digital marketing world. A move to more digital advertising has seen significant increases in both website registrations and site traffic.
The advisory team has had a strong start to the year being involved in UK hotel and care sector pan-European portfolio deals and Non-Performing Loans, providing buy-side or sell-side commercial due diligence, strategic advice and valuations.
Recognising the increasing capital flows coming into Europe from Asia, we launched an Asia Desk to enhance our visibility in the Far East and access investors from these markets proactively.
We have growth opportunities in the Scandinavian region and as announced last month we have reinforced our established presence in Helsinki, with the opening of a new Stockholm operation.
Highlights of the year so far include the sale of Arora Hotel Heathrow, which generated exceptional interest and completed in May and a high quality group of 21 MedicX pharmacies sold by our Pharmacy division.
The flow of valuation work has been particularly strong in the first quarter. We have advised or valued in excess of £5.6bn of properties so far this year, including assignments for large North American banks, global opportunity funds and a strong core of SME business from the top ten lenders in the UK.
We have witnessed a dramatic 81% increase in the year to date average loan size arranged for Christie Finance clients. Its specialised Medical Finance Division has continued to see a surge in demand.
During the first half of the year we launched our Forecourt First policy - an insurance policy designed for forecourts, underwritten by insurer OAMPS.
Pinders' Project Management saw their appointment for Digital TV to oversee the fit-out of their new head office in Mortimer Street, London and the appointment by HC-One to undertake building surveys in respect of Meridian Healthcare Limited, which they were acquiring earlier in the year.
Stock Inventory Systems & Services
Vennersys carried out further hardware and installations for Aspro, Woburn and Blenheim in the first half of 2015. Our new product called Venpos Cloud is ready to be sold and marketing has commenced.
The Government decision to introduce a market rents only option for tenants and lessees in the tenanted sector is working in our favour. Some of the larger pub companies who have traditionally only operated these models are now looking at establishing fully franchised and fully managed estates and have already started working with us.
Within operational consultancy, we have completed work for Holiday Inn, Pontis Restaurants and Compass. Our new customers include Brasserie Blanc, Punch Falcon and Riley's Snooker Clubs.
The retail grocery sector has been under margin pressure with its consequent knock-on effect to service providers. Nevertheless, following successful trials, we have been retained by Sainsbury's, Waitrose and Homebase in the UK while on the continent, we have added Penny, Netto and O'Neills.
We have been awarded the first assignments for our new Supply Chain operation and the early client feedback is encouraging.
Conclusion
Our domestic businesses are strong. The recovery in Europe remains patchy and this continues to affect our performance there. We continue to recruit talent as we anticipate a further rewarding full year for our shareholders."
Enquiries:
Christie Group plc | |
David Rugg | 020 7227 0707 |
Chief Executive | |
Dan Prickett | 020 7227 0700 |
Chief Financial Officer | |
Charles Stanley Securities | |
Russell Cook Nominated Adviser and Broker | 020 7149 6000 |
Notes to Editors:
Christie Group plc, quoted on AIM, is a leading professional business services group with 44 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.
For more information, please go to www.christiegroup.com.