Last checked at 11 Apr 2019 07:00
11 April 2019
Christie Group plcPreliminary 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 RuggChairman and Chief Executive10 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 |
Finance costs |
| (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 |
| |||||||
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|
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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 reported2017£'000 | Restated2017£'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 reported2017£'000 | Restated2017£'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 | ||||
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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 & CoChristie & 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 FinanceChristie 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.comChristie InsuranceWith 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.comPindersPinders 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 & ServicesOrridgeOrridge 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
VennersVenners 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
VennersysVennersys 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