17 Jun 2009 11:04
For immediate release
17th June 2009
Christie Group plc
Results of Annual General Meeting ("AGM") and AGM Statement
Christie Group plc ('Christie' or the 'Group'), the leading provider of professional business services and stock & inventory systems & services to the Leisure, Retail and Care markets, announces that at its 2009 AGM, which was held at 10.00 a.m. today, all resolutions put to shareholders were duly passed.
At today's AGM, Philip Gwyn, Chairman of Christie Group, made the following trading update:
"During the first half of this year, transaction levels in our Professional Services division have stabilised at levels last seen by us in the early 1990s. As business values have fallen over the last year, so too have those commission based earnings determined by the transaction value. The present trading environment remains extremely difficult.
"There are early signs of some pick-up in the residential property market. Activity in the market for smaller property based businesses normally follows subject to an approximate six month delay.
"Our Bank Recovery and Support unit is increasingly busy and we are confident that our advisory activities will generate further transactional work in the periods ahead.
"Our Stock and Inventory Services businesses continue to win new business in both the Retail and Hospitality sectors. Whilst existing customer requirements have been subdued due to reduced activity in their markets, with a larger customer base, the Christie Group has scope for a strong uplift in demand for its services as it benefits from increases in its clients' business volumes.
"The Board is mindful of ongoing market uncertainty and has therefore further reduced the Group's cost base for the second half.
"The Group remains free of net debt."
Enquiries:
David Rugg 020 7227 0707
Chief Executive
Christie Group plc
Philip Davies 020 7149 6000
Charles Stanley Securities
Tom Cooper 0797 122 1972
Winningtons
Notes to Editors:
Christie Group plc (CTG.L), quoted on AIM, is a leading professional business services group with 37 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 and Pinders: 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.
Christie (CTG)