23 Jun 2008 07:00
Christie Group plc
AGM Statement
At the Company's Annual General Meeting being held at 10 a.m. today, Philip Gwyn, the Chairman, will provide the following update on the Group's trading:
"Following a strong April, trading has defied the usual seasonal pattern and volumes in Business Agency have reduced. We are seeing good levels of enquiries, but deals are taking longer where purchasers have existing property to dispose of and new finance facilities to arrange. Our consultancy and valuation operations remain busy. Our Stocktaking and Inventory Services Division continues to grow.
In light of the more challenging business landscape, it is difficult to forecast the outcome for the year as a whole. We are therefore taking steps to reduce our cost base in both the Agency and our associated finance business, which will start to benefit trading results in our second half. The harsher trading conditions and the costs of implementing the cost savings will, however, significantly reduce the group's trading profit for the year.
Turning to the group's software division, your Board has decided to seek a strategic partner. Our purpose is to relieve the Group of development funding requirements for the new software, whilst enabling shareholders to benefit from the growth of the business as new software modules are released, so enlarging the maintained customer base.
This is a challenging period, but we have previous experience of such downturns and intend to emerge strongly when our markets recover. I will of course update shareholders as necessary."
23 June 2008
Enquiries
Christie Group plc 020 7227 0707
David Rugg, Chief Executive
Robert Zenker, Finance Director
Weber Shandwick Financial 020 7067 0700
Richard Hews / Hannah Marwood
Charles Stanley Securities 020 7149 6000
Nominated Adviser
Philip Davies
Christie (CTG)