TIDMCTG
RNS Number : 5918C
Christie Group PLC
14 June 2023
14 June 2023
Christie Group plc
("Christie Group" or the "Group")
AGM Statement
Christie Group plc (AIM: CTG.L), the leading provider of
Professional & Financial Services and Stock & Inventory
Systems & Services to the hospitality, leisure, healthcare,
medical, childcare & education and retail sectors, announces
that at today's Annual General Meeting, the Chairman and Chief
Executive, David Rugg, will deliver the following statement:
"Professional & Financial Services
Transactional times have elongated as portfolio break-ups absorb
market resources. Additionally due diligence is extended,
particularly where vendor distress is involved. In such cases
vendor warranties or indemnities, if available, may provide less
assurance.
Our agency practice within Christie & Co has been favoured
with portfolio disposals, such as a group of
61 pubs for Marston's PLC, the UK-wide Coast & Country hotel
collection, the sale of 45 dental practices for BUPA and the sale
of 111 care homes for Four Seasons Health Care. Whilst completions
to date are down, our level of new sale mandates and offers to
purchase are both ahead of the prior year. We have just launched
our Healthcare sector business in Germany. Our consultants and
valuers are busy in both the UK and Europe, the latter with a
preponderance of bank driven work.
Christie Finance has increased its pipeline in value by 28%
since 1st January 2023. The highest volume increase has been in our
unsecured lending & asset finance division. Secondary and
tertiary lenders appear inundated but under-resourced. This slows
deal progress.
Christie Insurance is working with Pinders' building surveying
services to help insurance clients ensure adequate protection
against current rebuilding costs.
Stock & Inventory Systems & Services
Orridge has followed the rebalancing of retail stocktaking from
the shop to warehouse and distribution centres. Our pharmacy
stocktaking remains on the high street. We are confident that we
can grow our supply chain work quite rapidly, as in many cases it
is being outsourced for the first time.
Venners, our leisure and hospitality stocktaker, continues its
uninterrupted recovery. Its consultancy team analysed a client's
purchases to reveal a half million pounds of overcharging!
Vennersys, our visitor attraction SaaS business, has signed a
new contract with Aspro, the operator of significant leisure
attractions. There have been 18 new users to our system this year,
to date.
Summary
As previously reported, our revenues will be second-half
weighted. Our costs are in line with expectations.
We are pleased to have now fully repaid our CLBILS loan, as we
previously indicated would happen by the end of H1. We have no term
debt on our balance sheet."
Enquiries:
Christie Group plc
David Rugg 020 7227 0707
Chairman and Chief Executive
Dan Prickett 020 7227 0700
Chief Operating Officer
Shore Capital
Patrick Castle / Iain Sexton
Nominated Adviser and Broker 020 7408 4090
Notes to Editors:
Christie Group plc, quoted on AIM, is a leading professional
business services group with 38 offices across the UK and Europe,
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 valued 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 Group to constitute inside information under the Market Abuse
Regulations (EU) No. 596/2014.
For more information, please go to www.christiegroup.com.
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END
AGMUOVOROWUNAAR
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June 14, 2023 02:00 ET (06:00 GMT)
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