Christie Group PLC - Interim Results

29 September 2025

Christie Group plc

Interim Results for the six months ended 30 June 2025

Group delivers significantly improved and profitable H1 performance

Christie Group plc ('Christie Group' or the 'Group'), the leading provider of Professional & Financial Services (PFS) and Stock & Inventory Systems & Services (SISS) to the hospitality, leisure, healthcare, medical, childcare & education and retail sectors, today announces its Interim Results for the six months ended 30 June 2025

H1 2025 Financial Headlines

·      24% growth in revenues (£6.6m) from continuing operations to £34.8m (2024: £28.1m)

·      H1 operating profit from continuing operations of £1.3m (2024: £0.4m loss)

·      Strong performance in PFS division with revenues up by 29% to £28.7m (2024: £22.3m)

·      SISS revenues up by 5% to £6.1m (2024: £5.8m)

·      Significantly improved cash balance at the end of H1 with cash and cash equivalents of £5.0m (2024: £0.9m negative)

·      Net funds improved by £7.4m to £5.0m (2024: net debt of £2.4m)

·      Both defined benefit pension schemes remain in surplus with no ongoing cash cost

·      Earnings per share of 2.63p (2024: 3.51p negative)

·      The Board has declared an increased interim dividend of 0.75p (H1 2024: 0.50p per share) reflecting the improved H1 performance

H1 2025 Operational Headlines

·      39% growth in H1 transactional brokerage income from our UK and International operations 

·      20% increase in Valuation and Business Appraisal revenues

·      8% growth in our finance brokerage income

·      7% growth in our general insurance book with 90% client renewal rates achieved

·      Growth achieved in our hospitality stock audit business, despite sector challenges with absorbing increases in employers' national insurance

·      16% growth in first half revenues from our visitor attraction software business

·      14% increase in H1 employee benefit costs attributable to income-linked incentive payments and growth in PFS division headcount

Current trading and outlook

·      Group begins H2 with transactional brokerage pipelines 15% higher than the start of the year and 10% up on H1 2024

·      Finance brokerage activity is also encouraging with strong instruction levels throughout H1 and a pipeline at 30 June 2025 10% higher than the start of the year

·      Investment and lending appetite into our sectors remains robust

·      Board anticipates delivery of a full year performance in line with expectations

Financial results for the six months ended 30 June 2025

Dan Prickett, Chief Executive, commented:

"We continue to make progress across the Group, which these Interim results reflect. We have increased first-half revenues by 24%, returned the Group to a profitable H1 trading position, and our cash position has been significantly strengthened over the last twelve months from the combination of improved trading and the divestment of the Orridge group.

We continue to focus on expanding our teams and capabilities in those sectors and locations where we see medium and long term opportunities to grow our market share in our PFS activities. Across our PFS division, we have strong pipelines in our transactional and advisory businesses, which position us well for the second half.
Within our SISS division, we continue to win clients in both the hospitality stock audit business and our visitor attraction software business.

While our pipelines and ongoing activity levels are encouraging, sensitivity remains as to deal times. Adopting a sensible level of prudence, we anticipate a more balanced full year performance than we delivered in the previous year and remain confident of delivering a full year performance in line with expectations."

Enquiries:

Notes to Editors:

Christie Group plc (CTG.L), quoted on AIM, is a leading professional business services group with 32 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 - Venners and Vennersys.

Tracing its origins back to 1896, 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 Company to constitute inside information for the purposes of Article 7 of the UK Market Abuse Regulation (EU) No. 596/2014 which is part of the UK law by virtue of the European Union (Withdrawal) Act 2018.

For more information, please go to https://www.christiegroup.com     

Chief Executive's review

We are pleased to report a significantly improved and profitable first-half performance. As we reported in early June, demand for our services has been strong across the range of sectors in which we specialise. Investment and lending appetite for those sectors has remained robust and while there are some headwinds due to macroeconomic trends and potential disruption as a result of the forthcoming budget announcement, we anticipate that continuing throughout the second half of the year. While we have delivered growth in both our divisions, activity across our Professional and Financial Services ("PFS") division has been particularly encouraging and we commenced H2 with strong pipelines which underpin our confidence for the full year.

Financial Review

The Group reported revenues from continuing operations of £34.8m (2024: £28.1m) and an operating profit of £1.3m (2024: £0.4m operating loss). The £1.7m improvement in our first-half profitability reflected strong growth in our PFS division, where H1 operating profit improved to £1.8m (2024: £0.0m) derived from a £6.4m increase in H1 PFS revenue.

Revenue growth in our Stock & Inventory Systems & Services ("SISS") division was more modest but nonetheless above inflation, at 5%, which saw the division report a first-half operating loss of £0.5m, consistent with that achieved a year earlier.

Employee benefit expenses increased by 14.4% to £24.1m (2024: £21.1m). This 14% increase was primarily attributable to two positive factors: increases in income-linked employee incentive payroll costs as a result of the 29% increase in PFS revenues and a 7.5% increase in our PFS employee numbers as we focused recruitment in that division to expand our teams in services, sectors and geographies where we see opportunities for further growth.

Finance costs reduced to £0.4m (2024: £0.5m), with all these finance costs being interest costs arising on lease liabilities. We had no interest costs payable on bank facilities, given our positive net cash position. Following the divestment of Orridge in November 2024 and the improved trading performance, our cash and cash equivalents balance at the end of H1 was £5.0m (2024: £0.9m borrowings). We anticipate a cash-generative trading performance in H2, whereas our first-half cashflow always reflects outflows attributable to the payment of annual bonuses and commissions relating to the previous financial year. Both of our defined benefit pension schemes remain in surplus.

Reflecting the much-improved first half performance, its confidence in the full year outcome and its desire to deliver a progressive return to shareholders, the Board has declared an increased interim dividend of 0.75p per share (H1 2024: 0.5p per share) which will be paid on 7^th November 2025 to shareholders on the register on 10^th October 2025.

Professional and Financial Services Division

Having consistently brokered the sale of over 1,000 businesses a year since 2020, we are once again on track to repeat this level of volume in 2025. Our mix of business in the first half has been in higher value assets and sectors than was the case in H1 2024. The result is that, while overall fee income from our UK and European business agency operations was 39% higher than H1 2024, the volume of businesses sold was slightly lower. H1 2024 was characterised by the completion of a number of lower-value, but higher-volume portfolio instructions. However, we began H2 with a pipeline of transactions in solicitors' hands which was 10% higher than the same point in 2024 in both volume and value.

We have also seen strong demand for our valuation and advisory services. Valuation and Business Appraisal income was 20% higher than H1 2024, as lenders continue to look to our two national valuation businesses to inform their own new lending, covenant monitoring and refinancing decisions.

In our finance brokerage business, we delivered an 8% growth in H1 fee income. We experienced some deal delays in the first quarter, which served to soften the level of growth we would otherwise have achieved, but lending appetite into our sectors has been strong throughout the period and we saw the business gather momentum as we moved through the first half. We ended the period with pipelines nearly 10% higher than at the start of the year, headcount 7% up on the same point a year earlier with ongoing recruitment plans, and strong demand and activity across our Commercial Mortgage, Corporate Debt Advisory, Real Estate and Bridging, and Unsecured lending teams.

Our insurance brokerage business provides a source of recurring income through commissions earned from annual client renewals while also selling Life Cover and Protection products to business owners. Excellent client service delivery and outcomes were evidenced by the business achieving a client renewal rate in H1 of 90%. This, coupled with sales to new clients, saw the Gross Written Premium value of annual policies placed through us grow by 7% in the first 6 months of the year.

Stock & Inventory Systems & Services Division

In the SISS division, our hospitality stock audit business experienced subdued demand in the first quarter as the UK hospitality sector adopted a prudent approach to expenditure ahead of the impact on clients of the increases in employers' national insurance. It nonetheless increased revenues and delivered a profitable first half performance once again despite these challenging headwinds for the sector. We anticipate a stronger second half performance and continued growth.

In our visitor attraction software business, H1 revenues were increased by 16% on the previous year as the business continued to win new clients, increasing its roster of contracted and live clients by 20% over the same period. This has been achieved while controlling overheads in the business, which increased by only 4.8% compared to H1 2024. The second half has begun positively, with a number of additional clients already added through the traditionally quieter summer period when operators focus their attention on peak visitor numbers to their sites. In addition to the 20% year-on year growth in live client numbers, the business has already secured a further 12% growth in client numbers through contracted clients awaiting installation and go-live.

Outlook

The Group commenced the second half with encouraging pipelines for both the UK and our European businesses, with the combined UK and International transactional pipeline 15% higher in fee income value than the start of the year. In addition to this robust M&A activity across our sectors, our finance brokerage business also began H2 with its own pipeline 10% higher than the start of the year. However, some sensitivity to deal timing remains and we have not experienced deal delays in H1 2025 that characterised the first half of 2024 and benefitted H2 2024. As such we are anticipating a more balanced full year performance than the prior year.

In our SISS division we expect continued growth from our hospitality stock audit business, and remain focused on eliminating losses in our visitor attraction software business.

Once again, I would like to thank our excellent teams who continue to deliver best-in-class services to our clients. The first half result reflects their commitment, hard work, ingenuity and expertise and from that foundation, we are well positioned to deliver a full year performance in line with expectations.

Dan Prickett

Chief Executive Officer

Independent Review Report to Christie Group plc

Introduction

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six-month period ended 30 June 2025 which comprises the Interim Consolidated Income Statement, the Interim Consolidated Statement of Comprehensive Income, the Interim Consolidated Statement of Financial Position, the Interim Consolidated Statement of Cash Flows, the Interim Consolidated Statement of Changes in Equity and the related Notes 1 to 16.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 is not prepared, in all material respects, in accordance with International Accounting Standard ('IAS') 34 "Interim Financial Reporting", as adopted for use in the United Kingdom and the AIM Rules issued by the London Stock Exchange.

Basis for Conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in Note 2, the annual financial statements of the group are prepared in accordance with International Financial Reporting Standards adopted for use in the United Kingdom ("UK adopted IFRS"). The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard ('IAS') 34 "Interim Financial Reporting", as adopted for use in the United Kingdom.

Conclusions Relating to Going Concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis of Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of directors

The directors are responsible for preparing the half-yearly financial report in accordance with International Accounting Standard ('IAS') 34 "Interim Financial Reporting", as adopted for use in the United Kingdom and the AIM Rules issued by the London Stock Exchange.

In preparing the half-yearly financial report, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

MHA, Statutory Auditor

Milton Keynes, United Kingdom

26 September 2025

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC312313)

Consolidated interim income statement

All profit/(loss) after tax is attributable to the equity shareholders of the parent.

The profit from discontinued operations of 30 June 2025: £nil (31 December 2024: £865,000 includes a gain on disposal of £1,471,000, 30 June 2024: £nil).

30 June 2024 has been restated to reflect the discontinued operation in November 2024 - see note 5.

Consolidated interim statement of comprehensive income

Total comprehensive income/(losses) for the period are wholly attributable to equity shareholders of the parent.

Consolidated interim statement of changes in shareholders' equity

Consolidated interim statement of financial position