Trading Statement

The Board of Christie Group plc (CTG.L) advises that, as anticipated, it will report an improved second half trading performance in 2023 compared to the first-half. The full year result, before exceptional costs, is expected to be in line with market expectations which were revised in early December.

Full Year Performance

Revenues in the Company's Professional and Financial Services ("PFS") division returned to more encouraging levels following the end of the summer period, notwithstanding the subsequent and frustrating delay of some deals into 2024 which were otherwise expected to exchange in the latter part of 2023.

Revenues in the Group's Stock & Inventory Systems & Services ("SISS") division in H2 were lower than H1, as traditional seasonal trading patterns in our UK retail stocktaking operation took effect, exacerbated by the loss of Wilkos as a client when it fell into administration. This partially impinged upon the improved half-on-half performance otherwise delivered in the PFS division, the continued ongoing progress in the Group's hospitality and pharmacy stocktaking operations, and a positive year for new business wins in its software visitor attraction business.

Overall, the improved PFS revenues in late H2 have contributed to the Company expecting to report a second-half operating profit before exceptional items. As previously reported, the Group will report exceptional items as a result of the July 2023 Board changes, together with some restructuring carried out in its operations in both the PFS and SISS divisions during H2.

Outlook

The Group is seeing positive and encouraging activity levels across its sectors at the start of 2024, with its UK transactional and advisory pipelines having now recovered to a significantly improved position from a year ago. 2024 for the Group has started positively, with particularly strong January invoicing in its UK agency and advisory business, Christie & Co.

The Group expects to issue final audited results for 2023 in April 2024.