Full Year Trading Update

The Board of Christie Group plc (CTG.L) advises that it now anticipates reporting an improved full year operating profit for 2024, ahead of the £1.0m upper range previously indicated in the Company's September trading update.

As a result of a stronger than anticipated end to the year in its Professional and Financial Services ("PFS") division, the Group now expects to report an operating profit, before exceptional items, for 2024 of more than £1.4m. Following on from a first-half operating loss of £0.6m, this will equate to a H2 operating profit before exceptional items of over £2.0m.

Operating profit before exceptional items excludes profits realised on the disposal of Orridge Holdings Limited, which was transacted and announced on 5th November 2024.

Within its PFS division, the Group saw particularly strong second-half performances from its agency and advisory business, Christie & Co and its finance brokerage business, Christie Finance. Christie & Co brokered the sale or purchase of over 1,100 deals in the year across its sectors, while Christie Finance delivered a 40% growth in revenues year-on-year and a more than three-fold growth in profitability, as lending activity into the Group's targeted sectors remained very robust. Second-half operating losses from its international brokerage and advisory operations were also significantly reduced in comparison to H1.

Within its Stock and Inventory Systems and Services division, the Group's hospitality stock audit business, Venners, contributed a 14% growth in its own revenues, and in doing so has more than doubled its previous year's operating profit.

The Group ended the year with a positive cash balance of £4.9m, following receipt of £4.0m proceeds from the sale of Orridge Holdings Limited and the improved H2 trading performance.

All figures reported above remain subject to audit.

Outlook

The Group began 2025 with its transactional pipelines in its UK operations over 9% higher than the same point a year earlier. The Board retains some caution moving into 2025, given uncertainty about the impact of the increased tax burden on our loyal customers and businesses in our sectors, but underlying activity remains encouraging so far.

The Group expects to issue final audited results for 2024 in April 2025.