RNS Number:0934I
Christie Group PLC
29 March 2000
Christie Group plc
Preliminary Results for the year to 31 December 1999
Overview of 1999
1999 was a successful year for the Group, which saw both
strong financial performance and improved returns to our
Shareholders. Both divisions of the Group traded strongly,
whilst we continued to invest in future expansion
opportunities both in the UK and overseas. Our core
businesses are businesses of excellence and Christie & Co,
Venners and Venners Computer Systems have each achieved record
results.
Profit before tax of #3.5 million was achieved on turnover of
#35.2 million. This compares with profit of #2.1 million and
turnover #24.5 million for the nine months to 31 December
1998.
Strategy for Growth
The Group has always had a strong commitment to "adding value"
to the services it offers its clients. To this end, recent
years have seen us adding a logical sequence of businesses to
the original business agency activity of Christie & Co.
These included stock audit (Venners), mortgage and insurance
services (RCC) and professional property services (Pinders and
Christie & Co Valuation Services).
In the early 1990's, we identified the growth of Information
Technology as an essential component of our clients' future
businesses. In 1992 we acquired the start-up business that
has since developed into Venners Computer Systems (VCS), a
leading supplier of EPoS and software solutions to the retail,
leisure and hospitality industries in the UK, Europe and
Northern America, and a key driver of the Group's growth today
and in the future.
Professional Business Services
The Professional Business Services division achieved operating
profits of #2.6 million (9 months to 31 December 1998 - #1.3
million) on turnover of #23.3 million (9 months to 31 December
1998 - #16.0 million.
Christie & Co, as the UK's market leader, is now expanding
into Europe and we have established a substantial presence
with offices in Frankfurt and Paris, with Barcelona to follow.
The business model for our European roll-out will be closely
aligned to our internet strategy and we were encouraged that
the Estates Gazette judged Christie & Co's website the best of
the top agents' sites they reviewed in their 4th March 2000
edition.
Information Systems and Services
This division achieved operating profits of #0.9 million (9
months to 31 December 1998 - #0.8 million) on turnover of
#11.9 million (9 months to 31 December 1998 - #8.6 million).
VCS now has international offices in Germany, Canada and Spain
as well as representation in Poland, Japan and Brazil.
In September 1999 we added to Venners Computers Systems (VCS)
with the acquisition of Vision Associates (renamed Venners
Touch Systems), a provider of multimedia software for
touchscreen internet kiosks. Since the year end we have
further strengthened the position of VCS as a leading European
supplier of EPoS solutions to the retail and leisure trades
with the #7.2 million acquisition in March of the French
software business, Groupe Timeless SA. The acquisition of
Timeless, based in Paris and Montpellier, which provides its
own software with internet capability to fashion and other
retailers, substantially extends the reach of both businesses.
We are delighted to welcome Yves Doukhan Chief Executive of
Timeless and his eighty colleagues to the Christie Group.
The draft results for Timeless for the year ended 31
December 1999 shows turnover and profit before tax of FFR 89.2
million and FFR 9.67 million respectively. Net assets at that date
were FFR 13.7 million.
Dividend
Your board proposes a final dividend of 1.5p per share (9
months to 31 December 1998 - 2.0p), which is in addition to
the interim dividend of 1.0p (1998 - nil), bringing the
dividend for the year to 2.5p per share (1998 - 2.0p).
People
I would also like to pay a special tribute to our senior non-
executive Director, Charles Wilson, who has announced his
intention to retire from the Board at the forthcoming AGM.
Charles Wilson joined the Group, then a private company, in
1980. Over all the ensuing years, he has been a source of
wisdom, support and enthusiasm.
I would also like to welcome Amanda Street who joined the
Group Board as a non-executive director on 3 March this year.
Amanda, a senior executive with Hewlett-Packard, was based in
Europe throughout the 90's. She has extensive experience of
sales, marketing and global operations and I am sure will make
a marked contribution.
As ever, thanks are due to all our staff for their continued
hard work and commitment to excellence which has produced
these significantly improved results.
Outlook
Christie Group has an interesting and exciting portfolio of
businesses, which are well positioned both in terms of
products and services and, more importantly, in terms of
established and experienced management with the ability to
take advantage of the opportunities which the new economy will
offer them.
Trading across the Group is currently strong and we expect another
good years performance, although a slow start from VCS in January and
February of this year will affect the first half performance.
Enquiries
Christie Group 020 7227 0707 Philip Gwyn, Chairman
David Rugg, Chief Executive
Robert Zenker, Finance Director
Brunswick 020 7404 5959 Charlotte Elston
PRELIMINARY STATEMENT OF UNAUDITED RESULTS
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 1999
Year to 9 months to
31 Dec 31 Dec
1999 1998
#000 #000
Turnover 35,161 24,534
Staff costs (14,625) (9,452)
Other operating charges (17,092) (13,009)
Operating profit 3,444 2,073
Interest receivable 90 93
Interest payable (37) (34)
Profit on ordinary activities before taxation 3,497 2,132
Tax on profit on ordinary activities (1,218) (720)
Profit on ordinary activities after taxation 2,279 1,412
Dividends paid and proposed (608 (481)
Retained profit for the financial year 1,671 931
Earnings per share 9.42p 5.87p
Earnings per share - fully diluted 9.28p 5.87p
All amounts derive from continuing activities.
UNAUDITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 DECEMBER 1999
Year to 9 months to
31 Dec 31 Dec
1999 1998
#000 #000
Profit on ordinary activities after taxation 2,279 1,412
Gain on foreign currency translation 14 14
Total recognised gains and
losses relating to the year 2,293 1,426
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 1999
31 Dec 31 Dec
1999 1998
#000 #000
Fixed assets
Tangible assets 2,778 2,579
Intangible assets 247 -
------- ------
3,025 2,579
Current assets
Stock 207 220
Debtors 7,785 6,581
Cash at bank and in hand 3,318 2,416
------- ------
11,310 9,217
Creditors
- amounts falling due within one year (7,969) (7,135)
Net current assets 3,341 2,082
Total assets less current liabilities 6,366 4,661
Creditors - amounts falling due after
more than one year (150) (285)
Net assets 6,216 4,376
Capital and Reserves
Called up share capital 487 481
Share premium account 3,653 3,504
Profit and Loss Account 2,076 391
Shareholders' funds - equity interests 6,216 4,376
UNAUDITED CONSOLIDATED CASHFLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 1999
Year to 9 months to
31 Dec 31 Dec
1999 1998
#000 #000
Net cash inflow from operating activities 4,273 2,653
Returns on investments and servicing of finance 53 59
Taxation paid (1,240) (390)
Capital expenditure (1,094) (845)
Acquisitions and disposals (331) -
Equity dividends paid (724) (361)
Cash inflow before financing 937 1,116
Financing (35) (107)
Increase in cash in the year 902 1,009
Notes to the preliminary statement of unaudited results:
1. Segmental Information (Unaudited)
Year to Year to 9 months to 9 months to
31 Dec 1999 31 Dec 1999 31 Dec 1998 31 Dec 1998
Turnover Operating Turnover Operating
Profit Profit
#000 #000 #000 #000
Professional
Business Services 23,275 2,587 15,957 1,308
Information Systems
and Services 11,886 857 8,577 765
-------- ------ ------- ------
Total 35,161 3,444 24,534 2,073
A final dividend of 1.5p (December 1998: 2.0p) per Ordinary Share
has been proposed, which is in addition to the interim
dividend of 1.0p (1998 nil). The ex-dividend date is 10
April, the record date 14 April and the date payable 16 June
2000.
Earnings per share is based on the profit attributable to
shareholders of #2,279,000 (9 months to 31 December 1998:
#1,412,000) and 24,195,511 (31 December 1998: 24,057,569)
ordinary shares of 2 pence each being the average number of
shares in issue during the year. Fully diluted earnings
per share is based on the profit attributable to shareholders
of #2,279,000 (9 months to 31 December 1998: #1,412,000) and
24,558,493 (31 December 1998: 24,057,569) ordinary shares of 2
pence each being the average number of shares in issue during
the year after allowing for the exercise of outstanding
share options.
The financial information set out above does not comprise the
Company's statutory accounts. The Company's auditors have
not as yet reported on the accounts for the year ended 31
December 1999 nor have such accounts been delivered to the
Registrar of Companies. The results for the period ended 31
December 1998 have been abridged from the published group
accounts for which an unqualified audit report was issued and
did not contain any statements under Section 237 (2) or (3) of
the Companies Act 1985 and which have been filed with the
Registrar of Companies.
The Report and Accounts are scheduled to be posted to
shareholders in early May. The Annual General Meeting of the
Company is scheduled to take place at 10.00 am on Thursday 8
June 2000 at:
50 Victoria Street
London, SW1H 0NW
Christie Group plc
Professional Business Services
Christie & Co Surveyors, Valuers & Agents
The Leading Firm of Independent Surveyors, Valuers and Agents
serving the hotel, leisure, licensed, healthcare and retail
sectors. Its international operations are based in London and
Paris and it has a linked network of 14 offices in the UK,
each of which has valuation and agency teams that focus on
these business sectors.
Christie Consulting International Hotels, Tourism and Leisure
Provides (to clients with interests in the hotel, tourism,
leisure and healthcare sectors) Advisory Services including
feasibility studies, market trend analysis, operational
reviews and market entry strategy and tactics. With no
geographic limitations, projects include provision of expert
opinion, analysis of under-performing businesses, negotiation
of management agreements and the like.
Quest for Quality
A Quality Assurance Company. It provides externally
accredited quality assurance for the long-term care sector,
and risk assessment through its Performance Evaluation Reports
for banks, local authorities, charitable trusts and business
owners.
Rcc
The Market Leader in the provision of finance and insurance
for the hospitality, healthcare and retail sectors. Business
purchase finance or re-financing are arranged through
committed lines of funds from major financial institutions.
Tailor-made insurance packages are also provided in its
specialist sectors of the market.
Pinders
The UK's Leading Specialist Business Appraisal Company
undertaking valuations in the healthcare, retail, licensed and
leisure sectors.
Information Systems and Services
Venners
A Leading Supplier of stocktaking and inventory services to
the licensed and retail sectors using the latest on-site
technology. This enables immediate investigation by the stock
auditor and branch management of any problems, and provides
valuable data for inclusion in Venners "Vision 2000"
Management Information System which is made available to all
corporate clients for head office use.
Venners Computer Systems
Venners Computer Systems ("VCS") is the Software and Computer
Services arm of Christie Group plc. VCS specialises in the
provision of EPoS systems (including touchscreen, cashless and
loyalty systems) and site management software. Through its
Venners Touch Systems division, VCS provides e-business
solutions, including the design and manufacture of interactive
kiosks, and the creation and touch-enabling of Internet and
Intranet sites. VCS is focused on the retail, hospitality and
leisure markets in the UK, Continental Europe and North
America. Clients include Forte Hotels, Greggs plc, Thornton's
and UCI Worldwide. In September 1999, VCS acquired Vision
Associates, and in March 2000 it announced the acquisition of
Group Timeless SA, a Paris-based retail systems supplier, for
#7.8 million.
END
FR UWOKRROROUAR
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