RNS Number:5808B
Christie Group PLC
4 April 2001
Christie Group plc
Preliminary Results for the year to 31 December 2000
- Progress on strategic aims and increased organic growth investment
despite weaker technology market
- Continued European expansion, with Spanish office opened
- Stronger second half with new business wins
- Continued advances with online initiatives
- Dividend maintained
Overview
The year 2000 saw the Group make progress in its strategic aims, and although
profits were affected by weaker demand for technology services, there was
increased investment for future organic growth. The Group's second half
performance was substantially better than the first.
Turnover for the year was #40.1 million, up from #35.2 million in 1999,
including 41 weeks' contribution from new acquisitions of #6.3 million.
Operating profits were #1.8 million (1999 - #3.4 million). Losses included in
the above relating to the start-up of new activities (including the three
overseas Christie & Co offices opened from 1998 onwards) increased from #0.4
million in 1999 to #1.8 million in 2000, on a turnover increasing from #1.8
million in 1999 to #2.3 million, leaving established businesses before
start-up losses at #3.6 million operating profit against #3.8 million in 1999.
Our expectation is that losses from these new activities for 2001 will be
significantly lower.
We have continued to grow the Group and to fulfil our international ambitions
through the acquisition of a Paris based IT company, Groupe Timeless SA, and
the continued opening of European business agency offices. Substantial
strategic progress was achieved in the development of new complementary
services and products across the leisure, retail and care sectors, and the
profitable use of our own branded websites.
The directors propose an unchanged final dividend of 1.5p (1999 - 1.5p)
bringing the dividend for the year to 2.5p (1999 - 2.5p) per share.
We continue to attract a very high calibre of staff and benefit from their
skills and enthusiasm.
Outlook
The year to date has seen performance across all business segments ahead of
last year. However, we are mindful of issues currently facing the UK's rural
economy, and of reported slowness affecting both overseas and domestic
tourism, which could yet have an impact on the outcome for the year.
PRELIMINARY STATEMENT OF UNAUDITED RESULTS
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2000
Notes Continuing Acquisition 2000 1999
Total
#000 #000 #000 #000
Turnover 1 33,846 6,258 40,104 35,161
Staff costs (16,728) (2,729) (19,457) (14,625)
(15,784) (3,061) (18,845) (17,092)
Other operating charges 2 500 - 500 -
Exceptional item - (460) (460) -
Goodwill amortisation
Operating profit 1 1,834 8 1,842 3,444
Net interest (147) 1 (146) 53
Profit on ordinary 1,687 9 1,696 3,497
activities before tax
Tax on profit on ordinary (658) (1,218)
activities
Profit on ordinary 1,038 2,279
activities after tax
Dividends 3 (646) (608)
Retained profit for the 392 1,671
year
Earnings per share 4 4.12p 9.42p
Earnings per share - 4 4.04p 9.28p
fully diluted
All amounts derive from continuing activities.
UNAUDITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 DECEMBER 2000
2000 1999
#000 #000
Profit on ordinary activities after taxation 1,038 2,279
Gain on foreign currency translation - 14
Total recognised gains and losses relating to the year 1,038 2,293
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2000
2000 1999
#000 #000
Fixed assets
Tangible assets 2,992 2,778
Intangible assets 5,553 247
8,545 3,025
Current assets
Stock 448 207
Debtors 9,876 7,785
Cash at bank and in hand 2,687 3,318
13,011 11,310
Creditors - amounts falling due within one year (9,713) (7,969)
Net current assets 3,298 3,341
Total assets less current liabilities 11,843 6,366
Creditors - amounts falling due after more than one year (3,274) (150)
Net assets 8,569 6,216
Capital and Reserves
Called up share capital 509 487
Share premium 3,696 3,653
Merger reserve 1,896 -
Profit and loss account 2,468 2,076
Shareholders' funds - equity interests 8,569 6,216
UNAUDITED CONSOLIDATED CASHFLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2000
2000 1999
#000 #000
Net cash inflow from operating activities 3,490 4,273
Returns on investments and servicing of finance (146) 53
Taxation paid (1,010) (1,240)
Capital expenditure (1,039) (1,094)
Acquisitions (4,923) (331)
Equity dividends paid (629) (601)
Cash(outflow)/inflow before financing (4,257) 1,060
Financing 3,420 (158)
(Decrease)/increase in cash in the year (837) 902
Notes to the preliminary statement of unaudited results:
1. Segmental Information
2000 2000 2000 1999 1999 1999
Turnover Operating Net Turnover Operating Net
Profit/ assets Profit assets
(loss)
#000 #000 #000 #000 #000 #000
Professional Business 22,919 2,430 4,395 23,275 2,587 1,953
Services
Information Systems and 17,185 (588) 1,087 11,886 857 1,789
Services
Total 40,104 1,842 5,482 35,161 3,444 3,742
Cash 2,687 3,318
Dividends proposed (378) (365)
Other 778 (479)
Net assets 8,569 6,216
The turnover of Information Systems Services for the year ended 31 December
2000 includes #6,258,000 in respect of Groupe Timeless SA. Groupe Timeless SA
contributed #468,000 to operating profit before goodwill amortisation.
2. Exceptional Item
The exceptional item represents amounts accrued in prior years no longer
required.
3. Dividend
A final dividend of 1.5p (1999 - 1.5p) per Ordinary Share has been
proposed, which is in addition to the interim dividend of 1.0p (1999 -
1.0p). The ex-dividend date is 16 May, the record date 18 May and the
date payable 15 June 2001.
4. Earnings per Share
2000 1999
Earnings per Share
Profit attributable to shareholders - #000 1,038 2,279
Average number of ordinary shares of 2p each 25,209,226 24,195,511
in issue during the year
Earnings per Share - fully diluted
Profit attributable to shareholders - #000 1,038 2,279
Average number of ordinary shares of 2p each
in issue during the year after allowing for
the exercise of outstanding share options 25,693,929 24,558,493
5. 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 2000 nor have such accounts
been delivered to the Registrar of Companies. The results for the
period ended 31 December 1999 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.
6. 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 7June 2001 at:
50 Victoria Street
London, SW1H 0NW
Enquiries:
Christie Group 020 7227 0707 Philip Gwyn, Chairman
David Rugg, Chief Executive
Robert Zenker, Finance Director
Brunswick 020 7404 5959 Charlotte Elston or Michael Webster
Web site www.christiegroup.com
Christie Group plc
Professional Business Services
Business sales and valuations, quality assurance and improvements, financial
services:
Christie & Co
The leading firm of independent surveyors, valuers and agents specialising in
the leisure, care and retail sectors. International operations based in
London, Paris, Frankfurt and Barcelona. Offices throughout the UK with
valuation and agency teams focused on its key sectors.
Pinders Professional & Consultancy Services
The UK's leading independent specialist business appraisal company,
undertaking valuations, consultancy and professional services for a broad
range of clients in the leisure, care and retail sectors.
Quest for Quality
Specialises in providing a full range of consultancy services for the
long-term care industry. Quest for Quality has contracts with clients in both
the private and "not-for-profit" sectors. These range from small operators to
high-profile owners of multi-million pound developments.
RCC
The market leader in finance and insurance for the leisure, care and retail
sectors. Services include finance for business purchase or re-financing
arranged in conjunction with major financial institutions, and tailored
insurance schemes.
Information Systems and Services
EPoS and head office systems, stock and inventory control:
Venners
Leading supplier of stocktaking and inventory services to the hospitality and
retail sectors. Proprietary software and up-to-date technology enables on-site
problem investigation and direct provision of data to clients' management
information systems.
VCS Timeless
Specialists in enterprise (ERP) management and EPoS systems in retail
(including fashion, sports and speciality sectors) and leisure and hospitality
(including cinemas, hotels and restaurants) with particular emphasis on
touchscreen and kiosk solutions on a national and international basis.
Designers of web-based management solutions.
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