18th Sep 2024 14:30
(Alliance News) - Christie Group PLC on Wednesday reported a "relatively robust" first half to 2024, but reduced full-year profit expectations as transactional processes slowed down.
The London-based provider of professional services for customers in hospitality, leisure, healthcare, medical, childcare, education and retail said it expects to report an operating loss of GBP600,000 for the six-month period ended June 30, narrowed from GBP1.4 million at the same time last year.
Christie said: "This first-half operating loss is principally a result of weak invoicing in its international brokerage operations as previously announced, and insufficient growth in its visitor attraction software business."
It anticipates "far more positive" invoicing levels in the second half of 2024.
Investment into building and retaining a team to support future growth has boosted transactional pipelines across its brokerage business, but completion of these transactions has been slower than anticipated, the company said. However, it added that the volume of the business and continued enquiry levels remain "encouraging".
Christie also said on Wednesday it had received confirmation that a "significant" mandate intended to conclude in the third quarter of 2024 within its agency and advisory business has been cancelled at an advanced stage, with the vendor having no current plans to pursue a sale elsewhere.
The group said it expects full-year revenue to be "at a level which is at least 95% of previous expectations". However, Christie reduced its full-year operating profit expectations to between GBP500,000 and GBP1.0 million.
Shares in Christie Group were down 11% at 97.98 pence each in London on Wednesday afternoon.
The company expects to issue its interim results on September 30.
By Emily Parsons, Alliance News reporter
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