15th Jun 2016 09:56
LONDON (Alliance News) - Christie Group PLC on Wednesday said it anticipates an acceleration of billable activity after the UK's European Union referendum is out the way, which will result in full-year profitability in 2016.
Christie Group, which provides professional business and stock & inventory systems services to the leisure, retail and care markets, reiterated in a statement released after its annual general meeting that it still expects to record a first-half loss following a quiet start to 2016, despite gathering pace in the spring.
However, it expects things to pick up after the EU Referendum.
Christie Group said its retail stocktaking business Orridge has largely completed its UK fee negotiations following the introduction of the National Living Wage, which has resulted in increased fees but also changes in working practices which should enable the business to trade profitably over the next year.
Pharmacy stocktaking and delivery check work continue profitably, Christie Group said, while the hospitality stocktaking business Venners achieved growth through greater local business penetration aided by the appointment of additional area managers.
Online revenue has been increased at visitor attraction systems provider Vennersys after working with Tesco PLC's loyalty scheme Tesco Clubcard to enable Clubcard attractions to issue admission tickets electronically, Christie Group added.
Meanwhile, in professional business services, Christie Group said its international operations have "enjoyed improving markets" as it added four new websites to cover France, Spain, Germany and Austria.
Christie Finance, Christie Insurance and business appraisal practice Pinders are also progressing well, Christie Group said.
"In the UK, the pre-EU referendum build-up of transactional deals in our pipeline across our business sectors, whilst currently depressing revenue, implies that prospects for the year as a whole remain positive. We anticipate that our second half revenues will increase significantly over our first half run rate as this pipeline crystallises on either current or renegotiated terms," Chairman Philip Gwyn said in a statement.
"In summary, our pipeline of transactions and current preparations for assignments across the Group leads us to expect growing revenues for our second half and a profitable and rewarding year for shareholders," he added.
Shares in Christie Group were untraded on Wednesday, last quoted at 100.30 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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