29th Apr 2014 10:23
LONDON (Alliance News) - Christie Group PLC Tuesday said it will swing to a profit in the first half of 2014 and it expects its results for the year as a whole to be substantially ahead of current market forecasts after progress in the merger and acquisition mandates it flagged last month moved quicker than expected.
The company provides business services for the leisure, retail and care sectors like surveying, insurance, finance, consultancy and business software. It also has a stock and inventory systems and services unit.
When it released its 2013 results at the end of March, it had said its corporate teams went into 2014 with more signed merger and acquisition mandates than ever before.
"The board is pleased to report that progress in these assignments has been quicker than had been anticipated. Trading since the start of the year across all of Christie Group's operations is in aggregate above or in line with management's expectations," the company said in its statement Tuesday.
It said that its results for the first half will be positive, compared with the GBP300,000 loss it made in the first half of 2013, although it didn't say which profit measure it was referring to. Christie had reported an operating loss before exceptional items of GBP273,000 in the first half of 2013.
"Assuming no materially adverse economic changes or political unrest in our core markets, the board believes that results for the year to 31 December 2014 will be substantially ahead of the current market forecast," it added.
Charles Stanley Securities is currently forecasting that Christie Group will report a 2014 pretax profit of GBP1.90 million, according to Morningstar. It reported a pretax profit from continuing operations of GBP541,000 in 2013.
Christie Group shares were up 18.2% at 113.50 pence Tuesday morning, the third-biggest increase on AIM.
By Steve McGrath; [email protected]; @stevemcgrath1
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