31st Mar 2015 11:53
LONDON (Alliance News) - Christie Group PLC Tuesday said it looks "forward to continued growth for 2015"as it posted a rise in pretax profit in 2014, although it flagged up inevitable disruption to markets from the upcoming UK general election.
Christie posted a pretax profit of GBP3.4 million, up from GBP541,000 in 2013, as revenue rose to GBP61.0 million from GBP54.2 million, although this was somewhat offset by a rise in employee benefit expenses to GBP40.3 million from GBP36.1 million.
The business services provider proposed a final dividend of 1.5 pence per share, taking its total dividend to 2.25 pence, up from 1.5 pence a year before.
Christie attributed its revenue growth to a "resurgence in corporate transactional activity and related advice." In its stock and inventory systems and services business revenue rose 7.4%, bolstered by an acquisition it made in late 2013.
In its professional business services division revenue rose 17.5%, as it saw average business values and commissions increase. It said its Germanic and Scandinavian markets are sound and it is seeing a recovery in Spain, whilst France continues to be more difficult. However, the relative weakness of the euro is likely to encourage further international investment in eurozone assets, Christie said, which it should benefit from.
"We have worked hard to benefit from the economic recovery. Our adaptability has been key. We are growing revenue, have increased profitability and strengthened earnings. We continue our European expansion," said Chief Executive David Rugg in a statement.
Shares in Christie are trading down 2.6% at 148.00 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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