19th Sep 2013 10:32
LONDON (Alliance News) - Christie Group PLC Thursday reported a loss for the first half, as a number of its divisions suffered from a slow start to the year.
The company, which consists of a portfolio of professional business services for the leisure, retail and care sectors, posted a pretax loss of GBP729,000 for the period ended 30 June, compared with a GBP1.2 million profit a year earlier.
Revenue declined for the period to GBP25.7 million from GBP30.2 million in 2012, attributed to a quiet first quarter. This meant it incurred an operating loss from continuing operations, and before exceptional costs, of GBP0.3 million compared with a GBP1.2 million profit a year ago.
Trading has since pick up, however, and the company remains optimistic for the second half.
In addition, the company's professional business services division experienced a slow start to 2013, in comparison with a period of more buoyant trading in the run-up to the 2012 Olympics.
Christie said it has committed part of the funds raised in its June placing to complete the acquisition of a 75% shareholding in Horizons Europe, which trades as Orridge Inventory Services, and to invest in this business.
Looking ahead the firm said it was concerned about the slowdown in the Eurozone and fragility in these property markets and that it believed the company would recover through its larger UK business.
"We are doing everything within our means to position ourselves to take maximum advantage of the recovery in the UK economy," it said.
Christie said it looked forward to reporting a much improved second half of trading.
The stock was trading at 78.55 pence Thursday, down 2.95 pence or 3.6%.
The board maintained an interim dividend of 0.05 pence per share.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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