30th Sep 2019 09:30
(Alliance News) - Professional services firm Christie Group PLC held its dividend on Monday despite profit falling on rising employee costs, with revenue remaining broadly flat.
For the six months ended June, pretax profit halved to GBP891,000 from GBP1.8 million the year prior. This was after revenue slipped marginally to GBP38.1 million from GBP38.4 million the year before.
Profit performance was hurt by a sharp rise in employee benefit expenses to GBP27.2 million from GBP26.2 million the year prior, as well as finance costs rising to GBP624,000 from GBP220,000 the year before.
Employee costs were "related to success fees on a number of transactions" which are "weighted to the second half" but with benefits paid in the current period, Christie Chair & Chief Executive Officer David Rugg said
"Increased investment opportunities in our mid-market 'alternatives' business sectors is fuelling demand for our portfolio of services," Rugg added.
Christie's proposed a 1.25 pence per share interim dividend, unchanged on the year prior.
"Whilst overall business activity has proved encouraging, we have adopted a cautious approach to UK hiring whilst we await some certainty as to the political outcome," Rugg added.
Shares in Christie were 2.4% lower at 101.02 pence in London on Monday.
By Ahren Lester; [email protected]
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