4th Feb 2021 11:24
(Alliance News) - Shares in Christie Group PLC surged on Thursday after it said it expects to report an operating profit for the second half of 2020, after restructuring costs.
Shares in the professional services firm were trading 13% higher at 98.00 pence each on Thursday morning in London.
Christie credited its performance to stronger trading and increased revenue, adding that after the reorganisation of two of its trading businesses, it has entered 2021 with the benefit of lower operating costs.
In 2019, the London-based company posted pretax profit of GBP4.4 million on revenue of GBP78.0 million. For the first half of 2020, it posted a pretax loss of GBP6.0 million and revenue of GBP18.8 million.
Christie noted that as a result of current lockdowns in UK & Europe, its expects trading for 2021 to be weighted to the second half.
"The board of Christie Group is pleased to announce that following a period of stronger trading and increased revenue it will (subject to forthcoming audit) have generated an operating profit, after restructuring costs, for the second half of the year ended 31st December 2020," the company said.
Christie's stocktaking business Venners is currently suppressed due to the closure of the hospitality sector. Staff at the unit are on furlough pending the re-opening of hospitality.
However, it said its Agency & Advisory practice Christie & Co is currently experiencing an increase in demand from insolvency practitioners and business buyer demand has remained "very strong".
By Ife Taiwo; [email protected]
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