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Christie shares fall following full-year profit warning

13th Oct 2023 12:23

(Alliance News) - Christie Group PLC shares were down on Friday, after it is issued a profit warning.

Christie is a London-based financial, inventory and systems services provider. Its shares were down 6.0% to 94.00 pence each in London on Friday around midday.

The company reported a return of more normalised levels of exchange and invoicing activity in its agency and advisory business, Christie & Co, following the end of the summer period.

It noted that transactional pipelines have recovered to "far stronger levels" than were seen during the first half. The company added that this improved level is anticipated to continue for the remainder of the year.

"However, while the business has seen a good recovery in invoicing, there continues to be unpredictability in the precise dates of transactions as has been reported in previous announcements," Christie warned.

Based on this, the company now believes some transactions scheduled to complete during 2023 are likely to be delayed into 2024.

Therefore, Christie now anticipates that the second half performance is likely to result in a full year operating profit before exceptional items between zero and GBP1.0 million. At best, this would represent a 82% fall from GBP5.5 million a year ago.

By Sophie Rose, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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