RNS Number:5655J
Christie Group PLC
03 April 2003
CHRISTIE GROUP PLC
PRELIMINARY RESULTS FOR THE YEAR TO 31 DECEMBER 2002
HIGHLIGHTS
* Pre-tax profits up 57% to #1.95 million (2001: #1.25 million)
* Turnover increased by 6% to #46.5 million (2001: #43.8 million)
* eps more than doubles to 3.06p (2001: 1.39p)
* Christie & Co records its highest level of business sales activity
for a decade
* The acquisition of Orridge added 156 years' stocktaking experience to
our growing portfolio of services and gives the Group a stocktaking
foothold in mainland Europe
* VcsTimeless Hospitality software solutions introduces its
computerised admissions system for theme parks and visitor attractions
* Over 40 new contracts for VcsTimeless Retail software
***
Chairman's Statement
I can report another year of progress. Pre-tax profits at #1.95 million were
an increase of 57% on prior year with turnover increased by 6% to # 46.5
million. Losses in our new business areas, namely our European Agency
operations and our software solutions business, mask the fact that our
established businesses collectively achieved record profits.
The Board recommends a maintained final dividend for the year of 1.5p (2001:
1.5p).
As shareholders are aware, it is our strategy to extend our activities, either
in geographical or product terms, in order to achieve a satisfactory level of
long-term growth. We continue to believe these aims are justified.
At the year end, we purchased the stocktaking business of Orridge & Co, which,
as the largest UK retail stocktaker, complements our Venners' licensed trade
stocktaking business and gives us the most substantial UK businesses in these
areas. It also brings with it a profitable European operation based in
Brussels.
The Group now has substantial platforms in stocktaking, information technology
and business agency, together with its associated professional and financial
skills, all of which are capable of further development.
Since August 2001 we have undertaken substantial management reorganisations in
both the Hospitality and Retail software solutions businesses. These moves are
already showing benefits and the Retail business has returned to profit in the
first periods of 2003.
After adding the Orridge acquisition, the Group now has sales running at an
annualised rate in excess of #55 million and more than 1,000 full-time
employees. This has been achieved from a level of #17 million in March 1996 and
represents a 19% per annum cumulative growth rate over that near seven-year
period. Our gearing remains at a relatively modest 13%. This growth has been
achieved largely from our own resources and the net increase in issued share
capital over that entire period (mainly through the exercise of staff share
options) has amounted to only 4%.
During the year we used #236,000 of shareholders' funds to buy in shares in the
market and advanced #278,000 to a newly formed Employee Share Option Scheme to
enable it to purchase 617,500 shares.
I would like to thank all our staff who have contributed so much during this
period of growth. I would also like to thank Amanda Street who retires as a
non-executive director after the expiry of her three-year term.
Prospects
Given that market conditions do not deteriorate, we expect to continue our good
progress during the current financial year.
PRELIMINARY STATEMENT OF AUDITED RESULTS
AUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2002
Notes Continuing Acquisition 2002 2001
#000 #000 #000 #000
Turnover 1 46,425 48 46,473 43,833
Staff costs (23,766) (99) (23,865) (20,771)
Other operating charges (19,937) (57) (19,994) (20,744)
Trading profit/(loss) 2,722 (108) 2,614 2,318
Exceptional item 2 - - - (262)
Goodwill amortisation (566)
(495) (2) (497)
Operating profit/(loss) 1 2,227 (110) 2,117 1,490
Finance charges net (164) - (164) (244)
Profit/(loss) on ordinary activities before
tax 2,063 (110) 1,953 1,246
Tax on profit on ordinary activities (1,182) (891)
Profit on ordinary activities after tax 771 355
Dividends paid and proposed 3 (625) (637)
Retained profit /(loss) for the year 146 (282)
Earnings per share 4 3.06p 1.39p
Earnings per share - fully diluted 4 3.08p 1.39p
All amounts derive from continuing activities.
AUDITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 DECEMBER 2002
2002 2001
#000 #000
Profit on ordinary activities after taxation 771 355
(Loss)/gain on foreign currency translation (146) 13
Total recognised gains and losses relating to the year 625 368
Prior year adjustment - 326
Total recognised gains and losses since last year's report and financial statements 625 694
AUDITED CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2002
2002 2001
#000 #000
Fixed assets
Tangible assets 2,749 2,568
Intangible assets 4,678 4,954
7,427 7,522
Current assets
Stock 336 347
Debtors - due within one year 10,148 11,623
- due after one year 283 324
Cash at bank and in hand 3,051 2,226
13,818 14,520
Creditors - amounts falling due within one year (10,098) (9,670)
Net current assets 3,720 4,850
Total assets less current liabilities 11,147 12,372
Creditors - amounts falling due after more than one year (3,687) (3,736)
Net assets 7,460 8,636
Capital and reserves
Called up share capital 490 510
Share premium 3,718 3,705
Merger reserve 945 1,896
Capital redemption reserve 10 -
Profit and loss account 2,289 2,525
Shareholders' funds - equity interests 7,452 8,636
Minority interest 8 -
7,460 8,636
AUDITED CONSOLIDATED CASHFLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2002
2002 2001
#000 #000
Net cash inflow from operating activities 4,309 2,692
Returns on investments and servicing of finance (216) (254)
Taxation paid (687) (1,164)
Capital expenditure (892) (827)
Acquisitions (569) (229)
Equity dividends paid (633) (637)
Cash inflow/(outflow) before financing 1,312 (419)
Financing (521) 9
Increase/(decrease) in cash in the year 791 (410)
Notes to the preliminary statement of audited results:
1. Segmental information
2002 2002 2002 2001 2001 2001
Turnover Operating Net assets Turnover Operating Net
Profit/(loss) Profit/(loss) assets
#000 #000 #000 #000 #000 #000
Professional Business 28,246 2,653 1,997 25,182 2,104 3,461
Services
Information Systems and 18,227 (536) 1,625 18,651 (614) 3,131
Services
Total 46,473 2,117 3,622 43,833 1,490 6,592
Cash 3,051 2,226
Dividends proposed (368) (382)
Other 1,155 200
Net assets 7,460 8,636
2. Exceptional item
2002 2001
#000 #000
Reorganisation costs - 262
3. Dividend
A final dividend of 1.5p (2001: 1.5p) per Ordinary Share has been proposed,
which is in addition to the interim dividend of 1.0p (2001: 1.0p). The
ex-dividend date is 21 May, the record date 23 May and the date payable 20
June 2003.
4. Earnings per share
2002 2001
Earnings per share
Profit attributable to shareholders - #000 771 355
Average number of ordinary shares of 2p each in issue during the year 25,222,173 25,471,510
Earnings per share - fully diluted
Profit attributable to shareholders - #000 771 355
Average number of ordinary shares of 2p each in issue during the year after 25,014,319 25,408,793
allowing for the exercise of outstanding share options
5. The financial information does not constitute the statutory accounts of the
Company as defined by section 240 of the Companies Act 1985. It is an
extract from the accounts for the year ended 31 December 2002, which have
not yet been filed with the Registrar of Companies. The auditors' report
was unqualified. The auditors' report does not contain a statement under
either Section 237(2) or (3) of the Companies Act 1985. The group's
auditors have reported on the accounts as required by Section 235 of the
Companies Act 1985.
The financial information in respect of the year ended 31 December 2001 has
been abridged from the published group accounts for which an unqualified
audit report was issued and did not contain any statements under Section
237(2) or (3) of the Companies Act 1985 and which have been filed with the
Registrar of Companies.
6. The Report and Accounts are scheduled to be posted to shareholders in early
May. The Annual General Meeting of the Company is scheduled to take place
at 10.00 am on Wednesday 18 June 2003 at:
50 Victoria Street
London, SW1H 0NW
Enquiries:
Christie Group 020 7227 0707 Philip Gwyn, Chairman
David Rugg, Chief Executive
Robert Zenker, Finance Director
Brunswick 020 7404 5959 Charlotte Elston or Michael Webster
Web site www.christiegroup.com
CHRISTIE GROUP PLC
Professional Business Services
Business sales and valuations, consultancy, financial services
Christie & Co
The leading firm of surveyors, valuers and agents specialising in the leisure,
care and retail sectors. International operations based in London, Paris,
Frankfurt and Barcelona. Offices throughout the UK with valuation, agency,
development and investment teams focused on its key sectors.
Web site: www.christie.com
Christie First
The market leader in finance and insurance for the leisure, care and retail
sectors. Services include finance for business purchase or re-financing arranged
in conjunction with major financial institutions, and tailored insurance
schemes.
Web site: www.christiefirst.com
Pinders
The UK's leading independent specialist business appraisal company, undertaking
valuations, consultancy, building surveying, project management and professional
services for a broad range of clients in the leisure, care and retail sectors.
Web sites: www.pinders.co.uk and www.pinderpack.com
Information Systems and Services
EPoS and head office systems, stock and inventory control
Orridge
Europe's oldest stocktaking company focused on the high street retail sector,
and having a specialist pharmacy stocktaking division. Providing a full range of
stocktaking and inventory management solutions in all operational environments
for a wide range of clients throughout the UK and Europe.
Web site: www.orridge.co.uk
VcsTimeless (Hospitality)
Specialists in software for leisure and hospitality (including cinemas, hotels
and restaurants) with particular emphasis on providing touchscreen and kiosk
solutions to customers internationally. Solutions include EPoS, stock control,
back office, head office and ticketing software.
Web site: www.vcstimeless.com
VcsTimeless (Retail)
Leading specialist in integrated software solutions and professional services
for the retail industry (including fashion, sports and home improvement).
Dedicated to single and multi-channel retailers, solutions include
manufacturing, head-office, in-store and retail business intelligence software.
Web site: www.vcstimeless.com
Venners
Leading supplier of stocktaking and inventory services in the leisure and retail
sectors. Proprietary software and up-to-date technology enables on-site problem
investigation and direct provision of data to clients' management information
systems.
Web site: www.venners.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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