Christie Group beats forecasts but warns of uncertainty in 2016

Christie Group, which provides professional business services to the leisure, retail and care sectors, grew sales 9% last year but said 2016 had started "quietly".

For calendar 2015, revenues grew to £63.7m and while broadly stable margins meant operating profit was slightly above flat at £3.8m, higher pension scheme costs saw pre-tax profits fall 6% to £3.16m.

The professional business services are contributed grew sales by 9% but the stock and inventory services unit suffered in the weak market for UK retail stocktaking.

Thanks to lower taxation, earnings per share increased 4% to 9.73p.

Directors recommended a flat final dividend of 1.5p per share, lifting the total payout 11% to 2.50p compared to last year.

Chief executive David Rugg said the expanded team, range of services and investment in systems meant it was "soundly based for the future".

However, he added: "The year started quietly but has begun to gather pace with the spring. Our pipeline of pending deals in progress continues to grow."

Though the retail sector was tough in 2015, the company said the trend for physical retailers to move to a click-and-collect model was stimulating growth in the retail stocktaking supply chain division.

"In the long-term this presents clear opportunities. Cohesive, well-ordered supply chains are critical for bricks and clicks retailers."

Rugg said 2016 results were likely to be weighted to the second half but he remained optimistic of the outcome.

Broker Panmure Gordon said the 2016 softness led it to reduce PBT forecasts by circa 7% to £4.2m and does not forecast a return to modest profitability for the stock and inventory services business until 2017.

However, analysts believe the current 25% discount to the wider market is unwarranted.