Christie Group swings to first-half loss

Business services and systems provider Christie Group announced its interim results for the six months ended 30 June on Monday, with revenue for the first half marginally lower than prior year at £31.6m, from £31.7m.

The AIM-traded firm made an operating loss of £0.9m, swinging from a £1.7m profit a year ago, with a loss per share of 4.95p per share.

Its board said it expects a stronger and profitable second half, and it maintained the interim dividend at 1.0p per share.

UK transactional pipelines at end of the first half were up 19% on the same time last year, and the company reported strong European hotel transaction activity.

Christie Finance's pipeline of loan transactions has grown by almost 50% on a year ago, while the average loan value arranged for clients has increased by 9%.

The impact of the living wage on UK retail stocktaking operations was offset by successful fee negotiations, and Christie & Co was recognised as a ‘Superbrand’ within the real estate sector.

“After a difficult first half in the run up to the EU referendum, progress has resumed,” said chief executive David Rugg.

“We have stepped up the margin in our stocktaking division and are seeing increased activity in our transactional business.

“We look forward to a stronger finish to the year.”