Christie Group turns out operating profit in second half

Professional and financial services company Christie Group updated the market on its trading on Thursday, reporting that after a period of stronger trading and increased revenue, it would have generated an operating profit, after restructuring costs, for the second half of 2020.

The AIM-traded firm said that, after the successful reorganisation of two of its trading businesses, it had entered 2021 with the benefit of lower operating costs.

It said its licensed stocktaking business Venners was currently supressed due to the governments' closure of the hospitality sector, although staff were on furlough pending the reopening of hospitality.

Its agency and advisory practice, Christie & Co, was currently experiencing an increase in demand from insolvency practitioners as business buyer demand remained strong.

“In view of the current lockdowns in the UK and Europe, we envisage our trading for 2021 will be weighted to the second half,” the board said in its statement.

“Our closing cash position is ahead of expectation and we remain well resourced.”

At 1252 GMT, shares in Christie Group were up 12.64% at 98p.