2001 Results
Christie Group PLC
11 April 2002
Christie Group plc
Preliminary Results for the year to 31 December 2001
Highlights
• Turnover up 9%
• Trading Profit up 29%
• Both Divisions improve Trading results
• Start-up operations virtually double turnover to £4.3 million
• First full year's profit contribution from Venners Retail stocktaking
• Colombus retail software achieves IBM 'Storeproven' status
• First cinema Internet ticketing system installed
Overview
I am pleased to report an increase in both turnover to £43.8 million (2000 :
£40.1 million) and trading profit to £2.3 million (2000 : £1.8 million).
We propose to maintain our dividend for the year at 2.5p per share.
These results were achieved despite the significant effects on our marketplace
of Foot and Mouth disease and 11 September.
Start-up losses for new business areas (launched in the last three years) fell
to a level of £1.2 million (2000 : £1.8 million) while turnover from these
activities virtually doubled to £4.3 million (2000 : £2.3 million). We
consider the results justify our continuing support for these new ventures.
The three European offices of Christie & Co which are included in our start-up
activities have been engaged in both domestic and cross-border business.
Christie & Co is establishing itself as a pan-European force and we are applying
valuable working knowledge of these and other international markets on a daily
basis, each of which has its own characteristics.
Our hospitality computer business is witnessing an improvement in the cinema
industry to which its fortunes have been closely aligned, whilst in our retail
software business we have invested heavily in its Colombus software in order to
ensure full functionality and localisation for European countries, building on
its successful Latin roots.
Venners, our stock auditing business, enjoyed its first full year profit
contribution from its new retail stocktaking activity.
The Board has been strengthened by the appointments of Michael Likierman as a
non-executive director who has specific European and Retail experience, and Yves
Doukhan, Managing Director of VcsTimeless France, to represent our European
Retail Software business. As reported in my interim statement, Stephen
Mansfield resigned in August last year.
This year we intend to introduce a Save As You Earn Share Scheme in response to
positive feedback from senior members of staff. This scheme, together with
other initiatives, is designed to give our colleagues a financial interest in
the continued success of our business.
I would like to finish by thanking all our staff (some 700 in five countries)
who during the past year have helped move the Group forward.
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
PRELIMINARY STATEMENT OF AUDITED RESULTS
AUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2001
Notes 2001 2000
Restated*
£000 £000
Turnover 1 43,833 40,104
Staff costs (20,771) (19,457)
Other operating charges (20,744) (18,845)
Trading profit 2,318 1,802
Exceptional item 2 (262) 500
Goodwill amortisation (566) (460)
Operating profit 1 1,490 1,842
Net interest (244) (146)
Profit on ordinary activities before tax 1,246 1,696
Tax on profit on ordinary activities 3 (891) (332)
Profit on ordinary activities after tax 355 1,364
Dividends 4 (637) (646)
Retained (deficit)/profit for the year (282) 718
Earnings per share 5
- basic 1.39p 5.41p
- adjusted basic before goodwill and
exceptional items (net of tax) 4.34p 5.85p
- adjusted basic before goodwill and
exceptional items (net of tax) pre FRS19 4.34p 4.55p
Earnings per share - diluted 1.39p 5.31p
All amounts derive from continuing activities.
* The results for 2000 have been restated in accordance with the introduction of
FRS19 (Accounting for Deferred Taxation).
AUDITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 DECEMBER 2001
2001 2000
Restated
£000 £000
Profit on ordinary activities after taxation 355 1,364
Gain on foreign currency translation 13 -
Total recognised gains and losses relating to the year 368 1,364
Prior year adjustment 326
Total recognised gains and losses since last year's report and financial
statements 694
AUDITED CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2001
2001 2000
Restated
£000 £000
Fixed assets
Tangible assets 2,568 2,992
Intangible assets 4,954 5,553
7,522 8,545
Current assets
Stock 347 448
Debtors - due within one year 11,623 9,876
- due after one year 324 326
Cash at bank and in hand 2,226 2,687
14,520 13,337
Creditors - amounts falling due within one year (9,670) (9,713)
Net current assets 4,850 3,624
Total assets less current liabilities 12,372 12,169
Creditors - amounts falling due after more than one year (3,736) (3,274)
Net assets 8,636 8,895
Capital and reserves
Called up share capital 510 509
Share premium 3,705 3,696
Merger reserve 1,896 1,896
Profit and loss account 2,525 2,794
Shareholders' funds - equity interests 8,636 8,895
AUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2001
2001 2000
£000 £000
Net cash inflow from operating activities 2,692 3,491
Returns on investments and servicing of finance (254) (146)
Taxation paid (1,164) (1,010)
Capital expenditure (827) (1,039)
Acquisition (229) (4,923)
Equity dividends paid (637) (629)
Cash outflow before financing (419) (4,256)
Financing 9 3,419
Decrease in cash in the year (410) (837)
Notes to the preliminary statement of audited results:
1. Segmental Information
2001 2001 2001 2000 2000 2000
Turnover Operating Net assets Turnover Operating Net assets
Profit/(loss) £000 Profit/(loss) Restated
£000 £000 £000 £000 £000
Professional Business 25,182 2,104 3,461 22,919 2,430* 4,495
Services
Information Systems and 18,651 (614)** 3,131 17,185 (588) 1,152
Services
Total 43,833 1,490 6,592 40,104 1,842 5,647
Cash 2,226 2,687
Dividends proposed (382) (378)
Other 200 939
Net assets 8,636 8,895
* Includes an exceptional gain of £500,000
** Includes an exceptional cost of £262,000
2. Exceptional item
2001 2000
£000 £000
Reorganisation costs 262 -
Amounts accrued in prior years no longer required - (500)
Total exceptional item 262 (500)
3. Tax on profit on ordinary activities
2001 2000
Restated
£000 £000
UK and foreign tax 755 836
Adjustments in respect of prior years 134 (178)
Total current tax 889 658
Deferred tax 2 (326)
Total tax on profit on ordinary activities 891 332
Comparatives have been restated to comply with FRS19. The full benefit of the
deferred tax asset on the introduction of this standard has been credited in the
restated figures for 2000.
4. Dividend
A final dividend of 1.5p (2000 - 1.5p) per Ordinary Share has been proposed,
which is in addition to the interim dividend of 1.0p (2000 - 1.0p). The
ex-dividend date is 22 May, the record date 24 May and the date payable 21 June
2002.
5. Earnings per Share
2001 2000
Restated
Earnings per share basic
Profit attributable to shareholders - £000 355 1,364
Average number of ordinary shares of 2p each in issue during the year
25,471,510 25,209,226
Earnings per share -
adjusted basic before goodwill and exceptional items (net of tax)
Profit attributable to shareholders before goodwill and exceptional items (net
of tax) - £000 1,104 1,474
Average number of ordinary shares of 2p each in issue during the year
25,471,510 25,209,226
Earnings per share -
adjusted basic before goodwill and exceptional items (net of tax) pre FRS19
Profit attributable to shareholders before goodwill and exceptional items (net
of tax) pre FRS 19 - £000 1,106 1,148
Average number of ordinary shares of 2p each in issue during the year
25,471,510 25,209,226
Earnings per share basic- fully diluted
Profit attributable to shareholders - £000 355 1,364
Average number of ordinary shares of 2p each in issue during the year after
allowing for the exercise of outstanding share options
25,471,510 25,693,929
6. The financial information set out above does not comprise
the Company's statutory accounts. The Company's auditors have given an
unqualified opinion on the accounts for the year ended 31 December 2001 which
will be delivered to the Registrar of Companies following the Annual General
Meeting. The results for the period ended 31 December 2000 have 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.
7. 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 Thursday 13 June 2002 at:
50 Victoria Street
London, SW1H 0NW
Christie Group plc
Professional Business Services
Business sales and valuations, quality assurance and improvements, financial
services.
Christie & Co
The leading firm of independent 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 and
agency teams focused on its key sectors.
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.
Pinders
The UK's leading independent specialist business appraisal company, undertaking
valuations, consultancy and professional services for a broad range of clients
in the leisure, care and retail sectors.
Quest for Quality
Specialises in providing a full range of consultancy services for the long-term
care industry. Quest for Quality has contracts with clients in both the private
and 'not-for-profit' sectors.
Information Systems and Services
EPoS and head office systems, stock and inventory control.
Venners
Leading supplier of stocktaking and inventory services to the hospitality 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.
VcsTimeless
Specialists in enterprise (ERP) management and EPoS systems in retail (including
fashion, sports and speciality sectors) and leisure and hospitality (including
cinemas, hotels and restaurants) with particular emphasis on touchscreen and
kiosk solutions on a national and international basis. Designers of web-based
management solutions.
******
This information is provided by RNS
The company news service from the London Stock Exchange