Interim Results

Christie Group PLC
11 September 2001

                              Christie Group plc

               Interim Results for the six months to 30 June 2001


*         Group turnover up 15% to £21.3m (H1 2000: £18.5m)
*         Operating profit (before goodwill amortisation) increased 110% to 
          £0.73m (H1 2000: £0.35m)
*         Financial services businesses:   RCC Business Mortgages and RCC
          Insurance Brokers re-branded to Christie First
*         Assignments for major blue chip companies during the half include
          advising Nomura on acquisition of 988 pubs from Bass; revaluing The
          Wolverhampton & Dudley Breweries, PLC estate for its defence document 
          and the valuation of Heritage Hotels for its acquisition by Macdonald 
          Hotels from Compass
*         Fashion system, Colombus, gained Rodier, Lulu Castagnette and Guy
          Degrenne Austria as clients


Philip Gwyn, Chairman, commented:

'This half has seen us make progress across our two main business areas.   We
are pleased to have worked for some major blue chip companies during the first
half, including advising Nomura on its acquisition of 988 pubs from Bass.'

Enquiries:

Christie Group               020 7227 0707     David Rugg, Chief Executive
                                               Robert Zenker, Finance Director

Brunswick                    020 7404 5959     Charlotte Elston or Michael
                                                Webster

                                               Website:  www.christiegroup.com

                   Interim Statement: six months to 30 June 2001


I am pleased to report solid progress in the first half.   Compared with the
first half of 2000 Group turnover increased by 15%.   Losses in our
hospitality software business and the startup costs (principally of our three
European offices and retail stocktaking) were halved from last year's levels.
As a result the operating profit before goodwill amortisation increased to £
0.73m (H1 2000: £0.35m).

The Board propose to pay a maintained interim dividend of 1p per share.

Professional Business Services

The division achieved a turnover of £12.1m in the first half, an increase of
9% (H1 2000 £11.0m) and operating profit of £0.62m, an increase of 22% (H1
2000: £0.51m).   Christie & Co continued to be involved in significant
transactions within the sector, including the valuation of Heritage Hotels for
its acquisition by Macdonald Hotels, advising Noble House on the acquisition
of managed estate pubs from Scottish & Newcastle, advising Nomura on the
acquisition of 988 pubs from Bass and revaluing The Wolverhampton & Dudley
Breweries, PLC estate for its defence document issued in July.   Its new
Investment Department sold the property interests operated by Ridgemont
Healthcare from Cinven to Vision Capital.   A number of public house and hotel
disposal programmes have already been launched which indicates increased
agency activity in the second half.

We have re-branded our financial services businesses RCC Business Mortgages
and RCC Insurance Brokers to Christie First.   The Christie brand is supported
by a significant annual marketing spend and is synonymous with the market for
businesses wherever it is used.   We believe this move will lead to wider
recognition and stronger future growth of our financial services businesses.

Pinders' appraisal and consultancy business saw good growth in demand in the
second quarter of the year and this trend continues.


Information Systems and Services

Turnover achieved was £9.2m, up 23% (H1 2000 £7.5m).   This included six
months of turnover from Timeless compared to three and a half months last
year.   Our hospitality solution continues to win clients, supplying its first
system for UGC (formerly Virgin Cinemas).   The UK business has, however,
under-performed against our expectations and this led to management changes in
August of this year.   Stephen Mansfield has left the Group and Derek Fitch, a
Group director, has assumed the responsibility for our UK software operations.

Our fashion system, Columbus, has welcomed Rodier, Lulu Castagnette and Guy
Degrenne Austria as new customers in the period.   We have invested heavily in
the development of the Colombus system so that as the European solution, it
offers all the functionality of the systems offered to the market by North
American providers, but in a localised manner.

We have moved our Research & Development departments at Montpellier in France
to new and larger premises accommodating a development team which has doubled
in size since the comparable period last year.   Our consultants have been
busy with the updating of client systems for the final stage of euro
conversion.   This has cemented relationships with our significant client base
of over 180 corporate users.   As previously reported, the combined business
has been re-branded from Venners Computer Systems to VcsTimeless.   The
Venners name therefore now continues as a pure brand synonymous with stock and
inventory auditing.

The Venners stock auditing business has enjoyed a stable and profitable six
months which we expect to be repeated in the second half.   As envisaged, this
includes the first (H1) profit contribution from our new and growing retail
stock auditing services.

Outlook

We expect euro conversion to drive revenues in our software business in France
for the final quarter.

With interest rates remaining low when compared with the returns available
from investment in the business sectors in which we specialise, we expect the
existing level of volume in the business sales market to continue.   This
bodes well for our Professional Business Services Division.

We continue to progress with our strategy of developing our businesses on a
pan European basis.

Philip Gwyn Chairman
11 September 2001


Consolidated profit and loss account
                                          Notes  Unaudited  Unaudited   Audited
                                                 half year  half year   year to
                                                        to         to    31 Dec
                                                   30 June    30 June      2000
                                                      2001       2000
                                                      £000       £000      £000

Turnover                                      2     21,262     18,502    40,104
Net operating charges                             (20,536)   (18,157)  (38,302)
Exceptional item                                         -          -       500
Goodwill amortisation                                (283)      (185)     (460)

Operating profit                                       443        160     1,842
Net interest                                         (139)       (52)     (146)

Profit on ordinary activities before                   304        108     1,696
taxation
Tax on profit on ordinary activities          4      (229)      (114)     (658)

Profit/(loss) on ordinary activities                    75        (6)     1,038
after taxation
Dividends                                     5      (255)      (264)     (646)

Retained profit/(loss) for the period                (180)      (270)       392

Earnings/(loss) per share - basic             6      0.29p    (0.02p)     4.12p
Earnings per share excluding goodwill         6      1.41p      0.72p     5.94p
amortisation

Earnings/(loss) per share - diluted           6      0.29p    (0.02p)     4.04p
Earnings per share excluding goodwill         6      1.41p      0.72p     5.83p
amortisation


Statement of total recognised gains and losses
                                                 Unaudited  Unaudited   Audited
                                                 half year  half year   year to
                                                        to         to    31 Dec
                                                   30 June    30 June      
                                                      2001       2000      2000
                                                      £000       £000      £000

Profit/(loss) on ordinary activities after              75        (6)     1,038
taxation
Gain/(loss) on foreign currency translation             45       (21)         -

Total recognised gains and losses                      120       (27)     1,038

Consolidated balance sheet
                                                 Unaudited Unaudited   Audited
                                                   30 June   30 June    31 Dec
                                                      2001      2000      2000
                                                      £000      £000      £000
Fixed assets
Tangible assets                                      2,835     3,109     2,992
Intangible assets:
- goodwill                                           5,099     5,837     5,382
- other                                                120       524       171
                                                     8,054     9,470     8,545
Current assets
Stock                                                  394       522       448
Debtors                                             10,084     9,531     9,876
Cash at bank and in hand                             1,732     1,578     2,687
                                                    12,210    11,631    13,011

Creditors - amounts falling due within one         (8,814)   (9,487)   (9,713)
year
Net current assets                                   3,396     2,144     3,298
Total assets less current liabilities               11,450    11,614    11,843
Creditors - amounts falling due after more         (3,014)   (3,743)   (3,274)
than one year
Net assets                                           8,436     7,871     8,569

Capital and reserves
Called up share capital                                509       509       509
Share premium                                        3,698     3,681     3,696
Merger reserve                                       1,896     1,896     1,896
Profit and loss account                              2,333     1,785     2,468

Shareholders' funds - equity interests               8,436     7,871     8,569


Consolidated cash flow statement
                                               Unaudited  Unaudited    Audited
                                               half year  half year    year to
                                                      to         to     31 Dec
                                                 30 June    30 June       2000
                                                    2001       2000
                                                    £000       £000       £000

Net cash inflow from operating activities             69        811      3,491
Returns on investments and servicing of             (70)       (52)      (146)
finance
Taxation paid                                      (123)      (174)    (1,010)
Capital expenditure                                (355)      (549)    (1,039)
Acquisitions                                       (229)    (4,923)    (4,923)
Equity dividends paid                              (382)      (368)      (629)

Cash (outflow)/inflow before financing           (1,090)    (5,255)    (4,256)
Financing                                           (17)      3,463      3,419

(Decrease)/increase in cash in the period        (1,107)    (1,792)      (837)

The amounts recorded as acquisitions and financing for the half year to 30
June 2000 have been restated to exclude the value of the shares issued as part
consideration for the acquisition of Groupe Timeless SA and associated earn
out arrangements. Fair value adjustments were subsequently made to the assets
acquired and included in the audited financial statements to 31 December 2000.


Notes to the interim results


1. Basis of preparation

The unaudited results continue to be prepared in accordance with the
accounting policies set out in the financial statements for the year ended 31
December 2000.

The financial information in this interim report does not constitute statutory
accounts within the meaning of section 240 of the Companies Act 1985.

Statutory accounts for the year ended 31 December 2000, upon which the
auditors gave an unqualified opinion, have been delivered to the Registrar of
Companies.

2. Segmental information

Turnover and operating profit
                           Unaudited          Unaudited           Audited
                          half year to       half year to         year to
                          30 June 2001       30 June 2000       31 Dec 2000
                       Turnover Operating Turnover Operating Turnover Operating
                                   profit             profit             profit
Division                   £000      £000     £000      £000     £000      £000
Professional Business    12,067       619   11,032       509   22,919     2,430
Services
                          
Information Systems       9,195     (176)    7,470     (349)   17,185     (588)
and Services
Total                    21,262       443   18,502       160   40,104     1,842



3. Particulars of employees and staff costs
                                                   Half year Half year  Year to
                                                          to        to   31 Dec
                                                     30 June   30 June     2000
                                                        2001      2000

The average number of people employed by the Group       705       682      669
(including directors)
Their aggregate remuneration (£000)                   10,711     8,886   19,457


4. Taxation

The tax charge for the six months has been based on the estimated effective
tax rate for the year to 31 December 2001 of 39%.


5. Dividend

The dividend of 1p per share will be payable to shareholders on the record on
2 November 2001. The ex-dividend date will be 31 October 2001. The dividend
will be paid on 29 November 2001.


Notes to the interim results (continued)


6. Earnings per share
                                                Half year  Half year    Year to
                                                       to         to     31 Dec
                                                  30 June    30 June       2000
                                                     2001       2000
Earnings per share - basic

Profit attributable to shareholders before            358        179      1,498
goodwill amortisation (£000)
Profit attributable to shareholders after              75        (6)      1,038
goodwill amortisation £000)                    
Average number of ordinary shares of 2p each   25,329,684 24,985,964 25,209,226
in issue during the period

Earnings per share - diluted
Profit attributable to shareholders before            358        179      1,498
goodwill amortisation (£000)
Profit attributable to shareholders after              75        (6)      1,038
goodwill amortisation (£000)
Average number of ordinary shares of 2p each   25,376,127 25,621,249 25,693,929
in issue during the period after allowing for
the exercise of outstanding share options


7. Interim report

Copies of the interim report are available from Christie Group plc, 50
Victoria Street, London SW1H 0NW.


Professional Business Services

Business sales and valuations, quality assurance and improvement, 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.


Quest for Quality
Specialises in providing a full range of consultancy services for the
long-term care industry. Quest for Quality has clients in both the private and
'not-for-profit' sectors. These range from small operators to high-profile
owners of multi-million pound developments.


Pinders Professional & Consultancy Services
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.


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 in leisure and
hospitality (including cinemas, hotels and restaurants) with particular
emphasis on touchscreen and kiosk solutions on a European and international
basis. Designers of web-based management solutions and interactive internet
and public access kiosks.