Interim Results

Christie Group PLC 08 September 2006 CHRISTIE GROUP PLC 8 SEPTEMBER 2006 Interim Results for the six months ended 30 June 2006 Christie Group, a leading business services and software group, today announces its interim results for the six months ended 30 June 2006. Highlights â€¢ Turnover up 16% to Â£45.0 million (2005: Â£38.9 million). â€¢ Group operating profit up 40% to Â£3.1 million (2005: Â£2.2 million), reflecting a strong performance by the Professional Business Services division. â€¢ Cash generated from operations of Â£1.7 million (2005: Â£0.1 million). â€¢ Basic EPS up 39% to 7.5p (2005: 5.4p). â€¢ Interim dividend increased to 1.25p per share (2005: 1.0p per share). Philip Gwyn, Chairman, commented: 'This was another solid period of growth for Christie Group. We saw a string if new business wins throughout the Group with a particularly strong performance, albeit in a buoyant market, for business property services. Given a continuation of current market conditions, we believe that the second half of 2006 will prove a further profitable trading period during which we will continue to invest for growth.' Enquiries: Christie Group 020 7227 0707 David Rugg, Chief Executive Robert Zenker, Finance Director Brunswick 020 7404 5959 Ash Spiegelberg Charles Stanley Securities 020 7953 2457 Philip Davies Note to Editors Christie Group plc (CTG.L) is quoted on AIM. It is a leading business services and software group with three business divisions: Professional Business Services, Software Solutions and Stock and Inventory Services. The three complementary businesses focus on the leisure, retail and care markets. Christie Group has 33 offices across Europe - located in the UK as well as in Belgium, France, Germany, Italy and Spain, and 1 office in Canada. For more information, please go to: www.christiegroup.com CHAIRMAN'S STATEMENT HALF YEAR TO 30 JUNE 2006 Christie Group's revenue for the half year to June 2006 increased 16% to Â£45.0 million (2005: Â£38.9 million). Group operating profit (stated under IFRS) increased by 40% to Â£3.1 million (2005: Â£2.2 million). These results reflect a strong performance in a strong market for business property services. The Board has declared an increased interim dividend of 1.25p per share (2005: 1.0p). Professional Business Services Revenue in our Professional Business Services division grew by 24%. Each of the trade sectors in which we operate - Hospitality & Leisure, Retail and Care - were buoyant. Agency income rose by 34% compared with the first half of 2005. A busy period for Christie + Co which sold the Scotsman Hotel Group, valued the George V pursuant to the Dubai flotation of Kingdom Hotel Investments and acted as valuers for Morgan Stanley in their acquisition of 7 InterContinental hotels. We contracted the sale of 65 shops for the Unwin receiver and valued 241 specialist care facilities for Paragon Healthcare amongst numerous assignments. Associated Christie First Business Mortgage activity also increased. Software Solutions Income increased 10%. The company successfully launched its new software, Colombus.next, to its user conference in May. A restricted number of orders have been taken for fulfilment in 2006, prior to wider availability in 2007. New customers in the period included Phox, a chain of 450 photographic stores, Canelle, Billabong and Mercedes. We have successfully completed the roll-out of ticketing and concessions systems to 61 Vue Cinemas in the UK, with a further phase to follow. Stock & Inventory Services Demand for our services continues to increase. We have seen a strong increase in turnover at our Pharmacy division to the highest level since 1846. We won a major new customer from the food retailing sector, an area we believe holds further growth prospects for us. Profit was held back by the need to retrain staff following a Â£600,000 re-equipping with Denso technology and an unrecoverable loss of Â£100,000 following the collapse of Unwins. Renewed contracts and new business from Thistle Hotels, Brook Hotels and Sodexho should provide further growth in 2007. Outlook Given a continuation of current market conditions, we believe that the second half of 2006 will prove a further profitable trading period during which we will continue to invest for growth. Index to the consolidated interim financial statements Half year to 30 June 2006 Consolidated interim income statement Consolidated interim statement of changes in shareholders' equity Consolidated interim balance sheet Consolidated interim cash flow statement Notes to the consolidated interim financial statements General information Summary of significant accounting policies Critical accounting estimates and judgements Segment information Taxation Earnings per share Dividends per share Retirement benefit obligations Notes to the cash flow statement Consolidated interim income statement Half year to Half year to Year ended 31 30 June 30 June December 2005 2006 2005 Â£'000 Â£'000 Â£'000 (Unaudited) (Unaudited) Note Revenue 4 45,018 38,878 77,506 Employee benefit expenses (26,278) (22,324) (43,497) 18,740 16,554 34,009 Depreciation and amortisation (639) (639) (1,292) Other operating expenses (15,038) (13,723) (28,308) Operating Profit 4 3,063 2,192 4,409 Interest payable (133) (121) (249) Interest receivable 143 73 221 Total finance credit / ( costs) 10 (48) (28) Profit before tax 3,073 2,144 4,381 Taxation 5 (1,189) (801) (1,694) Profit for the period after tax 1,884 1,343 2,687 Attributable to: Minority interest 3 1 3 Equity shareholders of the parent 1,881 1,342 2,684 1,884 1,343 2,687 Earnings per share (pence) - Basic 6 7.50p 5.41p 10.79p - Fully diluted 6 7.48p 5.35p 10.69p All amounts derive from continuing activities Consolidated interim statement of changes in shareholders' equity Attributable to the equity holders of the Company Fair value Cumulative Share and other translation Retained Minority Total capital reserves adjustments earnings interest equity Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Balance at 1 January 2005 495 4,484 (347) 3,002 16 7,650 Issue of share capital 3 65 - - - 68 Currency translation adjustments - - (120) - - (120) Net income/(expense) recognised 3 65 (120) - - (52) directly in equity Profit for the period - - - 1,342 1 1,343 Total recognised income/(expense) 3 65 (120) 1,342 1 1,291 for the period Employee share option scheme: -value of services provided - 32 - - - 32 Dividend - - - (482) - (482) Balance at 1 July 2005 498 4,581 (467) 3,862 17 8,491 Issue of share capital 2 44 - - - 46 Currency translation adjustments - - 80 - - 80 Net income recognised directly in 2 44 80 - - 126 equity Profit for the period - - - 1,342 2 1,344 Total recognised income for the 2 44 80 1,342 2 1,470 period Movement in respect of employee - 64 - - - 64 share scheme Employee share option scheme: -value of services provided - 33 - - - 33 Exchange difference on repayment - - 158 (158) - - of foreign exchange loan Dividend - - - (244) - (244) Balance at 1 January 2006 500 4,722 (229) 4,802 19 9,814 Issue of share capital 2 59 - - - 61 Currency translation adjustments - - 27 - - 27 Net income recognised directly in 2 59 27 - - 88 equity Profit for the period - - - 1,881 3 1,884 Total recognised income for the 2 59 27 1,881 3 1,972 period Movement in respect of employee - (314) - - - (314) share scheme Employee share option scheme: - value of services provided - 40 - - - 40 Dividend - - - (612) - (612) Balance at 30 June 2006 502 4,507 (202) 6,071 22 10,900 Consolidated interim balance sheet At 30 June At 30 June At 31 December 2006 2005 2005 Â£'000 Â£'000 Â£'000 Note (Unaudited) (Unaudited) Assets Non-current assets Property, plant and equipment 2,346 2,484 2,179 Intangible assets - Goodwill 3,939 4,025 3,939 Intangible assets - Other 8 2,307 2,183 2,810 Deferred tax assets 1,917 2,231 1,977 Available-for-sale financial assets 300 100 300 10,809 11,023 11,205 Current assets Inventories 427 295 310 Trade and other receivables 19,863 17,474 14,117 Available-for-sale financial assets - 504 - Cash and cash equivalents 5,638 3,019 6,811 25,928 21,292 21,238 Total assets 36,737 32,315 32,443 Equity Capital and reserves attributable to the Company's equity holders Share capital 502 498 500 Fair value and other reserves 4,507 4,581 4,722 Cumulative translation reserve (202) (467) (229) Retained earnings 6,071 3,862 4,802 10,878 8,474 9,795 Minority interest 22 17 19 Total equity 10,900 8,491 9,814 Liabilities Non-current liabilities Borrowings 2,191 2,281 2,221 Retirement benefit obligations 9 6,593 6,796 6,790 8,784 9,077 9,011 Current liabilities Trade and other payables 15,710 12,858 12,748 Current tax liabilities 1,021 325 732 Borrowings 322 1,564 138 17,053 14,747 13,618 Total liabilities 25,837 23,824 22,629 Total equity and liabilities 36,737 32,315 32,443 These consolidated interim financial statements have been approved for issue by the Board of Directors on 7 September 2006. Consolidated interim cash flow statement Half year to Half year to Year to 30 June 2006 30 June 2005 31 December Â£'000 Â£'000 2005 (Unaudited) (Unaudited) Â£'000 Note Cash flow from operating activities Cash generated from operations 10 1,748 117 6,772 Interest paid (133) (121) (249) Tax (paid) / received (841) 33 (214) Net cash generated from operating activities 774 29 6,309 Cash flow from investing activities Acquisition of subsidiary (net of cash acquired) - (139) (79) Purchase of property, plant and equipment (PPE) (938) (523) (858) Proceeds from sale of PPE 64 103 132 Intangible assets expenditure (715) (1,072) (1,712) Proceeds from sale of intangibles 210 - - Proceeds from sale of available-for-sale assets - - 70 Increased investment in available-for-sale assets - - (200) Interest received 143 73 221 Net cash used in investing activities (1,236) (1,558) (2,426) Cash flow from financing activities Proceeds from issue of share capital 61 68 114 (Investment in) / proceeds from ESOP (314) - 64 Proceeds from borrowings - 510 510 Repayments of borrowings (41) (27) (277) Payments of finance lease liabilities (23) (58) (111) Dividends paid (612) (482) (726) Net cash (used in) / generated from financing activities (929) 11 (426) Net (decrease) / increase in net cash (including bank (1,391) (1,518) 3,457 overdrafts) Cash and bank overdrafts at beginning of period 6,811 3,354 3,354 Cash and bank overdrafts at end of period 5,420 1,836 6,811 Notes to the consolidated interim financial statements 1. General information Christie Group plc is the parent undertaking of a group of companies covering a range of related activities. These fall into three divisions - Professional Business Services, Software Solutions and Stock and Inventory Services. Professional Business Services principally covers business valuation and agency, mortgage and insurance services, and business appraisal. Software Solutions covers EPoS, Head office systems and supply chain management. Stock and Inventory Services covers Stock and Audit inventory preparation and valuation. 2. Basis of preparation These interim consolidated financial statements of Christie Group plc are for the six months ended 30 June 2006. The interim financial statements have been prepared using accounting policies set out in the Annual Report and Financial Statements for the year ended 31 December 2005 and in accordance with those IFRS standards and IFRIC interpretations issued and effective or issued and early adopted as at the time of preparing these statements (September 2006). The IFRS standards and IFRIC interpretations that will be applicable at 31 December 2006, including those that will be applicable on an optional basis, are not known with certainty at the time of preparing these interim financial statements. These consolidated interim financial statements have been prepared under the historical cost convention. These consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standard (IFRS) IAS 34 'Interim Financial Reporting'. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements for the year ended 31 December 2005. The financial information included in this interim report for the six months ended 30 June 2006 does not constitute statutory financial statements as defined by Section 240 of the Companies Act 1985 and is unaudited. The comparative information for the six months ended 30 June 2005 is also unaudited. The comparative figures for the year ended 31 December 2005 have been extracted from the Group's financial statements as filed with the Registrar of Companies, on which the auditors gave an unqualified opinion and did not make a statement under Section 237 (2) or (3) of the Companies Act 1985. The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated interim financial statements, are disclosed in Note 3. 3. Critical accounting estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are consistent with those applied to the consolidated financial statements for the year ended 31 December 2005. 4. Segment information a. Primary reporting format - business segments The Group is organised into three main business segments: Professional Business Services, Software Solutions and Stock and Inventory Services. The segment results for the period ended 30 June 2006 are as follows: Professional Stock and Business Software Inventory Services Solutions Services Other Group Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Continuing Operations Total gross segment sales 24,919 8,039 12,093 1,437 46,488 Inter-segment sales (33) - - (1,437) (1,470) Revenue 24,886 8,039 12,093 - 45,018 Operating profit 4,083 (1,425) 793 (388) 3,063 Net finance credit 10 Profit before tax 3,073 Taxation (1,189) Profit for the period after 1,884 tax The segment results for the period ended 30 June 2005 are as follows: Professional Stock and Business Software Inventory Services Solutions Services Other Group Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Continuing operations Total gross segment sales 20,126 7,299 11,473 1,285 40,183 Inter-segment sales (20) - - (1,285) (1,305) Revenue 20,106 7,299 11,473 - 38,878 Operating profit 1,558 (287) 1,037 (116) 2,192 Net finance costs (48) Profit before tax 2,144 Taxation (801) Profit for the period after 1,343 tax The segment results for the year ended 31 December 2005 are as follows: Professional Stock and Business Software Inventory Services Solutions Services Other Group Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Continuing operations Total gross segment sales 43,289 13,714 20,536 2,554 80,093 Inter-segment sales (33) - - (2,554) (2,587) Revenue 43,256 13,714 20,536 - 77,506 Operating profit 4,519 (1,268) 1,356 (198) 4,409 Net finance costs (28) Profit before tax 4,381 Taxation (1,694) Profit for the period after 2,687 tax Other segment items included in the income statement are as follows: Professional Stock and Business Software Inventory Services Solutions Services Other Group Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 For the period ended 30 June 2006 Depreciation and amortisation 293 166 161 19 639 Impairment of trade receivables 732 152 25 - 909 For the period ended 30 June 2005 Depreciation and amortisation 345 149 124 21 639 Impairment of trade receivables 557 147 7 - 711 For the year ended 31 December 2005 Depreciation and amortisation 673 304 269 46 1,292 Impairment of trade receivables 644 166 2 - 812 The segment assets and liabilities at 30 June 2006 and capital expenditure for the period then ended are as follows: Professional Stock and Business Software Inventory Services Solutions Services Other Group Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Assets 17,137 11,114 5,270 1,299 34,820 Deferred tax assets 1,917 36,737 Liabilities 11,886 4,625 4,020 1,813 22,344 Current tax liabilities 1,021 Borrowings (excluding finance 2,472 leases) 25,837 Capital expenditure 135 820 694 4 1,653 The segment assets and liabilities at 30 June 2005 and capital expenditure for the period then ended are as follows: Professional Stock and Business Software Inventory Services Solutions Services Other Group Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Assets 13,301 10,739 5,930 114 30,084 Deferred tax assets 2,231 32,315 Liabilities 9,520 4,344 4,471 1,438 19,773 Current tax liabilities 325 Borrowings (excluding finance 3,726 leases) 23,824 Capital expenditure 998 511 64 22 1,595 The segment assets and liabilities at 31 December 2005 and capital expenditure for the period then ended are as follows: Professional Stock and Business Software Inventory Services Solutions Services Other Group Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Assets 14,589 9,984 4,707 1,186 30,466 Deferred tax assets 1,977 32,443 Liabilities 10,066 3,507 4,006 2,024 19,603 Current tax liabilities 732 Borrowings (excluding finance 2,294 leases) 22,629 Capital expenditure 1,130 1,224 187 29 2,570 Segment assets consist primarily of property, plant and equipment, intangible assets, inventories, receivables and operating cash. They exclude deferred taxation. Segment liabilities comprise operating liabilities. They exclude items such as taxation and corporate borrowings. Capital expenditure comprises additions to property, plant and equipment and intangible assets. b. Secondary format - geographical segments The Group manages its business segments on a global basis. The UK is the home country of the parent. The operations are based in two main geographical areas. The main operations in the principal territories are as follows: - Europe - Rest of the World (primarily North America). The Group's sales are mainly in Europe. Sales are allocated based on the country in which the customer is located. 30 June 2006 30 June 2005 31 December 2005 Â£'000 Â£'000 Â£'000 Sales Europe 44,564 38,637 77,080 Rest of the World 454 241 426 45,018 38,878 77,506 Total segment assets are allocated based on where the assets are located. 30 June 2006 30 June 2005 31 December 2005 Â£'000 Â£'000 Â£'000 Total assets Europe 34,485 29,811 30,169 Rest of the World 335 273 297 34,820 30,084 30,466 Capital expenditure is allocated based on where the assets are located. 30 June 2006 30 June 2005 31 December 2005 Â£'000 Â£'000 Â£'000 Capital expenditure Europe 1,653 1,595 2,570 Rest of the World - - - 1,653 1,595 2,570 5. Taxation The tax charge for the six months ending 30 June 2006 has been based on a forecasted effective tax rate for the year to 31 December 2006 of 38.7% (Half year to 30 June 2005: 37.4%; Year ended 31 December 2005: 38.7%), which includes the movement in deferred tax asset relating to Retirement Benefit obligations. 6. Earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period. 30 June 2006 30 June 2005 31 December 2005 Profit attributable to equity holders of the Company (Â£'000) 1,881 1,342 2,684 Weighted average number of ordinary shares in issue (thousands) 25,065 24,788 24,866 Basic earnings per share (pence) 7.50 5.41 10.79 Diluted earnings per share is calculated adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company has only one category of dilutive potential ordinary shares: share options. The calculation is performed for the share options to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company's shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options. 30 June 2006 30 June 2005 31 December 2005 Profit attributable to equity holders of the Company (Â£'000) 1,881 1,342 2,684 Weighted average number of ordinary shares in issue 25,065 24,788 24,866 (thousands) Adjustment for share options (thousands) 86 285 249 Weighted average number of ordinary shares for diluted 25,151 25,073 25,115 earnings per share (thousands) Diluted earnings per share (pence) 7.48 5.35 10.69 7. Dividends per share 30 June 2006 30 June 2005 31 December 2005 Â£'000 Â£'000 Â£'000 Interim 2005 interim, paid September 2005 (1.0p) - - 244 Final 2004 final, paid June 2005 (2.0p) - 482 482 2005 final, paid June 2006 (2.5p) 612 - - 612 482 726 An interim dividend in respect of 2006 of 1.25p per share, amounting to a dividend of Â£305,000, was declared by the directors at their meeting on 7 September 2006. These financial statements do not reflect this dividend payable. The dividend of 1.25p per share will be payable to shareholders on the record on 22 September 2006. The ex-dividend date will be 20 September 2006. The dividend will be paid on 20 October 2006. 8. Intangible assets - other The dispute regarding the Christie + Co operational support system has been resolved and the software development costs capitalised of Â£1,193,000 have been fully recovered of which Â£210,000 was received in the period. 9. Retirement benefit obligations The amounts recognised in the balance sheet are determined as follows: 30 June 2006 30 June 2005 31 December 2005 Â£'000 Â£'000 Â£'000 United Kingdom 6,533 6,745 6,732 Overseas 60 51 58 6,593 6,796 6,790 United Kingdom The Group operates two defined benefit schemes, providing benefits on final pensionable pay. The contributions are determined by qualified actuaries on the basis of triennial valuations using the projected unit method. When a member retires, the pension and any spouse's pension is either secured by an annuity contract or paid from the managed fund. Assets of the schemes are reduced by the purchase price of any annuity purchase and the benefits no longer regarded as liabilities of the scheme. The amounts recognised in the income statement and the movement in the liability recognised in the balance sheet has been based on the forecasted position for the year to 31 December 2006 after adjusting for the actual contributions paid in the period. The amounts recognised in the income statement are as follows: Half year to Half year to Year ended 30 June 2006 30 June 2005 31 December 2005 Â£'000 Â£'000 Â£'000 Current service cost (474) (460) (897) Interest cost (720) (764) (1,515) Expected return on plan assets 755 611 1,269 Net actuarial loss recognised in the year - - (26) Total included in employee benefit expenses (439) (613) (1,169) The movement in the liability recognised in the balance sheet is as follows: Half year to Half year to Year ended 30 June 2006 30 June 2005 31 December 2005 Â£'000 Â£'000 Â£'000 Beginning of the period 6,732 7,067 7,067 Expenses included in employee benefit expenses 439 613 1,169 Contributions paid (638) (935) (1,504) End of the period 6,533 6,745 6,732 The principal actuarial assumptions used were as follows: Half year to 30 Half year to 30 Year ended 31 June 2006 June 2005 December 2005 % % % Discount rate 4.80 - 5.00 4.70 - 4.80 4.70 - 4.80 Inflation rate 2.75 2.75 2.75 Expected return on plan assets 6.20 - 7.50 6.00 - 6.25 6.00 - 6.25 Future salary increases 2.75 - 3.10 2.75 - 3.10 2.75 - 3.10 Future pension increases 3.00 3.00 - 3.60 3.00 - 3.60 Assumptions regarding future mortality experience were consistent with those disclosed in the financial statements for the year ended 31 December 2005. Overseas In accordance with French law a retirement indemnity provision is held. Rights to these benefits accrue on the condition that the employee will be with the employer at retirement date. The movement in the liability recognised in the balance sheet is as follows: Half year to Half year to Year ended 30 June 2006 30 June 2005 31 December 2005 Â£'000 Â£'000 Â£'000 Beginning of the period 58 50 50 Expenses included in employee benefit expenses 2 1 8 End of the period 60 51 58 The principal actuarial assumptions were consistent with those disclosed in the financial statements for the year ended 31 December 2005. 10. Notes to the cash flow statement Cash generated from operations Half year to Half year to Year to 30 June 2006 30 June 2005 31 December 2005 Â£'000 Â£'000 Â£'000 Profit for the period 1,884 1,343 2,687 Adjustments for: - Taxation 1,189 801 1,694 - Net finance (credits) / costs (10) 48 28 - Depreciation 614 623 1,251 - Amortisation of intangible assets 25 16 41 - Profit on sale of property, plant and equipment (19) (16) (20) - Profit on sale of current available for sale - - (176) financial assets - Foreign currency translation 27 (74) (19) - Movement in share option charge 40 32 65 - Movement in retirement benefit obligation (197) (322) (327) Changes in working capital (excluding the effects of acquisition and exchange differences on consolidation): - (Increase) / decrease in inventories (117) 60 45 - Increase in trade and other receivables (4,651) (3,976) (515) - Decrease in current available-for-sale assets - - 504 - Increase in trade and other payables 2,963 1,582 1,514 Cash generated from operations 1,748 117 6,772 GROUP COMPANIES PROFESSIONAL BUSINESS SERVICES SOFTWARE SOLUTIONS STOCK AND INVENTORY SERVICES Business Sales and Valuations, EPoS and Head Office Systems. Stock and Inventory Control Consultancy, Financial Services Christie + Co VcsTimeless Orridge www.christie.com and www.vcstimeless.com www.orridge.co.uk www.christiecorporate.com Retail Europe's longest established The leading specialist firm providing stocktaking business, specialising business intelligence in the The VcsTimeless retail applications in all fields of retail hospitality, leisure, retail and care address such sectors as fashion, stocktaking including high street, sectors. International operations accessories, luggage, leather goods, warehousing and factory. In are based in Barcelona, Berlin, sport, footwear, home furnishings, addition, it has a specialised Frankfurt, London, Madrid, Munich, DIY, perfumery and toys. Solutions pharmacy division providing Marseilles, Dusseldorf and Paris. include head office, back office, valuation and stocktaking Its 16 offices across the UK are EPoS, CRM, supply chain optimisation services. A full range of focused on agency, valuation and business intelligence stocktaking and inventory services, investment and consultancy applications. The Colombus Enterprise management solutions is provided activity in its key sectors - hotels, Suite is a comprehensive retail for a wide range of clients in the public houses, restaurants, leisure, management software suite, proven to UK and Europe. care and retail. meet the specific needs of single and multi-channel retailers. Christie First Leisure and cinemas Venners www.christiefirst.com VcsTimeless' VENPoS and Vista-branded www.venners.com leisure, hospitality and cinema The market leader in finance and management software comprise Leading supplier of stocktaking, insurance for the leisure, retail admissions, head office, back office, inventory, control audit and and care sectors. Services include and online ticketing modules. related stock management services finance for business purchase or to the hospitality sector. Bespoke re-financing arranged in conjunction software and systems enables real with major financial institutions, time management reporting to its and the provision of tailored customer base using the most insurance schemes. up-to-date technology. Pinders www.pinders.co.uk and www.pinderpack.com The UK's leading specialist business appraisal, valuation and consultancy company, principally providing professional services to the licensed leisure, retail and care sectors, and increasingly within the commercial and corporate business sectors, especially in relation to professional practices and service businesses. Pinders also has an expanding Building Consultancy Division that offers a full range of project management, building monitoring and building surveying services. Instructions are undertaken for a broad cross section of corporate, charity, private and public sector clients. This information is provided by RNS The company news service from the London Stock Exchange

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