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Christie Shares Leap As First-Half Outlook Buoyed By 2017 Profit Rise

LONDON (Alliance News) - Shares jumped in Christie Group PLC as it reported double-digit ...

Alliance News 17 April, 2018 | 11:23AM
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LONDON (Alliance News) - Shares jumped in Christie Group PLC as it reported double-digit increases in 2017 profit and revenue, leading to expectations of an outperformance in the first half of 2018 for the year before.

Shares in the professional business and inventory systems provider were up 21% to 120.00 pence on Tuesday.

Pretax profit for 2017 almost doubled to GBP3.1 million from GBP1.8 million in 2016 on 11% revenue growth to GBP71.4 million from GBP64.5 million. Profit improvided despite the prior year benefiting from a GBP1.3 million exceptional gain related to defined-benefit pension schemes.

The revenue increase was mainly a result of higher volumes in transaction-related business. There was a strong recovery in Christie's Professional Business Services division, and the hospitality stocktaking business helped the Stock & Inventory Systems & Services unit outperform the challenging conditions in retail stocktaking during the year.

Christie said it will pay an annual dividend of 2.75 pence per share, up from 2.50p the year before.

With improved terms on several major contracts, and several client transactions in progress, Christie said expects the first half of 2018 to be significantly ahead of the first half of 2017.

"2017 saw an encouraging rebound in performance following a disrupted 2016. Looking ahead, 2018 has started well. We have a good volume of Client M&A transactions in progress. As a result, we anticipate our first half performance will be significantly ahead of last year's first half performance," said Chairman & Chief Executive David Rugg.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Christie Group PLC 122.40 GBX -2.86 -
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