Christie Group (CTG) H1 2024 earnings summary

Executive summary

• H1 revenue increased 7% to £35.291m; operating loss narrowed to £0.582m from £1.398m, with stronger H2 trading and a profitable FY24 expected.

• UK brokerage activity recovered strongly, while weak European agency and advisory trading and subdued SISS performance weighed on H1 results.

Financial highlights

• Revenue was £35.291m versus £33.124m; employee benefit expenses rose 5% to £26.343m and other operating expenses rose 2% to £9.530m.

• Loss after tax narrowed to £0.906m from £1.393m; finance costs were £0.565m versus £0.527m, and finance income was £0.002m versus £0.062m.

• Cash used in operations was £1.129m versus £2.769m; net cash used in operating activities was £1.744m versus £3.961m.

Outlook and guidance

• FY24 transactional volumes are expected to exceed 1,000 businesses, with UK and European pipelines supporting a stronger H2 and a return to profitable full-year performance.

• UK transactional pipelines were 24% higher than at the same point in 2023; H2 average fees are expected to rise with a higher-value transaction mix.

• Finance brokerage and hospitality stock audit growth are expected to continue; retail stocktaking losses should reduce further, while visitor-attraction software growth is expected to remain subdued.

• H2 is expected to be cash generative, with a stronger year-end cash position as trading improves and working-capital needs fall.