Christie Group (CTG) H1 2025 earnings summary

Executive summary

• H1 continuing-operations revenue rose 24% YoY to £34.751m; operating profit was £1.325m versus a £0.429m loss in H1 2024.

• Basic EPS from continuing operations was 2.63p versus a 2.46p loss; the interim dividend rose 50% to 0.75p per share.

• H1 ended with £5.0m in net funds, compared with £2.4m net debt a year earlier; the November 2024 Orridge disposal contributed to the stronger cash position.

Financial highlights

• Profit before tax was £0.905m versus a £0.923m loss; continuing-operations profit after tax was £0.678m versus a £0.634m loss.

• Employee benefit expenses increased 14.4% to £24.1m, reflecting income-linked incentives and 7.5% growth in PFS headcount.

• Net cash from operating activities was £1.433m, compared with £1.744m used in H1 2024; cash generated from operations was £1.867m versus £1.129m used.

• Finance costs fell to £0.420m from £0.494m; all H1 2025 costs were interest on lease liabilities, with no interest payable on bank facilities.

Outlook and guidance

• Full-year performance is expected to be in line with expectations, with a more balanced H2/H1 contribution than in 2024.

• At H2 start, UK and international transactional pipelines were 15% above the start of the year and 10% above H1 2024 in fee-income value; finance brokerage pipeline was 10% higher than at the start of the year.

• H2 is expected to be cash generative, with an improved year-end cash position.

• SISS expects continued hospitality stock audit growth and remains focused on eliminating visitor-attraction software losses.