Christie Group (CTG) H2 2024 earnings summary

Executive summary

• FY 2024 continuing revenue rose 15.4% to £60.4m; operating profit before non-recurring costs was £2.0m, with H2 profit of £2.4m after an H1 loss of £0.4m.

• Transactional activity rebounded, cash strengthened, and the disposal of loss-making Orridge supported progress toward a profitable SISS division.

Financial highlights

• Continuing revenue increased £8.0m YoY to £60.4m; PFS contributed £48.8m and SISS £11.6m.

• Operating profit before non-recurring costs was £2.0m versus £0.3m in 2023; H2 operating profit was £2.4m versus an H1 loss of £0.4m.

• Net funds at 31 December were £4.9m, an improvement of £4.3m YoY; there were no group borrowings at year-end.

• Total dividend increased to 2.25p from 1.00p; the proposed final dividend was 1.75p versus 0.50p in 2023.

Outlook and guidance

• 2025 began with UK transactional pipelines 9% above the prior year; Q1 activity, lender and investor appetite, and demand for valuations were encouraging.

• Plans include further European PFS expansion, launching a third sector offering in Germany, and continued efforts to return SISS to profit.

• Venners and Vennersys anticipate further growth in 2025; Christie Finance and Christie Insurance also plan to expand sales teams.

• Long-term ambition is revenue above £100m and a blended operating margin above 10%, alongside a progressive dividend policy and strategic investment.