TIDMCTG
RNS Number : 2080A
Christie Group PLC
28 September 2020
28 September 2020
Christie Group plc
("Christie Group" or the "Company")
AGM Statement
Christie Group plc (CTG.L), the leading provider of Professional
& Financial Services and Stock & Inventory Systems &
Services to the hospitality, leisure, healthcare, medical,
childcare & education and retail sectors, announces that at
today's Annual General Meeting, the Chairman and Chief Executive,
David Rugg, will make following statement:
"Dear Shareholders,
We enjoyed a successful 2019. Following a good start to the
current year, we were affected by the onset of the Covid-19
pandemic and subsequent lockdown.
Across the Group, in aggregate, approximately 50% of our
expected revenue was lost from our first half. This represents an
entire quarter's income.
Your management moved expeditiously to reduce costs, to avail
ourselves of furlough grants and similar international governments'
assistance and take on a CLBILS loan of GBP6 million. We are now
reviewing the Chancellor's recently announced Job Support Scheme to
identify whether that can provide further assistance.
As soon as permitted we reopened our closed operations and have
reintroduced staff progressively, as demand for our services
increased.
We have taken the opportunity, where desired, to reorganise our
trading businesses. In each case seeking to maximise our on-line
presence.
Professional & Financial Services
In Christie & Co we instigated changes to manage the whole
business on specialist Sector lines, having previously been managed
on a geographical basis. Regional management contributes directly
to revenue generation in these individual's specialist spheres.
Support services are provided centrally for our UK and
international operations.
Stock & Inventory Systems & Services
Our Retail stocktaking business has benefitted from exiting
larger low margin accounts, enabling it to operate from a reduced
central support and focus on higher margin work.
Its vehicle fleet has been reshaped with a reduced provision of
cars. Minibuses facilitate our teams to group in 'work bubbles',
which has heightened espirit de corps. Initial results and
productivity gains are encouraging and will need to be maintained
through the annual cycle.
With the exception of a limited amount of small bad debts in the
retail and licensed retail sectors,
themselves the result of business insolvencies, our credit
control has proved strong. I am particularly appreciative of some
significant Clients which opted to settle their accounts with us
early, thus, demonstrating their support for our businesses and the
valued services we provide.
Summary
Our tremendous teams of people have coped remarkably well in
changed and challenging times.
Their income has reduced, and we appreciate their personal
sacrifice. We could not have asked for more. I thank them both on
your behalf and personally.
I also thank Shareholders for their messages of encouragement
and in some instances the practical support received.
During October we will be publishing our Interim Report and
Accounts to 30 June. These will contain a further trading update.
It is early days, but we are on track with rebuilding your
businesses in line with our expectations.
Stay well!"
Enquiries:
Christie Group plc
David Rugg 01908 920594
Chairman and Chief Executive
Dan Prickett 01908 920537
Chief Operating Officer
Shore Capital:
Antonio Bossi 020 7408 4090
Nominated Adviser & Broker
Notes to Editors:
Christie Group plc, quoted on AIM, is a leading professional
business services group with 42 offices across the UK and Europe,
catering to its specialist markets in the hospitality, leisure,
healthcare, medical, childcare & education and retail
sectors.
Christie Group operates in two complementary business divisions:
Professional & Financial Services (PFS) and Stock &
Inventory Systems & Services (SISS). These divisions trade
under the brand names: PFS - Christie & Co, Pinders, Christie
Finance and Christie Insurance: SISS - Orridge, Venners and
Vennersys.
Tracing its origins back to 1846, the Group has a
long-established reputation for offering essential services to
client companies in agency, valuation services, investment,
consultancy, project management, multi-functional trading systems
and online ticketing services, stock audit and inventory
management. The diversity of these services provides a natural
balance to the Group's core agency business.
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulations (EU) No. 596/2014.
For more information, please go to www.christiegroup.com.
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END
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