Christie Group cautious over full-year expectations

13th Oct 2023 16:23

(Sharecast News) - Christie Group reported a boost in its agency and advisory business, Christie & Co, on Friday, reflecting more normalised levels of exchange and invoicing activity following the close of the summer period.

The AIM-traded firm said post-summer transaction pipelines had rebounded, showing considerably stronger levels than the year's first half.

It said it was optimistic that the upward trend in invoicing would persist through the remaining months of 2023.

Despite that positive recovery in invoicing activity, the business said it was grappling with ongoing unpredictability in the specific dates of transactions - an issue noted in previous announcements.

As the year's close was approaching, the board said it expected potential delays for some transactions, initially slated for completion in 2023, possibly being postponed to 2024.

As a result, the board was exercising caution in its forecasts, with the anticipated full-year operating profit before exceptional items estimated to range between £0 and £1m.

That projection accounted for a second-half operating profit, before exceptional items, of between £1.4m and £2.4m.

At 0915 BST, shares in Christie Group were down 6% at 94p.

Reporting by Josh White for Sharecast.com.