Christie Group posts solid set of full-year numbers

24th Apr 2023 13:04

(Sharecast News) - Professional and inventory systems and services provider Christie Group reported strong revenue growth of 13% in its final results on Monday, to £69.2m.

The AIM-traded company recorded a 5% increase in operating profit over the 12 months ended 31 December, to £5.5m, ahead of market expectations.

It said it sold more than 1,000 businesses during the year, demonstrating its continued success in the market.

The professional and financial services division performed exceptionally well, the board said, surpassing pre-pandemic revenue levels.

Meanwhile, the stock and inventory systems and services division had largely re-established business as usual, although it was not yet back at 2019 levels.

Christie Group noted that it earned revenues to replace the £2.6m government support it received in 2021.

The firm's balance sheet was strengthened, with the company having eliminated pension deficits on both defined pension schemes, which were now in surplus.

There had been a 56% improvement in net funds, to £7.2m in 2022 from £4.6m in 2021.

Finally, the board increased the final dividend by 25% to 2.5p, bringing the total dividend in the year to 3.75p, up from 3p in the prior year.

"A very positive set of results in a year when we substantially grew revenue, increased profit, grew cash and saw our balance sheet transformed," said chairman and chief executive officer David Rugg in a short statement.

At 1218 BST, shares in Christie Group were up 3.33% at 124p.

Reporting by Josh White for Sharecast.com.