Christie Group reduces losses, positive outlook

29th Mar 2010 08:37

Christie Group said it entered 2010 in better shape with an outlook 'a good deal more positive' than at this time last year.The group, which provides surveys, valuations, insurance and stock control for the leisure, retail and care sectors, said loss before tax was reduced to £3.7m for the year ended 31 December compared to a loss of £4.6m before. Revenue dropped to £47.1m from £63.4m previously. Chief executive David Rugg noted the improved trading environment, "With the upturn in activity maintained and with the full benefit of the cost reductions implemented during the first half of 2009."He added, "Time will tell whether the momentum of recovery will be sustained. We are well positioned to take full advantage of the recovery."Christie said its agency business saw the stabilisation of asset prices and increased interest from buyers. Trading at its care business was resilient amid long-term government revenue stream.