29 sep 25   christie group plc - interim results christie group plc | ctg | 120 7.5 6.7% | mkt cap: 31.8m    rns number : 0827b christie group plc 29 september 2025   29 september 2025 christie group plc interim results for the six months ended 30 june 2025 group delivers significantly improved and profitable h1 performance christie group plc ('christie group' or the 'group'), the leading provider of professional & financial services (pfs) and stock & inventory systems & services (siss) to the hospitality, leisure, healthcare, medical, childcare & education and retail sectors, today announces its interim results for the six months ended 30 june 2025 h1 2025 financial headlines ·      24% growth in revenues (£6.6m) from continuing operations to £34.8m (2024: £28.1m)   ·      h1 operating profit from continuing operations of £1.3m (2024: £0.4m loss)   ·      strong performance in pfs division with revenues up by 29% to £28.7m (2024: £22.3m)    ·      siss revenues up by 5% to £6.1m (2024: £5.8m)   ·      significantly improved cash balance at the end of h1 with cash and cash equivalents of £5.0m (2024: £0.9m negative)   ·      net funds improved by £7.4m to £5.0m (2024: net debt of £2.4m)    ·      both defined benefit pension schemes remain in surplus with no ongoing cash cost    ·      earnings per share of 2.63p (2024: 3.51p negative)   ·      the board has declared an increased interim dividend of 0.75p (h1 2024: 0.50p per share) reflecting the improved h1 performance   h1 2025 operational headlines ·      39% growth in h1 transactional brokerage income from our uk and international operations    ·      20% increase in valuation and business appraisal revenues   ·      8% growth in our finance brokerage income   ·      7% growth in our general insurance book with 90% client renewal rates achieved    ·      growth achieved in our hospitality stock audit business, despite sector challenges with absorbing increases in employers' national insurance   ·      16% growth in first half revenues from our visitor attraction software business   ·      14% increase in h1 employee benefit costs attributable to income-linked incentive payments and growth in pfs division headcount        current trading and outlook ·      group begins h2 with transactional brokerage pipelines 15% higher than the start of the year and 10% up on h1 2024   ·      finance brokerage activity is also encouraging with strong instruction levels throughout h1 and a pipeline at 30 june 2025 10% higher than the start of the year    ·      investment and lending appetite into our sectors remains robust   ·      board anticipates delivery of a full year performance in line with expectations   financial results for the six months ended 30 june 2025  6 months ended 30 june 2025 (unaudited) 6 months ended 30 june 2024 (unaudited) 12 months ended 31 december 2024 (audited) revenue £34.8m £28.1m £60.4m operating profit/(loss) £1.3m (£0.4m) £2.0m profit/(loss) before tax £0.9m (£0.9m) £1.0m basic eps continuing 2.63p (2.46p) 4.42p dividend interim 0.75p interim 0.50p full year 2.25p   dan prickett, chief executive, commented: "we continue to make progress across the group, which these interim results reflect. we have increased first-half revenues by 24%, returned the group to a profitable h1 trading position, and our cash position has been significantly strengthened over the last twelve months from the combination of improved trading and the divestment of the orridge group. we continue to focus on expanding our teams and capabilities in those sectors and locations where we see medium and long term opportunities to grow our market share in our pfs activities. across our pfs division, we have strong pipelines in our transactional and advisory businesses, which position us well for the second half. within our siss division, we continue to win clients in both the hospitality stock audit business and our visitor attraction software business. while our pipelines and ongoing activity levels are encouraging, sensitivity remains as to deal times. adopting a sensible level of prudence, we anticipate a more balanced full year performance than we delivered in the previous year and remain confident of delivering a full year performance in line with expectations." enquiries: christie group plc    daniel prickett chief executive   simon hawkins chief finance officer     07885 813101     07767 354366 shore capital patrick castle nominated adviser & broker     020 7408 4090   notes to editors: christie group plc (ctg.l), quoted on aim, is a leading professional business services group with 32 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 - venners and vennersys. tracing its origins back to 1896, the group has a long-established reputation for offering valued 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 for the purposes of article 7 of the uk market abuse regulation (eu) no. 596/2014 which is part of the uk law by virtue of the european union (withdrawal) act 2018. for more information, please go to https://www.christiegroup.com           chief executive's review   we are pleased to report a significantly improved and profitable first-half performance. as we reported in early june, demand for our services has been strong across the range of sectors in which we specialise. investment and lending appetite for those sectors has remained robust and while there are some headwinds due to macroeconomic trends and potential disruption as a result of the forthcoming budget announcement, we anticipate that continuing throughout the second half of the year. while we have delivered growth in both our divisions, activity across our professional and financial services ("pfs") division has been particularly encouraging and we commenced h2 with strong pipelines which underpin our confidence for the full year.   financial review   the group reported revenues from continuing operations of £34.8m (2024: £28.1m) and an operating profit of £1.3m (2024: £0.4m operating loss). the £1.7m improvement in our first-half profitability reflected strong growth in our pfs division, where h1 operating profit improved to £1.8m (2024: £0.0m) derived from a £6.4m increase in h1 pfs revenue.   revenue growth in our stock & inventory systems & services ("siss") division was more modest but nonetheless above inflation, at 5%, which saw the division report a first-half operating loss of £0.5m, consistent with that achieved a year earlier.   employee benefit expenses increased by 14.4% to £24.1m (2024: £21.1m). this 14% increase was primarily attributable to two positive factors: increases in income-linked employee incentive payroll costs as a result of the 29% increase in pfs revenues and a 7.5% increase in our pfs employee numbers as we focused recruitment in that division to expand our teams in services, sectors and geographies where we see opportunities for further growth.   finance costs reduced to £0.4m (2024: £0.5m), with all these finance costs being interest costs arising on lease liabilities. we had no interest costs payable on bank facilities, given our positive net cash position. following the divestment of orridge in november 2024 and the improved trading performance, our cash and cash equivalents balance at the end of h1 was £5.0m (2024: £0.9m borrowings). we anticipate a cash-generative trading performance in h2, whereas our first-half cashflow always reflects outflows attributable to the payment of annual bonuses and commissions relating to the previous financial year. both of our defined benefit pension schemes remain in surplus.   reflecting the much-improved first half performance, its confidence in the full year outcome and its desire to deliver a progressive return to shareholders, the board has declared an increased interim dividend of 0.75p per share (h1 2024: 0.5p per share) which will be paid on 7th november 2025 to shareholders on the register on 10th october 2025.   professional and financial services division   having consistently brokered the sale of over 1,000 businesses a year since 2020, we are once again on track to repeat this level of volume in 2025. our mix of business in the first half has been in higher value assets and sectors than was the case in h1 2024. the result is that, while overall fee income from our uk and european business agency operations was 39% higher than h1 2024, the volume of businesses sold was slightly lower. h1 2024 was characterised by the completion of a number of lower-value, but higher-volume portfolio instructions. however, we began h2 with a pipeline of transactions in solicitors' hands which was 10% higher than the same point in 2024 in both volume and value.   we have also seen strong demand for our valuation and advisory services. valuation and business appraisal income was 20% higher than h1 2024, as lenders continue to look to our two national valuation businesses to inform their own new lending, covenant monitoring and refinancing decisions.   in our finance brokerage business, we delivered an 8% growth in h1 fee income. we experienced some deal delays in the first quarter, which served to soften the level of growth we would otherwise have achieved, but lending appetite into our sectors has been strong throughout the period and we saw the business gather momentum as we moved through the first half. we ended the period with pipelines nearly 10% higher than at the start of the year, headcount 7% up on the same point a year earlier with ongoing recruitment plans, and strong demand and activity across our commercial mortgage, corporate debt advisory, real estate and bridging, and unsecured lending teams.   our insurance brokerage business provides a source of recurring income through commissions earned from annual client renewals while also selling life cover and protection products to business owners. excellent client service delivery and outcomes were evidenced by the business achieving a client renewal rate in h1 of 90%. this, coupled with sales to new clients, saw the gross written premium value of annual policies placed through us grow by 7% in the first 6 months of the year.  stock & inventory systems & services division   in the siss division, our hospitality stock audit business experienced subdued demand in the first quarter as the uk hospitality sector adopted a prudent approach to expenditure ahead of the impact on clients of the increases in employers' national insurance. it nonetheless increased revenues and delivered a profitable first half performance once again despite these challenging headwinds for the sector. we anticipate a stronger second half performance and continued growth.   in our visitor attraction software business, h1 revenues were increased by 16% on the previous year as the business continued to win new clients, increasing its roster of contracted and live clients by 20% over the same period. this has been achieved while controlling overheads in the business, which increased by only 4.8% compared to h1 2024. the second half has begun positively, with a number of additional clients already added through the traditionally quieter summer period when operators focus their attention on peak visitor numbers to their sites. in addition to the 20% year-on year growth in live client numbers, the business has already secured a further 12% growth in client numbers through contracted clients awaiting installation and go-live.  outlook   the group commenced the second half with encouraging pipelines for both the uk and our european businesses, with the combined uk and international transactional pipeline 15% higher in fee income value than the start of the year. in addition to this robust m&a activity across our sectors, our finance brokerage business also began h2 with its own pipeline 10% higher than the start of the year. however, some sensitivity to deal timing remains and we have not experienced deal delays in h1 2025 that characterised the first half of 2024 and benefitted h2 2024. as such we are anticipating a more balanced full year performance than the prior year.   in our siss division we expect continued growth from our hospitality stock audit business, and remain focused on eliminating losses in our visitor attraction software business.   once again, i would like to thank our excellent teams who continue to deliver best-in-class services to our clients. the first half result reflects their commitment, hard work, ingenuity and expertise and from that foundation, we are well positioned to deliver a full year performance in line with expectations.     dan prickett chief executive officer      independent review report to christie group plc introduction we have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six-month period ended 30 june 2025 which comprises the interim consolidated income statement, the interim consolidated statement of comprehensive income, the interim consolidated statement of financial position, the interim consolidated statement of cash flows, the interim consolidated statement of changes in equity and the related notes 1 to 16.   based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 june 2025 is not prepared, in all material respects, in accordance with international accounting standard ('ias') 34 "interim financial reporting", as adopted for use in the united kingdom and the aim rules issued by the london stock exchange.   basis for conclusion we conducted our review in accordance with international standard on review engagements (uk) 2410, "review of interim financial information performed by the independent auditor of the entity" issued for use in the united kingdom. a review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. a review is substantially less in scope than an audit conducted in accordance with international standards on auditing (uk) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. accordingly, we do not express an audit opinion.   as disclosed in note 2, the annual financial statements of the group are prepared in accordance with international financial reporting standards adopted for use in the united kingdom ("uk adopted ifrs"). the condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with international accounting standard ('ias') 34 "interim financial reporting", as adopted for use in the united kingdom.   conclusions relating to going concern based on our review procedures, which are less extensive than those performed in an audit as described in the basis of conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.   this conclusion is based on the review procedures performed in accordance with this isre, however future events or conditions may cause the entity to cease to continue as a going concern.   responsibilities of directors the directors are responsible for preparing the half-yearly financial report in accordance with international accounting standard ('ias') 34 "interim financial reporting", as adopted for use in the united kingdom and the aim rules issued by the london stock exchange.   in preparing the half-yearly financial report, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.      auditor's responsibilities for the review of the financial information in reviewing the half-yearly report, we are responsible for expressing to the company a conclusion on the condensed set of financial statement in the half-yearly financial report. our conclusion, including our conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the basis for conclusion paragraph of this report.           mha, statutory auditor milton keynes, united kingdom 26 september 2025     mha is the trading name of mha audit services llp, a limited liability partnership in england and wales (registered number oc312313)      consolidated interim income statement           note half year to 30 june 2025 £'000 (unaudited)   half year to 30 june 2024 £'000 (unaudited) restated year ended 31 december 2024 £'000 (audited)   continuing operations      revenue 4 34,751 28,106 60,386 employee benefit expenses  (24,136) (21,092) (42,871)   10,615 7,014 17,515 other operating expenses  (9,290) (7,443) (15,516) operating profit/(loss)  1,325 (429) 1,999 finance costs  (434) (494) (952) finance income  14 - - total finance costs  (420) (494) (952) profit/(loss) before tax  905 (923) 1,047 taxation 6 (227) 289 95 profit/(loss) after tax from continuing operations  678 (634) 1,142 discontinued operations     (loss)/profit from discontinued operations 5 - (272) 865 profit/(loss) for the period  678 (906) 2,007   earnings per share attributable to equity holders - pence   from continuing operations:     basic 7 2.63 (2.46) 4.42 diluted 7 2.62 (2.46) 4.40      from continuing and discontinued operations:     basic 7 2.63 (3.51) 7.77 diluted 7 2.62 (3.51) 7.73   all profit/(loss) after tax is attributable to the equity shareholders of the parent. the profit from discontinued operations of 30 june 2025: £nil (31 december 2024: £865,000 includes a gain on disposal of £1,471,000, 30 june 2024: £nil). 30 june 2024 has been restated to reflect the discontinued operation in november 2024 - see note 5.      consolidated interim statement of comprehensive income              half year to 30 june 2025 £'000 (unaudited) half year to 30 june 2024 £'000 (unaudited) year ended 31 december 2024 £'000 (audited) profit/(loss) for the period after tax   678 (906) 2,007      other comprehensive income/(losses):     items that may be reclassified subsequently to profit or loss:     exchange differences on translating foreign operations  29 (8) (26) net other comprehensive income/(losses) to be reclassified to profit or loss in subsequent periods    29  (8) (26) items that will not be reclassified to profit or loss:     remeasurements of defined benefit plans  - - (1,225) effect of asset ceiling  - - 1,234   - - 9 tax effect on defined benefit plans  - - 307 tax effect of asset ceiling  - - (309)   - - (2) net other comprehensive income not being reclassified to profit or loss in subsequent periods   -  - 7 other comprehensive income/(losses) for the period net of tax   29 (8) (19) total comprehensive income/(losses) for the period   707 (914) 1,988   total comprehensive income/(losses) for the period are wholly attributable to equity shareholders of the parent.    consolidated interim statement of changes in shareholders' equity  share capital £'000 other reserves £'000 cumulative translation reserve £'000 retained earnings £'000 total equity £'000 half year to 30 june 2025 (unaudited)           balance at 1 january 2025 531 3,758 499 323 5,111 profit for the period after tax - - - 678 678 other comprehensive income - - 29 - 29 total comprehensive income for the period - - 29 678 707 movement in respect of employee share scheme - (473) - -         (473) employee share option scheme:       - value of services provided - 29 - -            29 dividends payable - - - (444) (444) transactions with shareholders - (444) - (444) (888) balance at 30 june 2025 531 3,314 528 557 4,930   half year to 30 june 2024 (unaudited) balance at 1 january 2024 531 3,679 525 (1,434) 3,301 loss for the period after tax - - - (906) (906) other comprehensive losses - - (8) - (8) total comprehensive losses for the period - - (8) (906) (914) movement in respect of employee share scheme - 82 - - 82 employee share option scheme:       - value of services provided - 31 - - 31 dividends payable - - - (128) (128) transactions with shareholders - 113 - (128) (15) balance at 30 june 2024 531 3,792 517 (2,468) 2,372       year ended 31 december 2024 (audited) balance at 1 january 2024 531 3,679 525 (1,434) 3,301 profit for the year after tax - - - 2,007 2,007 other comprehensive (losses)/income - - (26) 7 (19) total comprehensive losses for the year - - (26) 2,014 1,988 movement in respect of employee share scheme - 22 - - 22 employee share option scheme:       - value of services provided - 57 - - 57 dividends paid - - - (257) (257) transactions with shareholders - 79 - (257) (178) balance at 31 december 2024 531 3,758 499 323 5,111      consolidated interim statement of financial position          note   at 30 june 2025 £'000 (unaudited)   at 30 june 2024 £'000 (unaudited) at 31 december 2024 £'000 (audited) assets     non-current assets     intangible assets - goodwill  178 1,807 178 intangible assets - other  1,684 1,408 1,542 property, plant and equipment  824 940 774 right of use assets  5,219 6,046 5,371 deferred tax assets  1,921 2,390 2,149 other receivables  3,265 2,984 3,265   13,091 15,575 13,279 current assets     inventories  8 16 24 trade and other receivables 9 9,700 11,837 8,327 other current assets  1,960 2,056 3,010 cash and cash equivalents 14 4,960 705 4,870   16,628 14,614 16,231 total assets   29,719 30,189 29,510 equity     capital and reserves attributable to the company's equity holders   share capital 10 531 531 531 other reserves  3,314 3,792 3,758 cumulative translation reserve  528 517 499 retained earnings  557 (2,468) 323 total equity   4,930 2,372 5,111 liabilities     non-current liabilities     trade and other payables  471 385 715 retirement benefit obligations 11 780 852 812 lease liabilities  7,370 7,978 7,501 provisions  1,276 1,243 1,235   9,897 10,458 10,263 current liabilities     trade and other payables 12 10,708 9,845 9,510 lease liabilities  1,150 1,399 1,204 current tax liabilities  21 29 20 borrowings  - 3,094 - provisions  3,013 2,992 3,402   14,892 17,359 14,136 total liabilities   24,789 27,817 24,399 total equity and liabilities   29,719 30,189 29,510                   consolidated interim statement of cash flows   note half year to 30 june 2025 £'000 (unaudited) half year to 30 june 2024 £'000 (unaudited) year ended 31 december 2024 £'000 (audited) cash flow from operating activities     cash generated from/(used in) operations 13 1,867 (1,129) 3,737 interest paid  (434) (565) (952) tax paid  - (50) (52) net cash generated from/(used in) operating activities  1,433 (1,744) 2,733 cash flow from investing activities     purchase of property, plant and equipment  (220) (214) (503) interest received  - 2 - proceeds from sale of orridge, net of cash sold  - - 3,840 intangible asset expenditure  (408) (405) (787) net cash (used in)/generated from investing activities  (628) (617) 2,550 cash flow from financing activities     proceeds from invoice discounting  - 809 - repayment of lease liabilities  (716) (645) (1,401) dividends paid  - - (257) net cash (used in)/generated from financing activities  (716) 164 (1,658) net increase/(decrease) in cash  89 (2,197) 3,625 cash and cash equivalents at beginning of period  4,870 1,248 1,248 exchange gains/(losses) on euro bank accounts  1 2 (3) cash and cash equivalents at end of period 14 4,960 (947)     notes to the consolidated interim financial statements 1. general information christie group plc is a public limited company incorporated in and operating from england. the company's ordinary shares are traded on the aim market operated by the london stock exchange. christie group plc is the parent undertaking of a group of companies covering a range of related activities.  these fall into two divisions - professional & financial services and stock & inventory systems & services.  professional & financial services principally covers business valuation, consultancy & agency, business mortgages & insurance services and business appraisal.  stock & inventory systems & services covers stock audit & counting, consulting, compliance, inventory preparation & valuation and hospitality & software solutions.   2. basis of preparation the interim financial statements have been prepared in accordance with international accounting standard ('ias') 34 "interim financial reporting", as adopted for use in the united kingdom and the accounting policies applied in the financial statements for the year ended 31 december 2024. taxes on income in the interim periods are accrued using the effective tax rate that would be applicable to expected total annual earnings.   there are no new standards, amendments or interpretations that have been published and are mandatory from 1 january 2025 that have a material effect on the 31 december 2025 accounts. going concern having reviewed the group and company's detailed budgets, projections and funding requirements to 31 december 2026, taking account of reasonable possible changes in trading performance over this period, the directors believe they have reasonable grounds for stating that the group and company have adequate resources to continue in operational existence for the foreseeable future. accordingly, the directors continue to adopt the going concern basis in preparing these interim accounts.   non-statutory accounts these consolidated interim financial statements have been prepared in accordance with ias 34 'interim financial reporting'. the statutory accounts for the year ended 31 december 2024 have been delivered to the registrar of companies. the auditors reported on these accounts reported the following: (1)  their report was unqualified; (2)  did not contain a statement under either section 498(2) or section 498(3) of the companies act 2006; and (3)  did not include references to any matters to which the auditor drew attention by way of emphasis. the financial information for the periods ended 30 june 2025 and 30 june 2024 is unaudited.      3. critical accounting estimates and judgements estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. critical accounting estimates and assumptions the group makes estimates and assumptions concerning the future. the resulting accounting estimates will by definition, seldom equal the related actual results.  the estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (a) estimated impairment of investments investments are subject to an impairment review annually and when there are indications that the carrying value may not be recoverable. the recoverable amounts of cash-generating units have been determined based on value-in-use calculations. (b) retirement benefit obligations the assumptions used to measure the expense and liabilities related to the group's defined benefit pension plans are reviewed annually by professionally qualified, independent actuaries, trustees and management as appropriate. management bases their assumptions on their understanding and interpretation of applicable scheme rules which prevail at the statement of financial position date.  the measurement of the expense for a period requires judgement with respect to the following matters, amongst others: -      the probable long-term rate of increase in pensionable pay; -      the inflation rate; -      the discount rate; and -      the estimated life expectancy of participating members. the assumptions used by the group, may differ materially from actual results, and these differences may result in a significant impact on the amount of pension expense recorded in future periods.  in accordance with ias 19, the group recognises all actuarial gains and losses immediately in other comprehensive income. critical accounting judgements and assumptions the critical judgements made in the process of applying the group's accounting policies during the year that have the most significant effect on the amounts recognised in the financial statements are set out below. (a) deferred taxation deferred tax assets are recognised to the extent that the group believes it is probable that future taxable profit will be available against which temporary timing differences and losses from previous periods can be utilised. management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.      (b) revenue recognition the valuation of unbilled revenue is based on an estimate of the amount expected to be recoverable from clients and involves detailed understanding of the contractual terms with clients. management is required to make estimates in determining the point at which the fair value of consideration can be measured reliably. the principal uncertainty over this estimation is a result of the amounts not yet being billed to the client.  the extent of such uncertainty is increased on engagements where conditions remain at the point of exchange of contract, such as approval of the transaction from relevant regulators, which mean that the success of the transaction is not certain.  management has evaluated the terms, performance milestones, counterparty intentions along with historical experience and external market conditions to determine whether it is highly probable that these contracts will be successfully executed, and where it has been judged that the outcome can be reliably measured, revenue has been recognised accordingly. 4. segment information the group is organised into two main business segments: professional & financial services (pfs) and stock & inventory systems & services (siss). the segment results for the period ended 30 june 2025 are as follows:    pfs £'000   siss £'000   other £'000   group £'000 total gross segment revenue 28,721 6,090 - 34,811 inter-segment revenue (60) - - (60) revenue 28,661 6,090 - 34,751 operating profit/(loss) 1,798 (473) - 1,325 finance costs (354) (80) 14 (420) profit/(loss) before tax 1,444 (553) 14 905 taxation    (227) profit for the period after tax     678   the segment results for the period ended 30 june 2024 are as follows:     continuing activities   pfs £'000   siss £'000   other £'000   group £'000 total gross segment revenue 22,345 5,821 - 28,166 inter-segment revenue (60) - - (60) revenue 22,285 5,821 - 28,106 operating loss 37 (466) - (429) finance costs (398) (104) 8 (494) loss before tax (361) (570) 8 (923) taxation    289 loss for the period after tax     (634)      the segment results for the year ended 31 december 2024 are as follows:     continuing activities    pfs £'000   siss £'000   other £'000   group £'000 total gross segment sales 48,917 11,589 - 60,506 inter-segment sales (120) - - (120) revenue 48,797 11,589 - 60,386 operating profit/(loss) 2,529 (530) - 1,999 finance costs (662) (53) (237) (952) profit/(loss) before tax 1,867 (583) (237) 1,047 taxation    95 profit for the year after tax       1,142   revenue recognised in the period has been derived from the provision of services provided when the performance obligation has been satisfied.   5. discontinued operations on 4 november 2024 the group disposed of its entire issued share capital of orridge holdings limited to rgis inventory specialists limited ("rgis") for a cash consideration of up to £5.0m.   the consideration is structured on a cash free/debt free basis and comprised an upfront cash payment of £4.0m paid on completion and up to a further £1.0m of retained consideration to be payable within 12 months after completion subject to completion accounting and working capital adjustments. orridge was europe's longest established stocktaking business, having been founded in 1846 and originally acquired by christie group in 2001. its pan-european services were co-ordinated from operational bases in the uk, germany and belgium. orridge specialised in all fields of stocktaking including high street retailing, warehousing and factory operations, pharmacies and supply chain services.   the disposal reflected the board's continued efforts to improve the quality of earnings, and the net proceeds from the disposal will be used to strengthen the balance sheet and allow the group to focus on growth opportunities in its core businesses and end markets to deliver value for all stakeholders.   5.1 discontinued operations income statement for the year ended 31 december 2024      31 december 2024 £'000        30 june 2024 £'000   revenue   11,136 7,185 employee benefit expenses   (8,309) (5,251)    2,827 1,934 other operating expenses   (3,301) (2,087) operating loss   (474) (153) finance costs   (115) (71) finance income   4 2 total finance costs   (111) (69) loss before tax   (585) (222) taxation   (21) (50) loss after tax from discontinued operations   (606) (272) gain on disposal of subsidiaries   1,471 - profit/(loss) from discontinued operations   865 (272)      basic earnings per share for discontinued operations for 30 june 2025: nil (31 december 2024: 3.35p, 30 june 2024: (1.05)p). diluted earnings per share for discontinued operations for 30 june 2025: nil (31 december 2024: 3.33p, 30 june 2024: (1.05)p. the gain on disposal of the orridge group discontinued operation is summarised as follows:     total £'000 consideration received or receivable:   cash received on 4 november 2024 4,000 deferred consideration 1,000 total disposal consideration 5,000 carrying value of net assets sold (2,392) cash received on completion 209 completion adjustments (343) transaction costs incurred (688) onerous costs following transaction completion (315) gain on sale of orridge 1,471   5.2 cash flows from discontinued operations         31 december 2024 £'000   30 june 2024 £'000   cash flow from operating activities      cash generated from/(used in) operations   197 (990) interest paid   (115) (71) tax paid   (21) - net cash generated from/(used in) operating activities   61 (1,061) cash flow from investing activities    purchase of property, plant and equipment    (237) - intangible asset expenditure   (4) - proceeds from sale of orridge*   4,209 - interest received   - 2 net cash generated from investing activities   3,968 2 cash flow from financing activities    net drawdown of invoice finance   157 809 repayment of lease liabilities   (147) (88) net cash generated from financing activities   10 721 net increase/(decrease) in cash   4,039 (338) cash and cash equivalents at beginning of period   540 540 cash and cash equivalents   4,579 202   *proceeds from sale of orridge represents cash received by the group on the disposal of orridge. this was received by christie group plc.      5.3 effect of the disposal on the consolidated statement of financial position the carrying amount of assets and liabilities of the orridge business unit as at 4 november 2024 was as follows: statement of financial position of the discontinued operations      2024 £'000 assets     intangible assets - goodwill       1,614 right of use assets       581 deferred tax assets       46 trade and other receivables       2,714 other current assets       23 cash and cash equivalents       369 total assets       5,347 liabilities       trade and other payables       1,689 lease liabilities       353 provisions       46 borrowings       867 total liabilities       2,955 net assets of the disposal group     2,392   6. taxation deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets where it is probable that these assets will be recovered.   7. earnings per share basic earnings per share is calculated by dividing the profit/(loss) attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the period, which excludes the shares held in the employee share ownership plan (esop) trust. diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares, once performance conditions are met. the company has only one category of potential dilutive ordinary shares - share options. the calculation is performed for the share options to determine the number of shares that could have been issued at fair value (determined as the average annual market share price of the company's shares) based on the monetary value of the subscription rights attached to outstanding share options. the number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.  half year to 30 june 2025 £'000 half year to 30 june 2024 £'000 year ended 31 december 2024 £'000 profit/(loss) after tax from continuing operations 678 (634) 1,142 profit/(loss) attributable to the equity holders 678 (906) 2,007      30 june 2025 thousands 30 june 2024 thousands 31 december 2024 thousands weighted average number of ordinary shares in issue 25,767 25,793 25,827 adjustment for share options 154 (158) 130 weighted average number of ordinary shares for diluted earnings per share   25,921   25,635 25,957  30 june 2025 pence 30 june 2024 pence   31 december 2024 pence continuing operations:     basic earnings per share 2.63 (2.46) 4.42 diluted earnings per share 2.62 (2.46) 4.40   attributable to equity holders of the company:    basic earnings per share 2.63 (3.51) 7.77 diluted earnings per share 2.62 (3.51) 7.73   8. dividends a final dividend in respect of 2024 of 1.75p per share, amounting to a dividend of £444,000, was proposed by the directors and approved by the shareholders at the annual general meeting on 12 june 2025, with the funds paid to the registrar on 8 july 2025. the funds were transferred to shareholders on 11 july 2025. an interim dividend in respect of 2025 of 0.75p per share, amounting to a dividend of £192,000, was declared by the directors at their meeting on 23 september 2025. these financial statements do not reflect this dividend payable. the dividend of 0.75p per share will be payable to shareholders on the record on 10 october 2025. the dividend will be paid on 7 november 2025. as at the 30 june 2025, the parent company had distributable reserves of £6,372,000 (31 december 2024: £2,230,000). 9. trade and other receivables  half year to  30 june 2025 £'000 half year to  30 june 2024 £'000 year ended 31 december 2024 £'000 trade receivables 8,023 8,921 5,448 less: provision for impairment of receivables (1,145) (747) (493) contract assets 2,153 2,586 1,818 other debtors 669 1,077 1,554  9,700 11,837 8,327   the fair value of trade and other receivables approximates to the carrying value as detailed above.      10. share capital  30 june 2025 30 june 2024 31 december 2024 ordinary shares of 2p each number £'000 number £'000 number £'000 allotted and fully paid:        at beginning and end of period 26,526,729   531 26,526,729 531 26,526,729 531   the company has one class of ordinary shares which carry no right to fixed income.   investment in own shares the group has established an employee share ownership plan (esop) trust to meet its future contingent obligations under the group's share option schemes.  the esop purchases shares in the market for distribution at a later date in accordance with the terms of the group's share option schemes. the rights to dividend on the shares held have been waived.   11. retirement benefit obligations the group operates two defined benefit schemes (closed to new members) providing pensions on final pensionable pay. the contributions are determined by qualified actuaries based on triennial valuations using the projected unit method. when a member retires, the pension and any spouse's pension is either secured by an annuity contract or paid from the managed fund. assets of the schemes are reduced by the purchase price of any annuity purchase and the benefits no longer regarded as liabilities of the scheme. the defined benefit is calculated on a year-to-date basis. there have been no significant market fluctuations or significant one-off events, such as plan amendments, curtailments and settlements that have resulted in an adjustment to the actuarially determined pension cost since the end of the prior financial year. the terms of the schemes are that the group does not have an unconditional right to a refund of any surplus. therefore there is an asset ceiling that prevents an asset being recognised. the asset ceiling at 31 december 2024 was £15.5m unrecognised asset. given that the pension schemes remain in surplus and the asset would not be recognised, accordingly no formal actuarial valuation of the pension schemes has been undertaken as at 30 june 2025 or at 30 june 2024. the obligation outstanding of £780,000 (30 june 2024: £852,000; 31 december 2024: £813,000) represents £780,000 (30 june 2024: £852,000; 31 december 2024: £813,000) payable to david rugg by christie group plc. the movement in the pension liability attributable to david rugg's pension arises from a change in the actuarial assumptions used and the discount rate applied. there have been no changes to the amounts payable to mr rugg. the group continues to work closely with the trustee in managing pension risks, with the defined benefit schemes closed to new members since 1999 & 2000. in addition, the group operates a defined contribution scheme for participating employees. payments to the scheme are charged as an employee benefit as they fall due. the group has no further payment obligations once the contributions have been paid. 12. trade and other payables  half year to  30 june 2025 £'000 half year to  30 june 2024 £'000 year ended 31 december 2024 £'000 trade payables 939 1,281 1,399 other taxes and social security 2,687 2,929 2,451 other creditors 350 757 446 contract liabilities 363 366 339 accruals 6,369 4,512 4,875  10,708 9,845 9,510      13. note to the cash flow statement   cash generated from operations   half year to  30 june 2025 £'000 half year to  30 june 2024 £'000 year ended 31 december 2024 £'000 profit/(loss) for the period after tax - continuing 678 (634) 1,142 loss from discontinued activity - (272) 865 profit/(loss) for the period 678 (906) 2,007 adjustments for:    - taxation 227 (239) (95) - finance costs 420 563 952 - depreciation 680 870 1,484 - amortisation of intangible assets 265 204 462 - profit on sale of pp&e - - (5) - profit on disposal of orridge   (1,471) - foreign currency translation 43 3 28 - (decrease)/increase in provisions (316) 29 471 - payments to esot (375) - - - movement in share option charge 29 31 57 - movement in non-current other receivables - - (281) movement in working capital:    - decrease/(increase) in inventories 16 (1) (7) - increase in trade & other receivables (309) (1,265) (1,599) - increase/(decrease) in trade & other payables 509 (418) 1,734 cash generated from/(used in) operations 1,867 (1,129) 3,737   14. cash and cash equivalents   half year to  30 june 2025 £'000 half year to  30 june 2024 £'000 year ended 31 december 2024 £'000 cash and cash equivalents 4,960 705 4,870 bank overdrafts - (1,652) -  4,960 (947) 4,870   the group is operating within its existing banking facilities and maintains a net overdraft facility of £4.5m.   15. related-party transactions there is no controlling interest in the group's shares. during the period rentals of £310,000 (30 june 2024: £299,000; 31 december 2024: £600,000) were payable to carmelite property limited by christie group plc in accordance with the terms of a long-term lease agreement. carmelite property limited is a company incorporated in england and wales and jointly owned by the christie group pension and assurance scheme, the venners retirement benefit fund and the fitzroy square pension fund.   16. publication of interim report the 2025 interim financial statements are available on the company's website https://www.christiegroup.com this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to 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Label: Neutral