GOING THE EXTRA MILE
Passionate about
your business
Christie Group plc
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
United Kingdom
T: +44 (0) 20 7227 0707
F: +44 (0) 20 7227 0708
E: executive@christiegroup.com
www.christiegroup.com
Annual Report 201 5
Christie Group plc ANNUAL REPORT 2015 These include surveying, valuation, agency, consultancy, finance,
insurance, stock control and business software solutions. 
Our focus on a limited number of sectors gives us an unrivalled
market awareness in each of these areas.
The results: a greater understanding of our clients’  operations
and a heightened ability to help them improve efficiency,
enhance trading profits and increase the value of their
businesses. In these ways, and through our innovative use of
technology, we have built a reputation for making a significant
contribution to our clients’ commercial success.
Professional Business Services
The expertise offered by Christie& Co, Christie Finance and 
Christie Insurance covers all aspects of valuing, buying, selling,
developing, financing and insuring a wide variety of businesses. 
Its scope is complemented by the comprehensive appraisal and
project management services available from Pinders.
Stock & Inventory Systems & Services
Orridge and Venners are the leading specialists in stock control
and inventory management services. Orridge specialises in 
all fields of retail, Venners focuses on the hospitality sector 
and Vennersys provides software and systems to the leisure 
and hospitality sectors.
Christie Group provides a
portfolio of over 40 professional
business services for the
leisure, retail and care sectors.
1 Highlights of the year
2 Chairman’s statement
4 Chief Executive’s review
8 Our strategy
10 Our brands
11 Where we are
12 Remaining best in class
14 Balance and strength in depth
17 Divisional review
26 Financial review
27 KPIs
28 Board of directors
28 Company information
29 Strategic report
30 Directors’ report
31 Corporate governance
34 Remuneration report
36 Statement of directors’ 
responsibilities
37 Independent auditor’s report
38 Consolidated income statement
39 Consolidated statement of
comprehensive income
40 Consolidated statement of changes
in shareholders’ equity
41 Consolidated statement 
of financial position
42 Consolidated statement 
of cash flows
43 Company statement of changes 
in shareholders’ equity
44 Company statement of 
financial position
45 Company statement of cash flows
46 Notes to the consolidated 
financial statements
80 Five-year record
81 Shareholder information
83 Directory
Contents
Designed and produced by fourth qua r ter
The paper used in this document contains
materials sourced from responsibly
managed and sustainable commercial
forests, certified in accordance with the
FSC
®
(Forest Stewardship Council). Christie Group Annual Report 2015 1
Highlights of the year
• Revenue growth of 4.5% to £63.7m (2014: £61.0m)
• Operating profit remained stable at £3.8m (2014: £3.7m)
• Earnings per share increased to 9.73p per share (2014: 9.34p per share)
• Proposed final dividend at 1.5p per share (2014: 1.5p per share) increasing
the total dividend for the year to 2.50p per share (2014: 2.25p per share)
• PBS division improves on 2014 result with 9% revenue growth and 
corporate activity across a broad selection of trade sectors
• PBS operating profits up by 42% to £4.6m (2014: £3.3m)
• Difficult year for UK retail stocktaking which adversely affected 
SISS division results
• Christie & Co awarded ‘UK’s most active agent’ in the Leisure and 
Hotels category by the Estates Gazette for the sixth year in succession
• Christie Finance wins ‘Commercial Mortgage Introducer of the Year’ 
at the Business MoneyFacts Awards
    
 
2015 2014
P
 57% 54%
  
  
 
43%
54% 46%
46%
2014 2
REVENUE BY DIVISION  
 
Professional
Business Services
Stock & Inventory
Systems & Services
 
57% 43%
201 5 2
  REVENUE BY SECTOR
Leisure
20%
32%
48%
Retail
Care
 
 
  
  
 
201 5 2
    
2015 2014
48% 47%
32% 36%
 
20% 17%
 
  
  
 
17%
36%
47%
2014 2 Christie Group Annual Report 2015
A strong performance in our
Professional Business Services division
offset a very difficult year in retail
stocktaking which I referred to at the
time of the release of our interim
results. Earnings per share increased by
4.2% to 9.73p per share (2014: 9.34p).
Professional Business Services
The PBS division improved further on
the success it enjoyed in 2014, with a
9.1% growth in revenues to £36.3m
(2014: £33.2m) producing an operating
profit of £4.6m (2014: £3.3m).
Our transactional business in Christie
& Co enjoyed a busy period of corporate
activity across a broad selection of the
trade sectors in which we operate.
Overall, Christie & Co valued, advised
on or transacted over £28bn of assets,
instanced by brokering a deal worth
more than £100m for Anchor to acquire
24 purpose-built homes operated by
LNT Group subsidiary Ideal Carehomes,
the sale of the MGallery in Vienna which
showcased our Austrian and Spanish
teams working together to introduce 
a Spanish buyer and maximising the
price for our client, and Christie & Co
identified Care UK to operate a new 
80 bed care home in Sevenoaks for
developer Kitewood Group which the
investor Octopus Healthcare has
forward funded. For the sixth
consecutive year, Christie & Co were
voted the UK’s most active hotel and
leisure agent by the Estates Gazette.
Incentive fees rewarded us in a number
of cases where proceeds realised
exceeded expectations. Our team,
which is present in 31 locations across
Europe and speaks 23 languages, has
been able to offer industry leading advice
and deal opportunities. 2015 also saw
the Consultancy team produce one of
the first industry reports into the impact
of the National Living Wage (NLW) on
the sectors that Christie & Co cover . 
Our two valuation practices advised on
or valued over £20bn of assets for both
balance sheet and security purposes in
over 10,000 assignments, including
valuing the Greene King and Marston
Pub Estates. 
Our finance brokerage, Christie Finance,
which was delighted to receive Full
Authorisation from the FCA in
November 2015, won Commercial
Mortgage Introducer of the Year award
from Business MoneyFacts Awards for
the excellence of its service.
Christie Insurance has continued to
deliver tailored solutions for clients not
well served by standardised existing
insurance arrangements, working closely
with Christie & Co and Christie Finance
in the process. One group of companies
mainly focused in the elderly care sector
gave us a very short timeframe to insure
over 80 homes. We provided them with a
single insurer and a saving in premiums
of £100,000 compared to the next best
option on the market.
Our Building Services division provided
a range of support for clients during the
year, from building monitoring for banks
on multi-million pound developments,
structural due diligence reports for a
hotel chain in its disposal programme 
of selected assets, as well as interior
design and project management to
assist a client with its office
refurbishment programme.
Chairman’ s statement
I am pleased to report an increased revenue of £63.7m
(2014: £61.0m) and a marginally increased operating
profit of £3.8m (2014: £3.7m). 
We anticipate that our results in
2016 will be second half weighted
but remain optimistic of our
outcome for the year . “The year started quietly but has
begun to gather pace with the Spring.
Our pipeline of pending deals in
progress continues to grow.”
Stock & Inventory Systems & Services
Vennersys, our online visitor attraction
and systems provider, saw the first
migrations by existing clients to our
new cloud-based model, VENPos Cloud. 
Avro Heritage Museum were among
these first adopters.
Our first client installation of the new
product took place in early January 2016,
a milestone in the new product’s
development. We anticipate that in the
case of 2016, required modules will be
provided in our new system, enabling
existing clients to be switched to the new
software. In addition, new clients are
being won, including the award winning
Folly Farm Adventure Park and Zoo. 
Venners, our provider of stocktaking,
inventory and consultancy services 
to the hospitality industry, has enjoyed
another strong year of growth in both
revenue and profitability. We continue 
to recruit and train new operatives. 
We have increased our regional
management to enable more work to
be sought and serviced on a local basis
in addition to the national contracts we
enjoy. Our range of additional services
has grown beyond stocktaking and
inventory to now encompass compliance
auditing, health and safety and
consultancy. Resulting from our advice,
one multi-site operator added £2.8m to
their gross profit in just nine months.
By contrast, the retail stock taking
sector in the UK is suffering the effect
of rising wages at a time when certain
areas such as food retailers are
experiencing price deflation. The
adverse impact on profitability has been
marked and explains the operating
losses reported in the division
compared to the profitability seen in
previous years. We anticipate continued
disruption for Orridge whilst the
National Living Wage is adopted.
Nonetheless, we continue to be offered
assignments by new clients, albeit while
being careful to accept new work on a
profitable basis with all known future
cost increases factored in.
In response to these challenges, we are
working with our clients to apply stock
control in the most cost-effective
manner while developing additional
services. Our supply chain services are
increasingly seen by retailers as part 
of the solution while we continue to
enjoy a strong position in the profitable
pharmacy stock taking arena from
where Orridge first originated. We
believe these UK markets continue to
provide genuine opportunity once the
period of disruption in the retail sector
is overcome.
Looking outside the UK, Guess Europe
has chosen Orridge as inventory
partner on a European level because
they provided a high professionalism,
good technology to support the count
and a great support on a human level
during the whole inventory phase. It is
a client experience that Orridge is well
placed to repeat as a pan-European
service provider.
Outlook
The year started quietly but has
begun to gather pace with the Spring.
Our pipeline of pending deals in
progress continues to grow. In late
February we launched a new web
portal under the christie.com address,
with linked sites to Christie Finance
and Christie Insurance. I do encourage
you to visit the site which is both
intuitive and instant in bringing to
market the trading businesses in
which we specialise.
Whatever the outcome of the Brexit vote,
the demand for our multi-domestic
services will continue in both the UK
and Europe. We anticipate that our
results in 2016 will be second half
weighted but remain optimistic of our
profitable outcome for the year .
On your behalf, I am pleased to thank
our staff who, between them, set the
benchmark in our sectors for the
services they provide.
Your directors recommend a final
dividend of 1.5p per share (2014: 1.5p), 
a total of 2.50p for the year (2014: 2.25p)
and an 11% increase on the prior year . 
If approved the dividend will be paid on 
8 July 2016 to those shareholders on
the register on 10 June 2016. 
Philip Gwyn
Chairman
1 April 2016 
Christie Group Annual Report 2015 3
Michael Venner
We sadly record the passing of
Michael Venner . Michael was the last
male member of the founding family
to serve his career at Venners and was
a skilled and enthusiastic champion
for the business. He greatly assisted its
integration into Christie Group for
which we remain profoundly grateful. 4 Christie Group Annual Report 2015
Chief Executive’ s review
Knowledge, passion, performance
The UK recovery continued into 2015
and Christie Group benefited from
positive economic conditions. We more
than matched our strong performance
from the previous year . 
Critically, we also improved the quality
of our earnings by generating more
broadly based profits. Aside from retail
stocktaking (discussed below), there
were solid contributions from right
across the Group. 
Our strategic positioning has always
focused on the added value of in-depth,
sector-specific expertise. Increasingly,
in today’s knowledge economy,
customers understand the importance
of the high-quality advice we offer . They
are prepared to pay a premium for that. 
What brings them back is the quality of
our service. The commitment here is
palpable. We have built our business
around our clients. Our overriding
imperative is to understand the issues
clients face and address them with
precisely tailored solutions. 
A diversified structure
Christie Group provides services across
the business life cycle. We support
prospective buyers taking on new
businesses. Our services assist
company owners and operators in
enhancing efficiency. We provide expert
support and services for those wanting
to dispose of assets or sell their
businesses outright. The breadth of
our operations keeps us connected
with companies at every stage of
their development. 
We focus our energy and expertise on
three broad economic sectors – retail,
care and leisure. This allows us to
provide high value, high quality business
intelligence to our customers. Our
emphasis on quality makes it more
difficult for competitors to undercut
what we offer .
Our organisational structure combines
the more predictable earnings from
services that enhance day-to-day
business operations with transaction-
related services that may be more
volatile. Revenue is split between
the two activities.
Sector knowledge
We play a pivotal role in our chosen
sectors. 
Our focus is on the entirety of each
sector we cover, from smallest to
largest, from the new entrant to the
experienced operator . It’s ingrained
in our culture. We aim to meet the
different client requirements that
arise at different stages of the business
cycle. We understand the players,
we understand the individual
businesses and we understand
what drives sector activity.
We maintain close connections with
UK businesses within our specialist
sectors that equip us with a strong
sense of the dynamics underpinning
economic performance. We monitor
around a quarter of a million small
and medium-sized businesses in our
specialist sectors. 
The value of research
Business intelligence has always been
at the foundation of our approach. 
As business specialists we have an
intimate understanding of what makes
firms tick. We can benchmark staffing
costs, tariffs, margins – the whole
business model – at a granular level. 
Chief Executive’ s review
It has been a year of positive development. We have
broadened and deepened our pattern of earnings. Christie Group Annual Report 2015 5
We use this information to inform
pricing and valuation and model risk
factors in various businesses.
We are finding new ways to make the
most of this very valuable information. 
In June 2015, we drew on our expertise
in Care to investigate nursing staff
policy. ‘The UK Nursing Workforce:
Crisis or Opportunity’ traced a direct
link between reduced governmental
support for nurse training places in the
UK and the evolution of an expensive
and risky ‘agency culture’ for health and
social care staffing. The report was
referenced in a House of Lords debate.
The Consultancy team also produced
one of the first industry reports on the
impact of the National Living Wage
(NLW) in 2015. This looked in detail at
the specific challenges for hotels,
pubs, restaurants, care, retail, childcare
and the medical sector . The report
suggested potential mitigating actions
for affected businesses. 
We have now set up a central research
unit to share our in-depth understanding
of specific sectors.
Professional Business Services 
The PBS side of the business was
responsible for the majority of our
earnings this year . 
Our strong 2014 results were largely
based on hectic trading in the hotel
sector . Our ambition for 2015 was to
achieve a more balanced revenue profile
with all sectors contributing. This was
largely achieved. 
Forced business sales triggered by
banks have tapered off in the past two
years. Our second goal was to replace
these with more owner-initiated
transactions. This we have also
achieved. What is more, we have
managed to keep overall sales volumes
broadly in line with the previous year .
These were notable achievements,
especially given the fact that improved
economic activity has not translated into
additional sales volumes. Volumes
remain stubbornly low – at less than
half their peak levels in 2007. 
There is no shortage of demand. 
The problem is lack of supply. The
resulting pent-up demand is pushing 
up valuations. Most of our sectors saw
more than a 9% rise in average prices
across the year . Care was the exception,
with NLW concerns dampening
demand, but even here market values
rose. Encouragingly, we have seen 
a rise in recent weeks in the level of
instructions received, which may be 
a sign that this shortage of supply 
is beginning to ease. 
Business. Built around you.
Christie & Co celebrated its 80th
anniversary year with a strong
performance in 2015. The company has
a proud history of successful innovation.
It was the first agency to advertise on
commercial television, the first to provide
video guides to available businesses and
the first to connect prospective business
buyers with potential properties online. It
recently rolled out a new highly functional
online sales portal Christie.com with the
potential to become the UK’s destination
site for business property sales.
Christie & Co also commissioned 
a rebranding exercise in 2015. This
underlined its reputation for in-depth,
sector expertise. Based around the
concept of ‘Business. Built around you’,
the new branding reflects the ethos
that has been core to the business
ever since its inception in 1935. 
The finance and insurance businesses
incorporate the new Christie brand,
reinforcing the complementary nature 
of the Christie offering. Both businesses
are valuable profit centres in their own
right. They also extend Christie’s client
relationships. Christie Insurance
maintained steady profitability
throughout 2015, while Christie Finance
continued to grow its fee income. 
International
International investors intensified their
European activity in 2015. Christie
provides joined-up advice through its
network of European offices. It is now
present in 31 locations across Europe
and is continuing to invest. It opened 
a Stockholm branch during the year 
and has set up a dedicated Asia desk
aimed mainly at Chinese businesses
looking to invest in Europe. 
Market insight
In-depth expertise and service excellence
are the common threads that link all
our companies. 
The nature of business buyers has
changed. They are often private equity
or venture capitalists. They have
financial rather than operational
pedigrees. They therefore value our
trade sector and operating expertise
and this is driving demand for a wider
package of services. Our consultancy
teams advise on health and safety,
compliance issues and act in a
troubleshooting capacity. 
Pinders, our business valuation and
appraisal company, continues to grow 
in scale. It is also often used in a
consulting capacity. Its specialist reports
“During 2015 we expanded our team, our network & our
range of services and grew our client base. We have
developed our systems for implementation in 2016 and 
are soundly based for the future.”  Chief Executive’s review continued
Whatever the outcome of the Brexit
vote, the demand for our multi-
domestic services will continue
in both the UK and Europe.
6 Christie Group Annual Report 2015
are highly rated. Banks often commission
on new-build developments to advise
both on the cost of the building project
and the value of the resulting business.
It is one of a very few valuation specialists
with the breadth of knowledge to deliver
this service effectively.
Stock & Inventory Systems & Services 
Venners, our licensed trade and
hospitality stocktaking business
performed well during the year .
Ancillary services, such as compliance,
health and safety, food consultancy 
and profit control continue to go from
strength to strength. The business 
focus now is to combine these in a
strong consultancy option.
The Venners philosophy is to work closely
with each client to optimise its business
performance. It enjoyed a significant
increase in mandates in 2015; many of
them were from existing clients. The fact
that its own success is being built on its
clients’ successes is testament to the
effectiveness of this strategy.
Vennersys, our software business, is on
track to achieve its goal of developing 
a cloud-based enterprise suite to sell 
to new and existing customers by mid
2016. Cloud-based delivery will allow
Vennersys to support a larger user base
and transition to a more predictable,
subscription-based revenue model.
Structural change in retail 
This was a challenging year for Orridge,
our retail stocktaking business. 
The internet is bringing fundamental
structural change to the retail sector .
Many physical retailers are transitioning
to a click and collect model and this is
stimulating growth in Orridge’s supply
chain division.
In the long-term this presents clear
opportunities. Cohesive, well-ordered
supply chains are critical for bricks and
clicks retailers. They need to know
about availability and replenishment in
real time. Supply chain stock checking
is continuous rather than periodic and
can be co-located at numerous
warehouse and distribution locations.
Since our stock checkers operate from a
single location for the working week, the
client benefits from an established and
ongoing relationship, the benefits of
which increase as knowledge of their
supply operation is gained.
Whilst using our renowned technology,
this is a people-intensive service.
We rely heavily on people in the field to
undertake our counts. There have been
3% increases in the minimum wage for
two years in a row and 2015 also saw the
start of auto-enrolment for pensions.
These have led to higher staffing costs. 
Our retail customers were already
under margin pressure. Some have
been more willing to buy a wider range
of services. The problems principally
relate to a handful of low margin
contracts which will not be renewed 
on current terms.
Our focus now is on reorganising the
business to reduce our central costs,
and to find technological solutions 
that can improve operational efficiency. 
We are in the process of rebuilding 
a solid foundation to ensure that this
evolves into a profitable business in 
2017 and beyond.
Bench strength
Staffing became a lot more stable in
2015 and we are finding it easier to
recruit high calibre people. Today’s
digital natives are adept at accessing
multiple sources of information to
acquire salient details. These are
precisely the kinds of skills Christie
people use every day.
We now have better training in place. 
A strong online element in several of
our businesses allows people to develop
skills at their own pace. As a result,
we are integrating and training our
people a lot quicker . 
Our new regional structure has also
paid dividends. Our coherent, light-
touch management structure retains
control but encourages responsibility
and self-reliance right across the
business. There is considerable depth 
in our teams and we have been able to
take on some very large projects with
extremely tight deadlines. 
Looking ahead
Uncertainty is a dominant market theme
in 2016. Governments, businesses and
investors are counselling caution. At
Christie Group, as we look beyond the
immediate, we are quietly confident. As
a highly diversified business founded on
knowledge, service and operational
excellence we shall continue to meet
customer priorities and build on our
strengths in our chosen sectors.
David Rugg
Chief Executive
1 April 2016 In changing waters we have to be ready for all
eventualities. Like sailing crews, we are
continually adapting – adjusting course and fine-
tuning strategy in line with prevailing conditions.
Christie’s agility enhances its performance and
strengthens its resilience. The source of this
agility? Our team-based approach. 
Christie Group Annual Report 2015 7
Charting the
right course 8 Christie Group Annual Report 2015
Our strategy
 
 
 
 
 
 
  
    
     
  
     
      
     
     
  
 
   
  
   
  
  
  
 
   
  
 
  
  
   
  
  
 
   
 
  
 
  
    
     
  
     
      
     
     
  
 
   
   
  
  
  
  
 
   
  
 
  
  
   
   
  
 
   
 
 
  
 
 
 
 
 
 
  
    
     
  
     
      
     
     
  
 
   
  
   
  
  
  
 
   
  
 
  
  
   
  
  
 
   
 
  
 
 
 
 
 
Our strategy is to develop our businesses in ways which
guarantee a resilience that will create growth and sustainable
value for all our stakeholders. 
Focusing rigorously on our core sectors: We maintain a rigorous focus on
strengthening our capabilities within our core sectors. This disciplined approach
aligns our activities with clients' interests and creates more opportunities to extend
our services and broaden our client base.
Developingourinternationalreach:Ourdivisionsprovideportfoliosofinterconnected
services to facilitate our clients’ business activities in the UK,
Continental Europe and North America. Our risks and
opportunities are increasingly diversified across
economies, market sectors and the services
we offer .
Maximising our synergies: Individually, our
companies acquire in-depth understanding in
their chosen markets. Together, they have the
resources to deliver services and skills 
which are highly complementary. They can 
add more value when they combine their
strengths on behalf of our clients.
Flexible approach: We aim for flexibility in the way
we meet our clients’ needs. In these changing and
challenging times, we consider one of our key strengths to
be the ability to adapt our resources and services to meet the
ever-changing demands of the marketplace. 
Creating sustainable value: 
The Christie Group has been able to distinguish itself and gain market share 
by developing a range of demand services for our clients.
This has been achieved by nurturing and creating a talent among the group 
to collaborate and inspire – and to spot the opportunities in the market place. 
This has allowed us to create value and opportunity for all our stakeholders: 
clients, investors, equity markets and employees. 
Operational
excellence
Flexible
approach
Sector-
specialist 
knowledge
Brand 
strength and 
endurance 
Exceptional
service
International 
reach Christie Group Annual Report 2015 9
 
 
 
 
 
 
  
    
     
  
     
      
     
     
  
 
   
  
   
  
  
  
 
   
  
 
  
  
   
  
  
 
   
 
  
Disposal
• Valuation
• Sales memoranda
• Disposal advice and brokerage
• Expert witness and litigation support
• Stock valuation
Development
• Site sourcing and development deals
• Operator search and selection / letting
• Market, feasibility and impact studies
• Management contract and lease advice
• Forward sale
• Valuation
Operations
• Property advice 
 and rent reviews
• Strategic and
 business advice
• Operational review
• Capex appraisal
• Stocktaking
• Health and Safety
• Finance and
 Insurance
• Building Services
Acquisition
• Investment advice
• Deal origination 
 and buy-side advice
• Commercial due
 diligence
• Finance and 
 Insurance
• Valuation
D I S P O S A L
A C Q U I S I T I O N
D E V E L O P M E N T
O P E R A T I O N S
Creating
sustainable
value for our
shareholders
 
 
 
 
 
 
  
    
     
  
     
      
     
     
  
 
   
  
   
  
  
  
 
   
  
 
  
  
   
  
  
 
   
 
  
N U R T U R I N G T A L E N T
A D A P T I N G T O C H A N G E
E N H A N C I N G R E S U L T S
J O I N E D - U P T H I N K I N G CHRISTIE TIMELINE
1846
Orridge
Established
1896
Venners
founded
1935
Christie & Co
established
1952
Christie & Co
opens its first
regional office
in Exeter
1969
Pinders
established
1977
Christie & Co
opens Edinburgh
office
Reliance
Consumer Credit
formed, later
becoming Christie
Finance and
Christie Insurance
1980
Holding company
established,
which later
became Christie
Group plc
1984
Venners
acquired 
1986
Pinders
acquired
1988
Christie Group
floated on
London Stock
Exchange
Our brands
10 Christie Group Annual Report 2015
Professional Business Services
Christie & Co is a leading specialist firm providing business intelligence in the hospitality,
leisure, care, retail and medical sectors. A market leader in its sectors, it employs the
largest teams of sector specialists in the UK providing professional agency, valuation 
and consultancy services.
www.christie.com
Christie Finance has over 30 years’ experience in financing businesses in the hospitality,
leisure, care, retail and medical sectors. Christie Finance prides itself on its speed of
response to client opportunities and its strong relationships with finance providers.
www.christiefinance.com
Christie Insurance, with over 30 years’ experience arranging business insurance in the
hospitality, leisure, care, retail and medical sectors, Christie Insurance is a leading company
in its markets. It delivers and exceeds clients’ expectations in terms of the cost of their
insurance and the breadth of its cover .
www.christieinsurance.com
Stock & Inventory Systems & Services
Orridge is Europe’s longest established stocktaking business and specialises in all fields
of retail stocktaking including high street, warehousing and factory operations, as well as
supply chain services. Orridge prides itself on the speed with which it supplies high-
quality management information to its clients.
www.orridge.co.uk www.orridge.eu
Venners is the leading supplier of stocktaking, inventory, consultancy services and related
stock management systems to the hospitality industry. Venners is the largest and longest
established stock audit company in the sector in the UK.
www.venners.co.uk
Vennersys operates in the UK and North America and delivers online Cloud-based ticketing
sales and admission Systems to visitor attractions such as historic houses and estates,
museums, zoos, safari parks, aquaria and cinemas. It has over 20 years’ experience
delivering purpose-designed solutions for clients’ ticketing, admissions, EPoS and food
and beverage sales requirements.
www.vennersys.co.uk www.vennersys.ca
Pinders is the UK's leading specialist business appraisal, valuation and consultancy
company, providing professional services to the licensed, leisure, retail and care sectors,
and also the commercial and corporate business sectors. Pinders staff use business
analysis and surveying skills to look at the detail of businesses to arrive at accurate
assessments of their trading potential and value.
www.pinders.co.uk BARCELONA
RENNES
LYON
PARIS
DUBLIN
BERLIN
STOCKHOLM
WARSAW
MUNICH
VIENNA
FRANKFURT
BONN
BORDEAUX
HELSINKI
BRUSSELS
LONDON
AIX EN PROVENCE
U N I T E D K I N G D O M
G E R M A N Y
C E N T R A L & 
E A S T E R N 
E U R O P E
B E N E L U X
I R E L A N D
THE NORDIC REGION, 
RUSSIA & THE 
BALTIC STATES
I B E R I A
F R A N C E
MADRID
WINCHESTER
CARDIFF
EXETER
HARLOW
READING
MILTON KEYNES
MAIDSTONE
BRISTOL
NOTTINGHAM
IPSWICH
BIRMINGHAM
ALDRIDGE
MANCHESTER
NEWCASTLE UPON TYNE
LEEDS
EDINBURGH
GLASGOW
1994
Orridge
establishes its
continental
European
business
in Belgium
1998
Christie & Co
opens its
Paris office,
its first in
mainland
Europe
1999
Christie & Co
opens
Frankfurt
office
2000
Christie & Co
opens
Barcelona
office
2002
Orridge
acquired 
2005
Christie
Group plc 
moves to AIM
2008
Christie & Co
expands into
Finland with
Helsinki office
Vennersys
established
2010
Christie & Co
opens Vienna
office
2012
Christie & Co
opens Dublin 
and Warsaw
offices
2013
Orridge acquires
Orridge Inventory
Services GmbH
Christie & Co
opens Cardiff
office
2015
Christie & Co
expands into
Sweden with
Stockholm office
Christie & Co
establishes
Asia Desk
Where we are
Christie Group Annual Report 2015 11
Offices
46 offices across the UK, Continental Europe and Canada.
Employees
Employing over 3,500 professional and specialist staff.
N
S
E W T o stay successful in today’s competitive
markets you need the toughness of a tanker
and the manoeuvrability of a speedboat. 
We deliver innovative services in retail, care
and leisure – in person and across the internet
– that correspond to client needs. 
We know what makes our sectors tick and
how they are changing. We continue to
strengthen our business by staying attuned
to underlying currents and developing trends.
This equips us to challenge orthodoxies in
evolving and disrupted markets.
THE PROJECT STORY: Christie & Co demonstrated its growing capability in the
Pharmacy sector, advising on the sale of 19 Medicx pharmacies. The deal
comprised 10 individual sales and a sale of 9 pharmacies to the management in
a JV arrangement with Bridges Ventures LLP . Christie & Co’s ability to generate
unprecedented interest in the estate after only four weeks of marketing resulted in
excess of 200 offers being received with some pharmacies receiving over 30 offers
each in one of the largest disposals the market had seen for over five years.
Over 10,000 valuation and
advisory assignments
conducted by our valuation
practices in the year
10,000
46
Offices across the 
UK, Continental
Europe and Canada.
“Encouragingly, merger
and acquisition activity
has been evenly spread
across all our business
sectors, in what was a key
differentiator between
2015 and 2014.”
David Rugg, Chief Executive
Remaining
best in class
12 Christie Group Annual Report 2015 32
Languages
spoken across
the Group.
Albanian
Arabic
Austrian
Bengali
Brazilian
Bulgarian
Chinese
Colombian
Greek
Danish
Dutch
English
Ethiopian
Finnish
Flemish
French
German
Gujarati
Hindu
Turkish
Irish
Italian
Polish
Portuguese
Romanian
Russian
South African
Spanish
Swedish
Ukrainian
Urdu
Mandarin
THE PROJECT STORY: 2015 was a positive year for
our Pubs team, who transacted or advised on more
than £6bn of assets. One such deal saw Christie & Co
broker the sale of 53 pubs previously owned by
T attershall Castle Group (TCG) to Stonegate Pub
Company for an undisclosed sum, taking Stonegate’s
number of operating sites to 665. The acquisition
included the famous T attershall Castle flagship floating
bar which is moored on the River Thames.
Christie Group Annual Report 2015 13
Christie & Co and Pinders valued,
advised on or transacted over
£30bn of assets in the year
£30bn
Average business values 
in our sectors increased 
by over 9% on a weighted
average basis
9% +
THE PROJECT STORY: Christie & Co brokered a deal
worth over £100m for Anchor to acquire 24 purpose-
built homes operated by LNT Group subsidiary
Ideal Carehomes. The deal - one of the biggest of
the year – built on the long-standing relationship
between Christie & Co and LNT, and demonstrated
the significant appetite that remains within the
sector for high quality residential homes. THE PROJECT STORY: Overseas investment in UK
assets remains a continuing theme. Christie & Co was
instructed on behalf of Evolve Fund Services Limited
to market the Radisson Blu, Bristol hotel. The
profitable 176 bedroom hotel, operated by Rezidor
Hotel Group, provided an opportunity for the
purchaser to capitalise on the strengthening local
hospitality trading environment.
Over 300 potential buyers
registered an interest 
with us every week
300
“Our focus is on the
entirety of each sector
we cover, from
smallest to largest,
from the new entrant
to the experienced
operator . It’s ingrained
in our culture.”
David Rugg, Chief Executive
Balance and
strength in depth
14 Christie Group Annual Report 2015
Some firms seek to grow by widening their
scope. We prefer to focus on depth. We look
to improve what we already do well. 
It’s an approach that extends our expertise
in the sectors we serve. And that knowledge
is a precious group asset. Because the more
we know, the more we can add value. 
We are building sustained, group-wide
growth by continually improving the quality
of our services. Christie in 2015 is balanced,
broadly based and delivering solid
performance across the board.  THE PROJECT STORY: Illustrating its own ability to work
across borders from a referral by Christie & Co, Christie
Finance brokered funding for a restaurateur who was
looking to expand and diversify his business further by
purchasing the Rossett Hall Hotel. The financing was
complicated by the client having seven individual investors
based in China which required all regulatory checks to
be completed before funding could be secured.
THE PROJECT STORY: In a year in which Christie & Co
saw a 33% increase in restaurant mandates, it sold the
iconic music venue and restaurant The Troubadour in
South West London, for well above the original asking
price. The Troubadour Club is one of last remaining ‘50s
Coffee Houses in London and has hosted music greats
such as Bob Dylan, Paul Simon and Adele since being
established in 1954.
“2015 was epitomised by
improving market conditions
and a noticeable increase in
clients seeking commercial
funding and in lender
appetite for new business.
Borrower demand has been
notable across a number
of our sectors.”
Nick Baker, Managing Director, Christie Finance
Christie Group Annual Report 2015 15
80% +
Christie Finance saw the average
loan size that it brokered increase
by 80% in the year
36,000
Over 36,000 hospitality
stock audits carried out
in the year by Venners
20
In the last year, Christie Finance
negotiated credit terms for clients
with over 20 different lenders 16 Christie Group Annual Report 2015
Beyond
the horizon 
Sailors are a special breed. These are
adventurous souls, propelled by love of the sea.
They will cross continents to realise their
dream. The entrepreneurs we serve are just
as determined, with vision, energy and ideas
to forge a better world. They will stretch
every sinew to make their dreams real.
We support and stand by them, from
start to finish, every step of the way.  Christie Group Annual Report 2015 17
Divisional review
Professional Business Services
Christie & Co 
Christie & Co operates regionally,
nationally and internationally and is 
an effective strategic partner for
business buyers and sellers. We offer
complete market coverage – from 
local standalone deals to major
European portfolio transactions. 
We aim to be the most trusted expert
and adviser in the retail, hospitality,
leisure and care sectors. 
In our 80th anniversary year, the team at
Christie & Co enjoyed continued business
value growth in all our main sectors. 
A 9% increase in average prices
(weighted by sector activity) underpinned
a profitable year for our business. 
The scarcity of quality businesses
helped to fuel price growth. UK sales
volume remained stubbornly subdued,
at less than 50% of historic highs.
It seemed that with few attractive
alternatives for their capital, owner-
managers were choosing to keep their
businesses running. 
There was no shortage of potential
buyers; over 300 registered an interest
every week. Scotland was the one
notable exception. We witnessed a
dramatic decline in English lifestyle
buyers looking to migrate north of
the border in the aftermath of the
independence referendum.
We helped to shape the agenda in our
specialist sectors during the year . 
We published an influential report on
staffing issues in for UK healthcare
industry, ‘The UK’s Nursing Workforce:
Crisis or Opportunity?’ was quoted in 
a House of Lords debate on the NHS. 
We also conducted research into the
impact of the National Living Wage
(NLW). This is helping businesses in 
our sectors plan more effectively.
We advised on or valued over £28bn of
assets during the year . In a reversal of
the pre-recession trend, the majority 
of formal business valuations were for
existing loan security rather than in
support of transactional activity.
We refreshed our brand and built a new
website, with a very distinctive and bold
new look, using the ethos of “Business.
Built around you” . This customer centric
approach has been key to both our 
way of working, and success since the
business was established in 1935. 
The new brand is a ‘digital first brand’–
recognising our clients ‘first point of call’
will most likely be our website – via any
device i.e. mobile, tablet or desktop. The
new site features significantly enhanced
‘search’ capabilities – something our
clients asked for . Crucially our new
website is driven by customer data that
is being updated on an ongoing basis.
We are able to use this same platform 
in multiple ways to communicate
digitally with our customers, from
‘business opportunities’ for them to 
new sector insights. 
In the hotel sector, private equity firms,
overseas investors and high net worth
individuals have been the major players,
especially in the UK regional market
which has dominated sales volumes.
2015 was a record year for hotel
investment, with around £9bn UK
transactions. For Christie & Co, notable
transactions included the sales of The
Indigo Liverpool, The Aurora
International at Heathrow and The
London Road Fire Station in Manchester .
Furthermore, our advisory team had
notable involvement in the majority of
significant hotel portfolio transactions
during the year .
The UK regional market continued to 
be extremely strong, attracting growing
international interest. Whilst the sale 
of The Radisson Blu Bristol received
interest from a significant number of
investors, the ultimate purchaser was
an overseas investor who will benefit
from the UK’s slowly improving
economic picture and the upswing in the
local hospitality trading environment.
Christie & Co is well placed to cover
international interest. We established a
dedicated Asia desk in 2015. The team
travels extensively across Asia and is
building relationships across the UK and
European teams. We now operate from
31 locations across Europe. Our team
members are fluent in 23 languages. 
We opened our Stockholm office in April
2015. There was increased demand 
for our services in Spain, Ireland, France,
the Netherlands and Italy in 2015. 
We advised on pan-European Care 
and Hotel transactions worth £10bn.
“Our customer centric approach has
been key to our way of working and
our success since the business was
established in 1935.”
Chris Day, Global Managing Director,
Christie & Co and a Christie Group plc Director
The sale of the Arora Hotel, Heathrow, was
one of several notable transactions in the
year . The 350 bedroom hotel was sold on
behalf of global investment management
firm Davidson Kempner to the Singaporean
REIT M&L Hospitality. The hotel was sold for
£44m free and clear of management and
branding after losing a large crew contract
which had significantly reduced its room
revenues in the year prior to the sale. Divisional review
Professional Business Services
In the restaurant sector we gained a
third more mandates. There is
considerable innovation in this sector
as eating habits change. Millennial
consumers generally want to pay less,
but eat out more often. We saw new
restaurant concepts, brand building
on social media and widespread use
of delivery order apps. 
The rise in street food was a big factor .
For finance, restaurant entrepreneurs
are turning to private equity, angel
investors and crowd funding rather
than traditional bank lending. 
In the pub sector, 2015 was
characterised by only major pub
portfolio transactions taking place.
Our Corporate Pubs Agency and
Valuation Services teams had an
involvement in over half of these
transactions. We advised and
transacted over £6bn in pub assets,
£2bn ahead of 2014 volumes. 
As a result of the Market Rent Only
Option (MRO), we anticipate the major
national pub companies disposing
of between 2,000 and 3,000 assets.
Christie & Co, with its strong
relationships across the sector, are
well positioned to benefit from this.
We continued to develop our business 
in retail and care. We advised on 
£1.34bn forecourt and convenience
transactions during the year . In care, 
we undertook 2,608 inspections. A
longstanding client relationship led 
to one of the biggest deals of the year
when we advised on Anchor’s £100m
acquisition of 24 purpose-built LNT
Group-operated care homes. 
Christie & Co’s experienced advisers are
the first choice for large value portfolios
in the UK childcare sector . We more
than trebled activity, advising on £733m
of nursery assets this year . 
We experienced continued strong
growth in the medical sector.
Pharmacy and dentistry practices
were in demand; most changed hands
above the asking price. 
Christie Finance 
Christie Finance leverages detailed
knowledge in our specialist sectors to
negotiate the best possible financing
packages for our customers. We work
closely with Christie Group companies
to identify and deliver financing
structures that align with specific client
needs. Our premium service
commands client fees, reducing our
reliance on bank commissions. 
Christie Finance fielded increasing
numbers of enquiries across all our
specialist sectors in 2015, from ﬁrst-time
buyers to experienced operators. We saw
growth across the board, particularly in
the care, hotels and medical sectors. 
Strategically, we focused on our
positioning, people and processes, while
continuing to develop our relationships
with lending principals. Our aim is to
build a business that operates in the
right way, all of the time. Client feedback
suggests we are doing just that.
We have a high proﬁle amongst lenders.
We are regularly called in to advise
banking teams on our specialist sectors
and the Commercial Mortgage market
in general. We are now taking on larger
ﬁnancing mandates: the average loan
size increased by around 80% compared
to the previous year .
We have been advocating a strong
position on the regulation of Consumer
Credit, through trade bodies such as
the NACFB, and with industry peers.
Although changing regulatory
environments can add to overheads,
we believe it enhances consumer
protection as well as setting the
foundation for future growth. We also
think that in the long run it will improve
our own market position as a premium
advisory business.
Challenger banks and foreign banks with
a UK presence have added depth and
diversity to the UK lending market. As a
specialist commercial finance broker,
we have the in-depth knowledge and
experience to help our clients navigate
this increasingly complex terrain.
By negotiating client-side fees we are
able to provide a whole of market service
that is fully independent. In the last
twelve months we have negotiated
credit terms for our clients with over
20 different lenders. 
“We are now taking on larger financing
mandates: the average loan size
increased by around 80% compared
to the previous year .”
Nick Baker, Managing Director,
Christie Finance
18 Christie Group Annual Report 2015
Following an eventful 2015 in which Christie
Finance became Fully Authorised by the
Financial Conduct Authority and fielded an
increasing number of enquiries across all of
its specialist sectors, it was delighted to be
awarded Commercial Mortgage Introducer
of the Y ear at the 2016 Business MoneyFacts
Awards. The Awards are the largest
commercial finance awards in the UK -
MoneyFacts Group’s highly coveted awards
are totally independent and presented
annually for product excellence and
outstanding service, covering products from
across the range of financial services. Our regional structure focuses the
business in five Christie Finance Hubs
around the UK that blend local
knowledge, national insight and
specialist sector expertise. We were
delighted to be named Commercial
Mortgage Introducer of the Year in the
prestigious Business MoneyFacts
Awards 2016.
We reached an important milestone in
November 2015, becoming Fully
Authorised by the Financial Conduct
Authority (FCA), receiving Full Permissions.
The work doesn’t stop there; we will
continue to improve our processes and
procedures, placing our clients at the
very core of everything we do.
Christie Insurance 
Christie Insurance is ideally placed to
advise on commercial insurance needs
for Christie & Co and Christie Finance
clients. We add value by using our
sector knowledge, skills and tenacity to
place business quickly and efficiently. 
Christie Insurance works closely with
Christie & Co and Christie Finance. Our
future growth is built upon the daily
interaction we enjoy. We gain regular
introductions to clients from Christie &
Co and Christie Finance. We offer a
bespoke insurance service informed by
Christie’s in-depth understanding both
of particular businesses and of the
issues and priorities for our specialist
industry sectors. 
Our interaction with Christie & Co and
Christie Finance brings all-round
benefits to our companies and our
clients. During the year a client of
Christie Insurance required a
revaluation of their business. We were
able to refer this client to the valuation
team of Christie & Co. We also worked
closely with Christie Finance to ensure
the policy created for one of their clients
matched the bank requirements for
lending, so that the funding of the
business was not delayed.
We aim to devise precisely tuned
insurance cover that maximises the
relevant benefits and protection for each
client in the most cost-effective way.
Personal service is at the heart of
offering. All our clients receive an
annual one-to-one review. Should they
need to make a claim we ensure they
are never left to fend for themselves. 
In what is an increasingly commoditised
industry our personalised approach is
widely appreciated. This is reflected in
our high client retention rates. 
During the year, we have been meeting
specific requests for larger clients not
well served by standardised existing
insurance arrangements. For instance,
we developed a policy solution for a golf
club that had been unable to obtain flood
cover for its clubhouse. For a bingo hall
chain, we provided consolidated data
that allowed it to assess its insurance
costs and make an informed choice
about renewal. 
Our new website will expand the
knowledge bank that our clients can
access. This incorporates a web chat
facility that will allow us to combine the
dedicated personal service for which we
are known with the ease of use of an
online service.
Pinders
Pinders’ RICS-qualified surveyors
provide reporting for businesses in 
five broad sectors: healthcare and
education, licensed trade, retail and
catering, leisure and hospitality,
services and manufacturing. Our
reporting services fall into six main
categories: appraisal and valuation,
consultancy, dispute resolution,
building surveying, project
management, and business recovery
Driving up average fee income to more
sustainable levels was a strategic
priority in 2015. A 13% overall increase
in average fee income was a very
satisfactory result for the year . We
achieved this by increasing the
proportion of full appraisal and valuation
reports in our overall portfolio. 
Increasingly, mainstream banks are
assessing funding proposals for start-
ups and business propositions with a
development component. Their funding
decisions need to take account of both
project costs and business profitability.
This plays to our strengths. We don’t
simply value bricks and mortar, we 
look in detail at how particular types 
of business are likely to perform. We
have one of the most comprehensive
databases in the industry, based on tens
“Driving up average fee income was 
a strategic priority in 2015. A 13%
increase was a satisfactory result.”
“We achieved strong all-round
performance in our specialist sectors in
2015 and grew revenues and profitability,
and were successful at gaining and
retaining panel appointments.”
Justin Cain, Managing Director, Pinders
Christie Group Annual Report 2015 19
“In what is an increasingly commoditised
industry our personalised approach is
appreciated and reflected in our high
client retention rates.”
Walter Murray, Managing Director, 
Christie Insurance 20 Christie Group Annual Report 2015
of thousands of inspections over the
past 45 years. Our specialist valuers are
experts in specific sectors – such as
leisure, healthcare and retail. They
deliver informed, accurate trade
assessments.
We have seen increased competition
between lenders in certain business
types – notably the white coat sector .
Lenders want to be in a position to make
offers ahead of their competitors. They
are therefore keen to accelerate the
valuation process. We have been
working with lenders to speed up report
delivery without compromising quality.
Pinders professionals have a wide range
of experience and skills. This allows us
to advise on many different aspects of a
transaction. In one major care home
development we first provided a
feasibility assessment then valued the
site assuming planning consent; we
worked with the architects to devise a
viable proposal and project managed the
development; once the project was
completed we provided a valuation of the
home, both on a turnkey basis and using
our projected assumptions for it as an
established business.
A sizeable proportion of Pinders
business comes from bank panel
memberships. As a specialist surveyor
we have been very successful at gaining
and retaining panel appointments. In
2015, despite increased competition
from firms seeking to enter our sectors,
we were appointed to panels at Bank of
Ceylon and Atom Bank. We were also
able to widen the scope of existing
appointments, notably at Barclays, to
include additional asset classes. 
In the past, many commissioning banks
awarded contracts to the lowest bidder
in the belief that all panel members met
their quality threshold. In recent years,
they have focused more intently on
quality. They have slimmed down panels
and have been prepared to pay premium
rates. This greater emphasis on quality
has helped us to grow our market share
this year .
The multi-disciplinary nature of our
business makes our service more
comprehensive than that of many of
our competitors. Valuation surveyors
frequently refer building-related matters
directly to the building surveyor team.
Lloyds Banking Group, a longstanding
Pinders client, requires appraising firms
on development projects to take advice
from a qualified building surveyor . With
our own in-house team we are in a
strong position to compete for such
commissions. 
We achieved strong all-round
performance in our specialist sectors in
2015 and grew revenues and profitability.
Our building consultancy service offers
significant potential to extend our
building monitoring service to new
lenders through additional panel
appointments.
Our sector expertise is widely
acknowledged. In healthcare, where we
are seen as a market leader, we host the
Healthcare Design Awards. Some 650
healthcare professionals met in London
in March 2015 to recognise the UK’s best
care facilities.
We have key bank panel appointments, 
a team of experienced and capable
valuers, and access to detailed research
into UK business performance. The
business possesses all the ingredients
to progress as the UK economy
continues to improve.
Divisional review
Professional Business Services
In addition to its appraisal and valuation
services, Pinders provides consultancy,
dispute resolution, building surveying,
project management and business recovery
services. It was appointed by Arqiva on a two
year programme to project manage the
refurbishment of a tired 1980s modular
office into a light open plan free flowing
series of zones over 3 floors. The 5600m
2
refurbishment, involving moving 800 staff,
was delivered to programme and within
budget at £2.7m. Christie Group Annual Report 2015 21
Steadfast, whatever
the weather
Sailing is an endurance sport. It attracts tough
individuals, people with grit and determination,
ready to rise to any challenge. That tenacity is
also characteristic of Christie people. We’re
always ready to go the extra mile for our clients.
It’s a trait we look out for and a quality we
nurture. We’re in it for the long haul. Orridge
Orridge will continue to grow its
business organically in the United
Kingdom. We will build on our leading
market position in the retail and
pharmacy sectors and our reputation
for consistent, high-quality service. 
We aim to establish ourselves as the
market leader in mainland Europe 
and the UK.
Orridge is a leading stocktaking company
in the UK with strong international
coverage. We conduct stocktaking services
for major retail chains and undertake
counts in warehouses and distribution
centres. Our services assist companies
in realising large-scale supply chain
efficiencies. Primary trade sectors include
grocery, health and beauty, pharmacy,
fashion and supply chain services.
The UK retail sector has embarked on
permanent structural change. Online
competitors are gaining market share
at the expense of bricks-and-mortar
retailers. Mobile connectivity and 4G
communications have upped the ante, with
consumers increasingly using shops as
showrooms while ordering products online. 
Retailers are responding by combining
online presence with physical outlets for
delivery. These bricks and clicks retailers
need to be confident that stock is
available for customers when and where
they need it. They use stock availability
data at different points in the supply
chain to manage replenishment and
meet their customers’ delivery
expectations. This has expanded the
stocktaking market.
Our supply division was set up in early
2015 to cater to these requirements.
Early client wins have included contracts
with major UK supermarkets, we audit
their suppliers to check that the right
goods are being sent for delivery at the
agreed times. We see this as an
important area for growth.
Our core service is providing accurate
data to retailers cost effectively. In a low-
margin business, we are continuously
looking for ways to optimise operational
efficiency. Investments in technology yield
efficiencies, but ultimately we rely on our
people in the field. As such, our wage bill
accounts for a significant proportion of
the total cost base.
Successive increases in staffing costs in
2015 had an adverse effect on gross
margins. The UK raised its minimum
wage by 3% in October 2014 and again
in October 2015. 
We worked alongside our customers to
find ways to mitigate the effect of these
additional costs but many of our retail
customers are facing margin pressures
themselves. In some cases we were able to
provide additional services. Unsurprisingly
not all customers were able to reimburse
our higher costs for the same service. In
some cases we have short-term ongoing
fixed price commitments, but in others we
have terminated arrangements or will do
so when the living wage commences.
In these difficult market conditions we
took prompt steps to reorganise the
business and realign overheads with
revenue streams. We invested in
technology and identified mechanisms
for reducing central costs whilst
maintaining client service.
We have built up a strong client base 
over the years. Many of our customers
have been with us for over a decade. 
Our long-term retail customers include
household names.
In Europe, our Belgium business is
performing as anticipated. In Germany
we are approaching the end of the
restructuring process which we took on
when we acquired the business in 2013.
We have retained the bulk of our
European client base and are poised to
take advantage of this relatively
undeveloped £1bn marketplace.
International fashion franchise Orsay,
which has branches in 20 countries, has
worked with us for over a decade. For
PVH, we provide services in 9 European
territories. As our UK clients expand into
other territories our European presence
will allow us to offer them a consistent
pan-European solution.
Orridge continues to focus on building 
a firm foundation for sustainable
profitability and future growth. We are
well placed to service the international
retail sector as it evolves and develops.
22 Christie Group Annual Report 2015
Divisional review
Stock & Inventory Systems & Services
“The UK retail sector has embarked
on permanent structural change.
Retailers are responding by
combining online presence with
physical outlets for delivery.”
Paul Harding, Managing Director, Orridge
and a Christie Group Director
Orridge established its Supply Chain
division in early 2015 to cater for retailers’
requirements to ensure stock availability in
the growth of the ‘click and collect’ era. Early
client wins have included contracts with major
UK supermarkets, with Orridge auditing the
supermarkets’ supplier deliveries  to check
that they are accurate and within agreed
timeframes. As stock availability becomes an
increasingly integral part of the customer
sales experience, this represents a real
opportunity for revenue growth. Christie Group Annual Report 2015 23
Venners
Every client has unique operational
practices and we take account of these
when devising specific programmes 
for them. We encourage the adoption 
of processes and procedures that
enhance operational efficiency and
assist in profit maximisation. Our aim 
is to introduce best practice operational
and financial controls without
undermining what makes each 
client distinctive. 
With almost 120 years of history in the
hospitality industry, Venners is a
business that plays to its strengths.
We have a powerful brand in the sector,
where we are seen, not as an external
supplier, but as a core sector participant.
We are a one-stop shop for improving
food and beverage profits and controls. 
Venners enjoyed another solid year
with increased turnover and higher
overall profit. We won contracts to
conduct stock audits for a number
of new clients, among them Brasserie
Blanc, Hawthorne Leisure,
Innovation Pub Management and
Noble House Leisure.
By extending our scope while staying
true to our roots in the hospitality
industry, we have grown our customer
base and increased cross-selling
opportunities without diluting the
Venners brand. 
A decade ago the Venners portfolio of
services consisted of traditional
stocktaking and inventory, mostly
concentrated in the corporate managed
sector . In the years since we have grown
our operations to encompass
compliance auditing, health and safety,
and consultancy. And we have created
bespoke solutions in new areas,
including tenancy and events.
Our range of services continued to
expand in 2015. We have developed a
strong food consultancy offering drawing
on our broad and deep experience in
the industry. Our consultants analyse
operations, revenue and control
systems to deliver sustainable,
profit-enhancing solutions.
Wherever possible, we work with our
customers to develop integrated
solutions that combine our various
services. This joined-up approach
delivers economies of scale and
enhanced operational control. 
In 2016, Venners will mark 120 years of
uninterrupted service to the hospitality
industry. Our considerable experience in
the sector allows us to take on novel
challenges with confidence and identify
potential pitfalls and opportunities for
our clients well in advance. 
In 2015, we undertook a thorough review
of our brand and positioning. We
updated our logo and adopted a new
tagline. ‘Maximised profits. Optimised
controls.’ which crystallises our value
and appeal to forward-thinking
businesses. Increased clarity in our
communications is keeping us relevant
in an ever-changing marketplace. 
We continue to invest in technology. Both
our website and our internal operational
systems are migrating to future-proof,
cloud-based platforms. This will help us
to stay competitive as transformational
developments, such as the Internet of
Things and 5G communications gain
traction in our industry.
Some specific projects this year
highlight the effect that accurate, timely
reporting can have on performance. In
one case a national hotel operator had
unexplained fluctuations in its food and
beverage margin reports. It brought in
Venners. Armed with reliable stocktakes
and effective reporting, the management
team boosted gross profit by £2.8m
within nine months. In another, our
auditor spotted an unexplained
divergence in a restaurant’s food
margins. A check on its EPoS system
soon revealed over £4,000 in voids in a
single 3-week period. Further analysis
connected this with the Manager’s EPoS
key; he was summarily dismissed.
We pride ourselves on our ability to
retain customers both large and small,
for the long-term. There are many
instances where we have partnered new
entrants to a sector and stayed with
them as they built up their portfolios. We
are proud to have grown alongside some
of the largest businesses in the UK as
they have developed from small-scale
operations into large multinationals.
Equally, we love the dynamism of our
smaller clients. Ultimately it is our
passion for improving hospitality profits
and that keeps us keeping on.
Venners provided consultancy services to
a well established food-led pub group,
which had been experiencing significant
fluctuations with their weekly food margin.
After identifying the reasons for the
variations in margin and recommending
a series of best practice controls and
procedures, the pub group’s food margin
improved by 6% in just four weeks.
“We have grown our operations to
encompass compliance auditing, health
and safety, and consultancy, while
creating bespoke solutions in new
areas, including tenancy and events.”
Trevor Heyburn Managing Director, Venners
“‘Maximised profits. Optimised controls’
crystallises our value and appeal to
forward-thinking businesses in an
ever-changing marketplace.” 24 Christie Group Annual Report 2015
Vennersys
Vennersys delivers online ticketing,
specialist transaction and e-commerce
systems to the UK leisure and visitor
attraction market. Our proprietary
software VENPoS is recognised as a
sector-leading product. 
We are building on our strong positioning
in the visitor attractions sector by
developing new business opportunities.
Our new online offering has radically
extended our addressable market and is
leading the way in digitally transforming
the visitor attractions industry.
VENPoS has a loyal, supportive user
base. Our customers are historic houses,
museums and heritage sites, family
entertainment centres, safari parks, zoos
and aquariums. We support existing
installations with regular upgrades and
customer-commissioned enhancements. 
Integrating online and CRM capabilities
provides attractions with new
opportunities for accessing existing
markets and developing attractive offers
for their customers. Our clients gain the
ability to analyse purchasing patterns
and identify trends leading to increased
revenue and profitability.
We are now focusing on the development
and delivery of our enterprise product
for the cloud. This is being fast-tracked
and is due for rollout in mid 2016.
Existing enterprise clients will be
carefully transitioned across to the
cloud-based version during 2016.
VENPoS Enterprise for the cloud will be
a highly capable online application,
suitable for the larger accounts. It will
enhance our services for our present
large user client base. 
This follows the successful launch of
VENPoS Cloud in 2015 which marked
the first stage in a new phase in the
company’s development. VENPoS 
Cloud is a fully functional, ticketing,
EPoS and online system for visitor
attractions and events. The software is
fully scalable and thus affordable for
smaller attractions. This highly flexible
online ticketing platform is aimed
primarily at small and medium-sized
enterprises (SMEs). It incorporates
much of the functionality offered in our
integrated enterprise product on a
single online platform.
The software is has been designed to
ensure it is sufficiently resilient for a
subscription service. It is globally
scalable, fully localisable with
multilingual capabilities. The software
is platform-agnostic and optimised for
tablet, mobile and desktop viewing.
VENPoS Cloud operates in secure
Amazon data centres with 99.999%
availability. It is Payment Card
Industry compliant and supports
PayPal, ApplePay, debit and credit
card payment. 
The pricing structure uses the software
as a service (SAAS) delivery model.
Subscription-based pricing and delivery
allows smaller attractions to make full
use of the service without the investment
in their own servers, infrastructure and
compliance. It greatly simplifies product
support and maximises flexibility and
scalability for users.
All existing VENPoS clients have or are
being migrated to the cloud-based
product. Avro Heritage Museum and
Folly Farm were amongst new clients for
VENPoS Cloud. This was an important
milestone in our new product strategy.
With the product now live we anticipate
additional client wins during 2016.
Divisional review
Stock & Inventory Systems & Services
“Our new online offering has radically
extended our addressable market and is
leading the way in digitally transforming
the visitor attractions industry.”
Paul Harding Managing Director, Vennersys
and a Christie Group Director
Vennersys’ Venpos Cloud solution is a comprehensive e-commerce solution which allows you
to sell tickets, merchandise and experiences on the web, 24 x 7. Adopting the look and feel of
the client’s website makes for a seamless online experience for our customers. Advance ticket
sales allow the client to schedule staffing requirements and "Print-at-Home" tickets facilitate
"Fast-track" entry even by turnstiles. A huge variety of ticket types, including wrist bands and
souvenir tickets are supported while detailed sales and admissions reports make analysis of
visitor demographics easy and quick, allowing you to optimise future offers and events. A steady hand
on the tiller
Experience matters. It counts for even more
when storm clouds gather . Our specialist
knowledge has been hard earned over many
years, in all market conditions. We’ve navigated
successfully through both calm and turbulent
waters. Our clients trust us to keep a cool
head under pressure.
Christie Group Annual Report 2015 25 26 Christie Group Annual Report 2015
The latter contraction was wholly
attributable to the challenges in the
retail stocktaking business, which
themselves masked double-digit
growth in our hospitality stock audit
business, Venners.
Reinvestment of this growth in PBS
revenues in staff costs to drive future
growth, combined with the performance
of the UK retail stocktaking business,
meant that operating profits for the
year were only marginally increased
to £3.8m (2014: £3.7m).
Cash and net debt 
The Group ended the year with net debt
of £0.7m (2014: £0.6m) and a positive
cash balance. Borrowing remains
restricted to purely working capital
facilities – the £0.7m referred to being
invoice financing arrangements in use
by our retail stocktaking business –
and we continue to be free of any
term-loan arrangements or other
similar debt obligations.
The principal allocations of cash
generated in the year were £0.9m
invested in the growth in year-end trade
and other receivables, £0.9m paid to
reduce final salary pension scheme
deficits, £1.1m invested in significant
but largely non-recurring capital
expenditure, £0.8m paid in corporation
tax and £0.65m returned to
shareholders.
Pension schemes
Funding deficits relating to defined
benefit pension scheme liabilities
continue to be a significant liability in
the balance sheet. Discount rates used
in valuing these long-term liabilities
remain prudent. Notwithstanding this,
the liabilities were reduced by £2.0m in
the year as deficit repair payments of
£0.9m were supplemented by returns
which exceeded the actuarial
assumptions used a year ago.
Key performance indicators
In accordance with the Strategic Report
we have included our main KPIs for the
Group and the individual operating
divisions in the table below. As a group
we have a number of key areas that
these indicators measure:
• Revenue growth – an important part 
of our strategy is the profitable growth
of our businesses, and one measure
of this is the year-on-year increase 
in revenue.
• Productivity – being in the service
sector, employee costs are our largest
single cost. It is important to remain
competitive and continue to improve
our productivity. This KPI looks at the
total cost of employees (including
benefits, the cost of company cars,
company pension contributions and
local employer taxes) required to
produce £1,000 of revenue. For this
KPI a reducing figure reflects an
improvement.
• Operating profit % – this is measured
as operating profit (before exceptional
items) as a percentage of revenue.
The PBS division experienced another
year of strong growth with a 9.1%
increase in revenues. This level of
growth was not wholly reflected in an
improvement in profit return, as the
division partially reinvested this in the
recruitment of new staff to drive future
growth. This comes at a short-term cost,
where the lead time for new fee-earners
to reach normalised fee-earning levels
can be between 12 and 24 months.
Notwithstanding this, PBS operating
profits nevertheless increased to £4.6m
(2014: £3.3m).
Financial review
Revenue for the year increased by 4.5% to £63.7m (2014:
£61.0m), with 9.1% revenue growth in the PBS division
offset by a 1.1% reduction in revenues in the SISS division. Christie Group Annual Report 2013 27
Within the SISS division, the challenges
experienced by the UK retail stocktaking
business accounted for the 5.3%
increase in staff costs, and this directly
impacted profit margins resulting in 
the operating loss of 3.5% of revenue
reported. We anticipate the significant
cost-reduction exercise carried out in
early 2016 along with ongoing client fee
reviews to reverse this trend in the year
ahead, while our hospitality stocktaking
business, Venners, continues to grow
both revenue and profitability.
Dan Prickett
Chief Financial Officer
1 April 2016
KPIs
Professional Stock &Inventory
Group Business Services Systems & Services
Revenue growth
2015 on 2014 4.5% 9.1% (1.1%)
2014 on 2013 12.7% 17.5% 7.4%
2013 on 2012 (3.4%) (6.9%) 0.6%
Productivity – staff costs
(before exceptionals) 
per £1,000 of revenue
2015 673 546 747
2014 660 550 709
2013 675 605 683
Operating profit/(loss)
before exceptional items
as % of revenue
2015 5.9% 12.8% (3.5%)
2014 6.1% 9.9% 0.7%
2013 2.9% 3.3% 4.3%
2012 2.4% 1.9% 3.0%
The Key Performance Indicators shown above are based on continuing activities only.
Christie Group Annual Report 2015 27
“The Group ended the year with
a positive cash balance and
borrowing restricted to purely
working capital facilities.” 28 Christie Group Annual Report 2015
Board of directors
Philip Gwyn
Chairman
Philip is a barrister and
merchant banker by training.
He is responsible for Group
strategy and planning. Philip is
a non-executive Director of
Alumasc plc and a Director of a
number of private companies,
including Chairman of Hybrid
Air Vehicles.
David Rugg
Chief Executive
David is responsible for the
day-to-day operation and
development of the Group, 
in which capacity he has 
been responsible for the
identification and integration
of its principal subsidiary
business acquisitions. David
either chairs or sits on the
boards or management
boards of Christie Group
trading companies.
Dan Prickett
Chief Financial Officer
Dan joined Christie Group in
December 2007, prior to
becoming Chief Financial
Officer in 2010. He has
responsibility for all financial
and company accounting
matters, as well as financial
public relations. Dan, a
Chartered Accountant, has
previously worked for Grant
Thornton, MacIntyre Hudson
and Inchcape Retail. 
Chris Day
Executive Director
Chris joined Christie & Co in
1985 and, having worked in the
Manchester, Birmingham and
London offices, was appointed
Managing Director in 1993. 
He has responsibility for all
Christie & Co’s specialist
transactional and advisory
activities. Chris has overseen
the successful expansion of
Christie & Co into an
international firm, which
currently has offices
throughout Europe.
Paul Harding
Executive Director
Paul has worked for Orridge for
over 30 years. When Christie
Group acquired Orridge in
December 2002 Paul was Sales
Director . He was appointed 
as Managing Director in 2004 
and, since then, has been
responsible for developing the
company into a pan-European
retail stocktaking business.
Paul has also been Managing
Director of Vennersys 
since 2012.
Tony Chambers
Senior Non-executive Director
Tony was previously Head of
Banking and Director of Robert
Fleming, a Director of Save and
Prosper Group and Chairman
of Gartmore High Income. 
Tony chairs the Remuneration
Committee and is also a
member of both the Audit and
Nomination Committees.
Company information
Secretary
Dan Prickett FCA
Registered office
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
Registered number
01471939 
VAT number
358 526526
Nominated adviser 
and broker
Panmure Gordon (UK) Limited
Principal solicitors
Royds
SNR Denton
Auditors
Nexia Smith &
Williamson Audit
Registrars
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham 
Kent BR3 4TU
Pommy Sarwal
Non-executive Director
Pommy, a former corporate
finance partner at Deloitte, is
currently Deputy Chairman of
Hybrid Air Vehicles and Chairman
of Master Ropemakers. He is
also a Non-executive Director of
Chatham Historic Dockyard,
and until recently, was a Non-
executive Director of Hyde
Housing Association. Pommy
was previously a member of the
board of both the Port of London
Authority and British Waterways.
Pommy chairs the Audit
Committee and is a member
of the Nomination and
Remuneration Committees.
He is also Chairman of Venners. The Directors present their Strategic Report on the Group
for the year ended 31 December 2015.
Review of the business
Principal activities and business review:
Christie Group plc is the parent undertaking of a group of
companies covering a range of related activities. These fall
into two divisions – Professional Business Services and Stock
& Inventory Systems & Services. Professional Business
Services principally covers business valuation, consultancy
and agency, mortgage and insurance services, and business
appraisal. Stock & Inventory Systems & Services covers stock
audit and counting, compliance and food safety audits,
inventory preparation and valuation, hospitality and cinema
software. A description of the Group’s activities and a detailed
business review of the year and future developments are
given in the Chairman’s Statement. In addition the Group’s
main Key Performance Indicators are explained in the
Financial Review on page 26 and the risks and
uncertainties are shown below.
Risks and uncertainties:
We operate in a world with a heightened awareness of risk.
In growing and developing our businesses we have made a
conscious decision to try and minimise unrewarded risk.
We have done this in the following ways:
1. We are growing a European business in order that we are
less dependent on the success or otherwise of one
country’s economy.
2. We service three sectors; leisure, care and retail, so that
we are not dependent solely on the fortunes of one sector .
3. We offer a spread of services across our two divisions,
for example, transactional, advisory and support.
4. We have a spread of work which deliberately covers both
corporate and private clients.
That stated, whilst we have endeavoured to reduce risks,
we are not immune to movements in the global economy or
changes in the economic or legislative environments in the
countries in which we do business. In addition, such things as
the psychological effect of natural disasters, terrorist attacks,
banking crises, currency crises and changes in behaviour
pattern due to environmental based legislation can all impact
our businesses in unexpected ways. All of our activities rely
on the recruitment and retention of skilled individuals.
Each of our divisions, though, face certain risks that are
unique to the services they provide and they are categorised
under the divisional headings below.
The following can adversely affect our markets and businesses:
Professional Business Services (PBS)
• changes in interest rates;
• lack of bank liquidity and more conservative lending
criteria;
• a slow down in the residential housing market;
• collapse or fragmentation of the Euro Currency (also
applicable to SISS); and
• dismemberment of the European Union (also applicable
to SISS).
Stock & Inventory Systems & Services (SISS)
• changes in employee and business legislation, in particular
the Working Time Directive and minimum wage legislation;
• increase in transport costs;
• trends towards a cashless society; and
• economic slowdown and technology changes affecting the
retail and hospitality sectors.
The above list of risks is meant to highlight, in addition to any
noted elsewhere in this report, those we consider relevant
today and is not intended to be an exhaustive list of risks
facing the businesses.
Key Performance Indicators:
For an analysis of key performance indicators see Financial
Review on page 26.
Review of strategy and business model
For a review of the Group’s strategy see the Chairman’s
statement on page 2, for a review of the Group’s business
model see the Chief Executive’s review on page 4.
This report was approved by the board on 1 April 2016.
D R Prickett
Company Secretary
Whitefriars House
6 Carmelite Street
London EC4Y OBS
Registered No. 01471939
Strategic report
for the year ended 31 December 2015
Christie Group Annual Report 2015 29 The Directors present their report and the audited financial
statements for the year ended 31 December 2015.
Results and dividends
The results for the year are set out in the consolidated income
statement on page 38 and the consolidated statement of
comprehensive income on page 39. The Directors recommend
the payment of a final dividend of 1.5p (2014: 1.5p) per share
which together with the interim dividend of 1.0p (2014: 0.75p)
per share, makes a total of 2.5p (2014: 2.25p) per share
totalling £663,000 (2014: £597,000) for the year . The profit for
the year before tax and before other comprehensive income
was £3,161,000 (2014: £3,359,000) and the income attributable
to equity holders of the Company for the financial year, after
taxation and including other comprehensive income, was
£3,981,000 (2014: £5,368,000 losses).
Future developments
For information on future developments see the Chairman’s
Statement on page 2 and the Chief Executive’s Review on page 4.
Directors
The Directors of the Company in office at the date of this
report, together with their biographical details, are shown
on page 28. All these Directors served throughout the year .
Paul Harding, Dan Prickett and Pommy Sarwal retire in
accordance with the Company’s Articles of Association.
Paul Harding, Dan Prickett and Pommy Sarwal, being eligible,
offer themselves for re-election at the forthcoming Annual
General Meeting. Directors’ interests are shown in the
Remuneration Report. During the year under review and as
at the date of the Directors’ report, appropriate directors’
and officers’ insurance was in place.
Employees
The Directors recognise the benefits which accrue from
keeping employees informed on the progress of the business
and involving them in the Group’s performance. Each
individual operating company adopts employee consultation
as appropriate. The Company is committed to providing
equality of opportunity to all employees regardless of
nationality, ethnic origin, age, sex or sexual orientation and
continues to be supportive of the employment and
advancement of disabled persons.
Acquisition of own shares
During the year the Company funded the purchase of 337,000
(2014: 666,000) of its own ordinary shares, through an
Employee Share Ownership Trust, for a consideration of
£274,000 (2014: £912,000). To enable it to meet awards under
its SAYE and other share schemes, during the year the
Company also sold 634,000 (2014: 285,000) of its own ordinary
shares, through an Employee Share Ownership Trust, for a
consideration of £752,000 (2014: £249,000). The total holding of
the Employee Share Ownership Trust as at 31 December 2015
was 235,000 shares (2014: 532,000 shares), which represents
0.88% (2014: 2.01%) of the current issued share capital.
Financial risk management
The Group’s activities expose it to a variety of financial risks:
market risk (including currency risk, and interest rate risk),
credit risk, liquidity risk and cash flow interest rate risk.
See Note 3 on page 51.
Health, safety and the environment
The Directors consider the health, safety and environmental
protection aspects of the business to be of great importance,
as the prevention of personal injury, the avoidance of damage
to health and the protection of the environment are important
business and social responsibilities. Management practices
within the Group are designed to ensure so far as is
reasonably practicable, the health, safety and welfare at work
of employees, contractors and visitors and the implementation
of environmentally aware and friendly policies.
Going concern
After making enquiries, the Directors consider that the Group
has adequate resources to continue in operational existence
for the foreseeable future. For this reason they continue to
adopt the going concern basis in preparing the financial
statements, which appear on pages 38 to 80.
Auditors
In accordance with Section 489 of the Companies Act 2006,
a resolution proposing that Nexia Smith & Williamson be
re-appointed as auditors of the Company will be put to the
Annual General Meeting.
Disclosure of Information to Auditors
Directors of the Group have confirmed that in fulfilling their
duties as a director:
• so far as they are each aware, there was no relevant audit
information of which the auditors were unaware; and
• they have taken all reasonable steps that a director ought
to have taken to make himself or herself aware of any
relevant audit information and to establish that the Group’s
auditors were aware of that information.
This information is given and should be interpreted in
accordance with the provision of s.418 of the Companies
Act 2006.
This report was approved by the board on 1 April 2016.
D R Prickett
Company Secretary
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
Registered No. 01471939
Directors’ report
for the year ended 31 December 2015
30 Christie Group Annual Report 2015 Christie Group Annual Report 2015 31
The Directors are committed to delivering high standards of
corporate governance to the Company’s shareholders and
other stakeholders including employees, suppliers and the
wider community. The Board of Directors operates within the
framework described below.
The Board
The Board sets the Company’s strategic aims and ensures that
necessary resources are in place in order for the Company to
meet its objectives. All members of the Board take collective
responsibility for the performance of the Company and all
decisions are taken in the interests of the Company.
Whilst the Board has delegated the normal operational
management of the Company to the Executive Directors and
other senior management there are detailed specific matters
subject to decision by the Board of Directors. These include
acquisitions and disposals, joint ventures and investments
and projects of a capital nature. The Non-executive Directors
have a particular responsibility to challenge constructively the
strategy proposed by the Chairman and Executive Directors;
to scrutinise and challenge performance; to ensure
appropriate remuneration and to ensure that succession
planning arrangements are in place in relation to Executive
Directors and other senior members of the management
team. The Chairman holds informal meetings with individual
Non-executive Directors without the executives present. The
senior Non-executive Director also discusses matters with
other Non-executive Directors without the Chairman being
present. The senior executives enjoy open access to the Non-
executive Directors with or without the Chairman being
present. In short the Directors talk to each other .
The Board is responsible for ensuring that a sound system of
internal control exists to safeguard shareholders’ interests
and the Group’s assets. It is responsible for the regular review
of the effectiveness of the systems of internal control. Internal
controls are designed to manage rather than eliminate risk
and therefore even the most effective system cannot provide
assurance that each and every risk, present and future, has
been addressed. The key features of the system that operated
during the year are described below.
Organisational structure and control environment
The Board of Directors meets at least five times a year to
review the performance of the Group. It seeks to foster a
strong ethical climate across the Group. There are clearly
defined lines of responsibility and delegation of authority from
the Board to the operating subsidiaries. The Directors of each
trading subsidiary meet on a monthly basis with normally at
least two members of the Group Board in attendance.
Internal control
The key procedures which the Directors have established with
a view to providing effective internal control are as follows:
• Regular Board meetings to consider the schedule of
matters reserved for Directors’ consideration;
• A risk management process (see below);
• An established organisational structure with clearly defined
lines of responsibility and delegation of authority;
• Appointment of staff of the necessary calibre to fulfil their
allotted responsibilities;
• Comprehensive budgets, forecasts and business plans
approved by the Board, reviewed on a regular basis, with
performance monitored against them and explanations
obtained for material variances (see page 32);
• An Audit Committee of the Board, comprising Non-
executive Directors, which considers significant financial
control matters as appropriate; and
• Documented whistle-blowing policies and procedures.
During 2012 the Board agreed to implement a formal Internal
Audit function and in doing so appointed an Internal Auditor .
The Internal Auditor is mandated to perform their duties
under direct authority from the Group Chief Executive to
examine all areas of compliance across the Group as may be
considered appropriate or necessary including regulatory,
financial and operational requirements. They are required
to report to the Audit Committee at each meeting of the
Committee, setting out the findings of any investigations
undertaken and to agree their work programme for the
subsequent period up to the next scheduled meeting of the
Audit Committee.
Risk management
The Board has the primary responsibility for identifying the
major risks facing the Group. The Board has adopted a
schedule of matters which are required to be brought to it for
decision, thus ensuring that it maintains full and effective
control over appropriate strategic, financial, organisational
and compliance issues. The Board has identified a number
of key areas which are subject to regular reporting to the
Board. The policies include defined procedures for seeking
and obtaining approval for major transactions and
organisational changes.
Risk reviews carried out by each subsidiary are updated
annually as part of an ongoing risk assessment process.
The focus of the reviews is to identify the circumstances,
both internally and externally, where risks might affect the
Group’s ability to achieve its business objectives. An overall
risk assessment for the Group is prepared. The management
of each subsidiary periodically reports to the Board any new
risks. In addition to risk assessment, the Board believes that
the management structure within the Group facilitates free
and rapid communication across the subsidiaries and
between the Group Board and those subsidiaries and
consequently allows a consistent approach to managing
risks. Certain key functions are centralised, enabling the
Group to address risks to the business present in those
functions quickly and efficiently.
Corporate governance Viability statement
The Directors have assessed the prospect of the Group over 
a longer period than the 12 months required under the
traditional ‘Going Concern’ assessment. The Board made
their assessment by reference to five-year plans relating 
to each of the trading subsidiaries of the Group and in 
doing so considered the following:
• The achievability of those five year plans.
• The inherent headroom within those plans, allowing
for reasonable adjustments for foreseeable risks.
• The ensuing cash generative ability of each business
relative to its projected profitability.
• The diversified spread of revenue streams, currencies,
market risks and geographical diversification inherent
in the conglomerated composition of the Group.
In doing this the Board also considers the following:
• The strength and continual promotion of our trading
company brands.
• The recurrent nature of certain of our business services.
• The opportunity to raise further capital as an AIM
listed enterprise.
• The qualifications, expertise and skills of our
multidiscipline workforce.
• The wide age range and diversity of our staff.
• Our proactive recruitment, training & succession plans.
• Our continuous systems development for both internal
& external application.
• Investment in research & development resulting in
the launch of new products & services.
• The policy of incurring generally short-term leasing
commitments.
• The performance and productivity link to variable
commission and bonus payments.
• Our protection of Copyright & Trademarks & our
retention of IPR.
• The maintenance of our operational policies,
procedures & protocols.
Financial planning, budgeting and monitoring
The Group operates a planning and budgeting system with an
annual Budget approved by the Board. There is a financial
reporting system which compares results with the budget and
the previous year on a monthly basis to identify any variances
from approved plans. Rolling cash flow forecasts form part of
the reporting system. The Group remains alert to react to
other business opportunities as they arise.
Non-executive Directors
The Non-executive Directors do not have service agreements
and have no automatic right of re-appointment. They are
regarded by the Board as bringing experience to the Board
from their fields of business and finance, and ensure that all
matters of strategy, performance, progress and standards
are debated thoroughly. The senior Non-executive Director
is Tony Chambers.
The table below shows the extent to which each of the
Non-executive Directors complies with objective tests on
independence:
Tony Pommy
Question Chambers Sarwal
Has been an employee of the Company
or Group within the last five years? No No
Has, or had within the last three years,
a material business relationship with
the Company directly, or as a partner,
shareholder, Director or senior employee
of a body that has such a relationship
with the Company? No No
Has received or receives additional
remuneration from the Company apart
from directors’ fees, participates in the
Company’s share option or performance
-related pay scheme, or is a member of
the Company’s pension scheme? No No
Has close family ties with any of the
Company’s Directors, senior employees
or advisers? No No
Holds cross-directorships or has significant
links with other Directors through
involvement in other companies or bodies? No Yes
Represents or is a significant shareholder? No No
Has served on the Board for more than nine
years from the date of their first election? Yes Yes
The Non-executive Directors are considered by the Board to
be independent in character and judgement and have no
relationships or any circumstances that are likely to affect
their judgement as Directors of the Company.
Tony Chambers was appointed to the Board on 24 February
2004 and therefore reached nine years’ service with effect
from 24 February 2013. Taking into consideration all other
tests of independence, the Board do not consider this to
impair Mr Chamber’s independence or his ability to fulfil
his role with impartiality.
Corporate governance continued
32 Christie Group Annual Report 2015 Christie Group Annual Report 2015 33
Pommy Sarwal sits on the board of Hybrid Air Vehicles
Limited, a UK incorporated company, as Deputy Chairman.
Mr Sarwal also sits on the Board of Venners Limited as non-
executive Chairman, but the day-to-day management of that
company is conducted by its executive directors. Neither of
these roles are considered to impair his judgement or
character in relation to his directorship of Christie Group plc.
Mr Sarwal was originally appointed to the Board of Christie
Group plc on 3 July 2006 and therefore reached nine years’
service with effect from 3 July 2015.
Audit Committee
The Audit Committee meets no less than twice a year with the
auditors in attendance. It also assists the Board in observing
its responsibility for ensuring that the Group’s accounting
systems provide accurate and timely information and that
the Group’s published financial statements represent a true
and fair reflection of the Group’s financial position and its
performance in the period under review. The Committee also
ensures that internal controls and appropriate accounting
policies are in place, reviews the scope and results of the
audits, the independence and objectivity of the auditors and
establishes that an effective system of internal financial
control is maintained.
The Committee has primary responsibility for making a
recommendation on the appointment or re-appointment of
the external auditors. In order to maintain the independence
of the external auditors, the Board has determined guidelines
as to what non-audit services can be provided by the
Company’s external auditors and the approval processes
related to them. Under those policies work of a consultancy
nature will not be offered to the external auditors unless
there are clear efficiencies and value added benefits to
the Company. Additionally the auditors confirm their
independence in writing each year . The Committee also
monitors the level of non-audit fees paid to the external
auditors. The Audit Committee consists of Tony Chambers
and Pommy Sarwal as Chairman.
Remuneration Committee
The Remuneration Committee meets no less than twice a
year and is responsible for determining main Board Directors’
and subsidiary company Managing Directors’ remuneration
together with the terms and conditions of their service
contracts. It has access to relevant comparable information
in respect of similar businesses. The Committee is also
responsible for the allocation of options under the Company’s
executive share option scheme. The Committee also
maintains a watching brief over the general employment
terms and pay structures, existing or proposed, for the
subsidiary trading companies. The Remuneration
Committee consists of the Non-executive Directors with
Tony Chambers as Chairman.
Nomination Committee
The Nomination Committee meets as required to select
and propose suitable candidates for the approval of the
Board to fill vacancies or new positions and to make
recommendations to the Board on its composition. The
Nomination Committee consists of the Non-executive
Directors and Philip Gwyn as Chairman.
Risks and uncertainties
See the Strategic Report on page 29.
Dialogue with institutional shareholders
The Directors seek to build on a mutual understanding of
objectives between the Company and its institutional
shareholders. This is done through meetings following the
publication of the year-end and interim results.
Shares and shareholdings
The interests of Directors are set out on page 35. Part 1 of this report sets out the Company’s remuneration
policies for the Directors for the year ended 31 December
2015. These policies are likely to continue to apply in future
years, unless there are specific reasons for change, in which
case shareholders will be informed in future reports. Part 2
sets out details of the remuneration received by Directors
during the year ended 31 December 2015.
Part 1. Remuneration Committee (not subject to audit)
The Remuneration Committee, which consists solely of
Non-executive Directors, makes recommendations to the
Board on the framework of executive remuneration and
determines specific remuneration packages on their behalf.
The Chairman and Chief Executive attend the Remuneration
Committee meetings. The Chairman and Chief Executive
are not present when their own remuneration is being
considered by the Committee.
The Committee’s policy is to provide a remuneration package
which will attract and retain Directors with the ability and
experience required to manage the Company and to provide
superior long-term performance. It is the aim of the
Committee to reward Directors competitively and on the
broad principle that their remuneration should be in line
with the remuneration paid to senior management of
comparable companies. There are four main elements of the
remuneration package for Executive Directors: base salary,
annual bonus, benefits and share options.
• Base salary is reviewed annually and in setting salary levels
the Remuneration Committee considers the experience and
responsibilities of the Executive Directors and their personal
performance during the previous year . The Committee also
takes account of external market data, as well as the rates
of increases for other employees within the Company. Base
salary going forward is the only element of the package to
determine future pensionable earnings.
• Annual bonuses are calculated as a percentage of pre-tax
profits in excess of a threshold. Bonuses are designed to
contribute approximately 25% of total earnings, but they
are normally uncapped.
• Benefits are primarily the provision of cars and health
insurance.
• Share options are granted having regard to an individual’s
seniority within the business and, together with the Group’s
Save As You Earn scheme (SAYE), are designed to give
Executive Directors an interest in the increase in the value
of the Group.
Service contracts and/or letters of appointment
Executive Directors
It is the Group’s policy to appoint Executive Directors under
service agreements terminable by either party giving a
minimum of 6 months’ notice. David Rugg has a two year
notice period that was agreed on flotation of the Company
and this is still considered appropriate.
There are no predetermined provisions for compensation on
termination within Executive Directors’ service agreements.
However the Group believes that severance arrangements
should be restricted to base pay and consequential payments
such as bonus and pension accrual. Nevertheless, the
circumstances of the termination and the individual’s duty
and opportunity to mitigate loss would be taken into account.
Non-executive Directors
The Non-executive Directors have a letter of appointment,
which specifies an initial appointment of three years. Their
appointment is subject to Board approval and election by
shareholders at the annual general meeting following
appointment and, thereafter, re-election by rotation. There
are no provisions for compensation payments on early
termination in the Non-executives’ letters of appointment.
The fees of the Non-executive Directors are determined by
the Chairman and the Chief Executive and are designed to
reflect the time and experience which these Directors bring
to the Company.
Outside directorships
Other than the Chairman, none of the Executive Directors
hold external Non-executive directorship positions. The
Chairman has no commitments that impact adversely on
his role as Chairman.
Remuneration report
34 Christie Group Annual Report 2015 Christie Group Annual Report 2015 35
At the year end the highest paid Director had accrued benefits
under company pension schemes as set out below:
2015 2014
£’000 £’000
Defined benefit arrangement:
Accrued pension at end of year 127 122
The highest paid director did not exercise any share options
during the year .
Directors’ pension entitlements
The Company contributed £nil (2014: £5,250) for Philip Gwyn
to a self-administered pension fund. Chris Day is a member
of the Christie Group plc Pension & Assurance Scheme
managed by Hanover Pensions Limited. Paul Harding and
Dan Prickett both receive employer contributions as
members of the Group defined contribution scheme.
Directors’ interests
Details of the Directors’ interests in the ordinary shares of the
Company are set out below:
31 Mar 2016 31 Dec 2015 31 Dec 2014
Philip Gwyn 11,515,961 11,515,961 11,515,961
David Rugg 2,796,046 2,796,046 2,796,046
Chris Day 712,847 712,847 712,847
Paul Harding 212,870 212,870 212,870
Tony Chambers 131,975 131,975 131,975
Pommy Sarwal – ––
Dan Prickett – ––
In addition to interests shown above the following directors
hold share options under company share option schemes:
Dan Prickett holds 150,000 share options, granted in
October 2013 and May 2015 exercisable between October
2016 and May 2025.
Paul Harding holds 225,000 share options, granted in May
2009, October 2013 and May 2014 exercisable between May
2012 and May 2024. 100,000 of these options were awarded
in October 2013 under a long-term incentive arrangement.
Chris Day holds 50,000 share options, granted in May 2009
exercisable between May 2012 and May 2019.
The market price of the shares at 31 December 2015 was
127.5p (31 December 2014: 141.0p) and the range during
the year was 120.0p to 157.0p (year to 31 December 2014:
80.5p to 141.0p).
Daniel Prickett exercised 50,000 options granted under 
the share option scheme during the year . Christopher Day
exercised 26,000 options under the SAYE scheme in 2014.
The aggregate of the gains made on these exercises,
calculated on the difference between the option and mid-
market price on the date of option maturity, was £39,000
(2014: £21,000), of which £nil (2014: £nil) related to the
highest paid Director .
Information required to be audited.
PART 2. Directors’ Emoluments
Salary, Long Term 
Commissions Share 
& Fees Schemes Bonus Benefits Pensions 2015 2014
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Philip Gwyn 171 –– 23 – 194 193
David Rugg 368 – 33 40 – 441 578
Chris Day 321 – 70 24 31 446 471
Dan Prickett 155 – 30 11 10 206 202
Paul Harding 240 –6 16 21 283 286
Tony Chambers 32 –– –– 32 30
Pommy Sarwal 57 –– –– 57 54
1,344 – 139 114 62 1,659 1,814 The directors are responsible for preparing the Strategic
Report, the Directors’ Report and the financial statements in
accordance with applicable laws and regulations.
Company law requires the directors to prepare financial
statements for each financial year . Under that law the
directors have elected to prepare the financial statements in
accordance with applicable law and International Financial
Reporting Standards (IFRSs) as adopted by the European
Union and, as regards the parent company financial
statements, as applied in accordance with the provisions of
the Companies Act 2006. Under company law the directors
must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of
affairs of the Company and of the Group and of the profit or
loss of the Group for that period. In preparing these financial
statements, the directors are required to:
• select suitable accounting policies and then apply
them consistently;
• make judgements and accounting estimates that are
reasonable and prudent;
• state that the financial statements comply with IFRSs
as adopted by the European Union; and
• prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
Group will continue in business.
The directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
the company’s transactions and disclose with reasonable
accuracy at any time the financial position of the company
and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the company and
hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The directors are responsible for the maintenance and
integrity of the corporate and financial information included
on the company’s website. Legislation in the United Kingdom
governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
The directors are also responsible for ensuring that they
meet their responsibilities under AIM rules.
Statement of directors’ responsibilities
36 Christie Group Annual Report 2015 Christie Group Annual Report 2015 37
We have audited the financial statements of Christie Group
plc for the year ended 31 December 2015 which comprise the
Consolidated Income Statement, Consolidated Statement of
Comprehensive Income, the Consolidated and Parent
Company Statements of Financial Position, the Consolidated
and Parent Company Statement of Cash Flows, the
Consolidated and Parent Company Statements of Changes
in Shareholders’ Equity and the related notes 1 to 33. The
financial reporting framework that has been applied in their
preparation is applicable law and International Financial
Reporting Standards (IFRSs) as adopted by the European
Union and, as regards the parent company financial
statements, as applied in accordance with the provisions
of the Companies Act 2006.
This report is made solely to the company’s members,
as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so
that we might state to the company’s members those matters
we are required to state to them in an auditor’s report and for
no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the
company and the company’s members as a body, for our audit
work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Directors’ Responsibilities
Statement set out on page 36, the directors are responsible
for the preparation of the financial statements and for being
satisfied that they give a true and fair view. Our responsibility
is to audit and express an opinion on the financial statements
in accordance with applicable law and International
Standards on Auditing (UK and Ireland). Those standards
require us to comply with the Financial Reporting Council’s
(FRC’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial
statements is provided on the FRC’s website at
www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion:
• the financial statements give a true and fair view of the
state of the Group’s and of the Parent Company’s affairs as
at 31 December 2015 and of the Group’s profit for the year
then ended;
• the Group financial statements have been properly
prepared in accordance with IFRSs as adopted by the
European Union;
• the parent company financial statements have been
properly prepared in accordance with IFRSs as adopted by
the European Union and as applied in accordance with the
provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance
with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report
and Directors’ Report for the financial year for which the
financial statements are prepared is consistent with the
financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters
where the Companies Act 2006 requires us to report to you if,
in our opinion:
• adequate accounting records have not been kept by the
parent company, or returns adequate for our audit have
not been received from branches not visited by us; or
• the parent company financial statements are not in
agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified
by law are not made; or
• we have not received all the information and explanations
we require for our audit.
Sancho Simmonds
Senior Statutory Auditor, for and on behalf of
Nexia Smith & Williamson
Statutory Auditor
Chartered Accountants
25 Moorgate
London
EC2R 6AY
1 April 2016
Independent auditor’s report
To the members of Christie Group plc Consolidated income statement
For the year ended 31 December 2015
38 Christie Group Annual Report 2015
2015 2014
Total Total
Note £’000 £’000
Revenue 6 63,743 61,011
Employee benefit expenses 7 (42,888) (40,274)
20,855 20,737
Depreciation and amortisation 6 (576) (458)
Impairment credit/(charge) 21 143 (56)
Other operating expenses (16,659) (16,517)
Operating profit 3,763 3,706
Finance costs 8 (91) (125)
Finance income 8 – 9
Pension scheme finance costs 8 (511) (231)
Total finance costs 8 (602) (347)
Profit before tax 9 3,161 3,359
Taxation 10 (614) (1,142)
Profit for the year after tax 2,547 2,217
Profit/(loss) for the period after tax attributable to:
Equity shareholders of the parent 2,712 2,455
Non-controlling interest (165) (238)
2,547 2,217
Earnings per share attributable to equity holders – pence
Profit attributable to the equity holders of the Company
– Basic 12 9.73 9.34
– Fully diluted 12 9.47 8.99
All amounts derive from continuing activities. Christie Group Annual Report 2015 39
Consolidated statement of comprehensive income
For the year ended 31 December 2015
2015 2014
Total Total
£’000 £’000
Profit for the period after tax 2,547 2,217
Other comprehensive income/(losses):
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations (72) 41
Net other comprehensive (losses)/income to be reclassified
to profit or loss in subsequent periods (72) 41
Items that will not be reclassified subsequently to profit or loss:
Actuarial gains/(losses) on defined benefit plans 1,676 (9,726)
Income tax effect (335) 1,862
Net other comprehensive income/(losses) not being reclassified
to profit or loss in subsequent periods 1,341 (7,864)
Other comprehensive income/(losses) for the period, net of tax 1,269 (7,823)
Total comprehensive income/(losses) for the period 3,816 (5,606)
Total comprehensive income/(losses) attributable to:
Equity shareholders of the parent 3,981 (5,368)
Non-controlling interest (165) (238)
3,816 (5,606) 40 Christie Group Annual Report 2015
Consolidated statement of changes in shareholders’ equity
As at 31 December 2015
Attributable to the Equity Holders of the Company
Fair value 
and other Cumulative Non-
Share reserves translation Retained controlling Total 
capital (Note 23) reserve earnings interest equity 
For the year ended 31 December 2014 £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 January 2014 531 5,526 503 (6,600) (51) (91)
Profit/(loss) for the year after tax ––– 2,455 (238) 2,217
Items that will not be reclassified subsequently 
to profit or loss ––– (7,864) – (7,864)
Items that may be reclassified subsequently
to profit or loss –– 41 –– 41
Total comprehensive income/(losses) for the period –– 41 (5,409) (238) (5,606)
Movement in respect of employee share scheme – (664) – (5) – (669)
Employee share option scheme:
– value of services provided – 92 ––– 92
Dividends paid ––– (459) – (459)
Balance at 31 December 2014 531 4,954 544 (12,473) (289) (6,733)
Attributable to the Equity Holders of the Company
Fair value 
and other Cumulative Non-
Share reserves translation Retained controlling Total 
capital (Note 23) reserve earnings interest equity 
For the year ended 31 December 2015 £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 January 2015 531 4,954 544 (12,473) (289) (6,733)
Profit/(loss) for the year after tax ––– 2,712 (165) 2,547
Items that will not be reclassified subsequently
to profit or loss ––– 1,341 – 1,341
Items that may be reclassified subsequently to
profit or loss –– (72) –– (72)
Total comprehensive (losses)/income for the period –– (72) 4,053 (165) 3,816
Movement in respect of employee share scheme – 69 ––– 69
Employee share option scheme:
– value of services provided – 184 ––– 184
Dividends paid ––– (653) – (653)
Balance at 31 December 2015 531 5,207 472 (9,073) (454) (3,317) Christie Group Annual Report 2015 41
2015 2014
Note £’000 £’000
Assets
Non-current assets
Intangible assets – Goodwill 13 1,703 1,740
Intangible assets – Other 14 1,066 697
Property, plant and equipment 15 1,095 893
Deferred tax assets 16 3,266 3,817
Available-for-sale financial assets 17a 635 635
Other receivables 18 451 465
8,216 8,247
Current assets
Inventories 19 6 2
Trade and other receivables 21 12,007 11,089
Current tax assets 45 12
Cash and cash equivalents 20 3,621 3,770
15,679 14,873
Total assets 23,895 23,120
Equity
Share capital 22 531 531
Fair value and other reserves 23 5,207 4,954
Cumulative translation reserve 472 544
Retained earnings 23 (9,073) (12,473)
(2,863) (6,444)
Non-controlling interest (454) (289)
Total equity (3,317) (6,733)
Liabilities
Non-current liabilities
Retirement benefit obligations 24 11,958 13,970
Borrowings 26 7 –
Provisions 27 155 258
12,120 14,228
Current liabilities
Trade and other payables 25 9,052 8,804
Current tax liabilities 10 – 403
Borrowings 26 4,288 4,385
Provisions 27 1,752 2,033
15,092 15,625
Total liabilities 27,212 29,853
Total equity and liabilities 23,895 23,120
These consolidated financial statements have been approved for issue by the Board of Directors on 1 April 2016.
D B Rugg D R Prickett
Chief Executive Chief Financial Officer
Consolidated statement of financial position
At 31 December 2015 42 Christie Group Annual Report 2015
2015 2014
Note £’000 £’000
Cash flow from operating activities
Cash generated from operations 28 2,681 3,188
Interest paid (91) (125)
Tax (paid)/received (831) 147
Net cash generated from/(used in) operating activities 1,759 3,210
Cash flow from investing activities
Purchase of property, plant and equipment (PPE) (571) (223)
Proceeds from sale of PPE 21 12
Intangible asset expenditure – software (574) (266)
Investment in available-for-sale asset – (150)
Interest received – 9
Net cash used in investing activities (1,124) (618)
Cash flow from financing activities
Proceeds from invoice finance 56 15
Payment of finance lease liabilities (10) –
Dividends paid (653) (459)
Net cash used in financing activities (607) (444)
Net increase in cash 28 2,148
Cash and cash equivalents at beginning of year 6 (2,130)
Exchange losses on euro bank accounts (17) (12)
Cash and cash equivalents at end of year 20 17 6
Consolidated statement of cash flows 
For the year ended 31 December 2015 Company statement of changes in shareholders’ equity 
As at 31 December 2015
Christie Group Annual Report 2015 43
Attributable to the Equity Holders of the Company
Fair value and 
Share other reserves Retained Total 
capital (Note 23) earnings equity
For the year ended 31 December 2014 £’000 £’000 £’000 £’000
Balance at 1 January 2014 531 4,805 829 6,165
Total comprehensive income for the period –– 1,022 1,022
Movement in respect of employee share scheme – (668) – (668)
Dividends paid –– (459) (459)
Balance at 31 December 2014 531 4,137 1,392 6,060
Attributable to the Equity Holders of the Company
Fair value and 
Share other reserves Retained Total 
capital (Note 23) earnings equity
For the year ended 31 December 2015 £’000 £’000 £’000 £’000
Balance at 1 January 2015 531 4,137 1,392 6,060
Total comprehensive income for the period –– 472 472
Movement in respect of employee share scheme – 70 – 70
Dividends paid –– (653) (653)
Balance at 31 December 2015 531 4,207 1,211 5,949 2015 2014
Note £’000 £’000
Assets
Non-current assets
Investments in subsidiaries 17 2,563 2,563
Deferred tax assets 16 300 412
Available-for-sale financial assets 17a 635 635
Other receivables 18 451 8,553
3,949 12,163
Current assets
Trade and other receivables 21 12,211 3,196
Current tax assets 29 12
Cash and cash equivalents 20 5 4
12,245 3,212
Total assets 16,194 15,375
Equity
Share capital 22 531 531
Fair value and other reserves 23 4,207 4,137
Retained earnings 23 1,211 1,392
Total equity 5,949 6,060
Liabilities
Non-current liabilities
Retirement benefit obligations 24 1,202 1,238
1,202 1,238
Current liabilities
Trade and other payables 25 5,450 4,482
Current tax liabilities – 29
Borrowings 26 3,593 3,566
9,043 8,077
Total liabilities 10,245 9,315
Total equity and liabilities 16,194 15,375
These Company financial statements have been approved for issue by the Board of Directors on 1 April 2016.
D BRugg D R Prickett
Chief Executive Chief Financial Officer
Company statement of financial position 
As at 31 December 2015
44 Christie Group Annual Report 2015 Christie Group Annual Report 2015 45
Company statement of cash flows 
For the year ended 31 December 2015
2015 2014
Note £’000 £’000
Cash flow from operating activities
Cash used in operations 28 520 (1,312)
Interest paid (149) (169)
Tax (paid)/received (17) 161
Net cash generated from/(used in) operating activities 354 (1,320)
Cash flow from investing activities
Interest received 273 281
Dividend received – 1,700
Investment in available-for-sale financial asset – (150)
Net cash generated from investing activities 273 1,831
Cash flow from financing activities
Dividends paid (653) (459)
Net cash used in financing activities (653) (459)
Net (decrease)/increase in cash (26) 52
Cash and cash equivalents at beginning of year (3,562) (3,614)
Cash and cash equivalents at end of year 20 (3,588) (3,562) Notes to the consolidated financial statements
46 Christie Group Annual Report 2015
1. GENERAL INFORMATION
Christie Group plc is the parent undertaking of a group of
companies covering a range of related activities. These fall
into two divisions – Professional Business Services and Stock
& Inventory Systems & Services. Professional Business
Services principally covers business valuation, consultancy
and agency, mortgage and insurance services, and business
appraisal. Stock & Inventory Systems & Services covers
stock audit and counting, compliance and food safety audits
and inventory preparation and valuation, hospitality and
cinema software.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting policies for the year ended 31 December 2015
The principal accounting policies adopted in the preparation
of these consolidated financial statements are set out below.
These policies have been consistently applied to all years
presented, unless otherwise stated.
2.1 Basis of preparation
The consolidated and Company financial statements of
Christie Group plc have been prepared in accordance with
International Financial Reporting Standards (IFRS) and IFRS
Interpretations Committee (IFRS IC) interpretations as
adopted by the European Union and the parts of the
Companies Act 2006 applicable to companies reporting under
IFRS. The consolidated and Company financial statements
have been prepared under the historical cost convention
with the exception of the defined benefit pension scheme,
and on a going concern basis.
The preparation of financial statements in conformity with
IFRS requires the use of certain critical accounting estimates.
It also requires management to exercise its judgement in
the process of applying the Group’s accounting policies.
The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates
are significant to the consolidated and Company financial
statements are disclosed in note 4.
The Group has chosen, in accordance with the options
provided by IAS 1, to present an income statement and
a statement of comprehensive income as two separate
statements to improve the presentation of the
primary statements.
New and amended standards adopted by the Group
Several new standards and amendments apply for the first
time in 2015. However, they do not materially impact the
annual consolidated financial statements of the Group.
New standards, interpretations and amendments to
published standards that are not yet effective
Certain new standards, amendments and interpretations to
existing standards have been published that are mandatory
for the Group or Company’s accounting periods beginning
after 1 January 2016 or later periods and have not been early
adopted. It is anticipated that none of these new standards,
amendments and interpretations currently in issue at the
time of preparing the financial statements will have a material
effect on the consolidated financial statements of the Group,
except for IFRS 16 Leases’ which becomes mandatory for the
Group’s 2019 consolidated financial statements.
IFRS 16, ‘Leases’ was issued in January 2016. The impact on
the Group will be as follows: it eliminates the classification
of leases as either operating leases or finance leases for a
lessee. Instead all leases are treated in a similar way to
finance leases. Leases will be ‘capitalised’ by recognising
the present value of the lease payments and showing them
either as lease assets (right-of-use assets) or together with
property, plant and equipment. Where lease payments are
made over time, the Group will also recognise a financial
liability representing its obligation to make future lease
payments. The most significant effect of the new
requirements in IFRS 16 will be an increase in lease assets
and financial liabilities. The Group does not plan to adopt
this standard early and the extent of the impact will be
assessed when the standard becomes effective.
2.2 Consolidation
The Consolidated financial statements include the results of
Christie Group plc and all its subsidiary undertakings on the
basis of their financial statements to 31 December 2015. The
results of businesses acquired or disposed of are included
from or to the date of acquisition or disposal.
A subsidiary is an entity controlled, directly or indirectly, by
Christie Group plc. The Group controls an entity when the
Group is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect
those returns through its power over the entity. Subsidiaries
are fully consolidated from the date on which control is
transferred to the Group. They are deconsolidated from
the date that control ceases.
When the Group disposes of a subsidiary any gains/losses
recognised at the date of disposal are taken to the
income statement.
Non-controlling interests
Total comprehensive income within a subsidiary is
attributed to the non-controlling interest even if that
results in a deficit balance. 2.3 Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the
Group’s entities are measured using the currency of the
primary economic environment in which the entity operates
(‘the functional currency’). The consolidated financial
statements are presented in sterling, which is the Group’s
and Company’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from
the translation at year-end exchange rates of monetary
assets and liabilities denominated in foreign currencies
are recognised in the income statement.
Group companies
The results and financial position of all the Group entities
(none of which has the currency of a hyperinflationary
economy) that have a functional currency different from the
presentation currency are translated into the presentation
currency as follows:
a) assets and liabilities for each statement of financial
position presented are translated at the closing rate at
the date of that statement of financial position;
b) income and expenses for each income statement are
translated at average exchange rates; and
c) all resulting exchange differences are recognised as
a separate component of equity, the cumulative
translation reserve.
On consolidation, exchange differences arising from the
translation of the net investment in foreign entities, are taken
to shareholders’ equity. When a foreign operation is sold,
such exchange differences are recognised in the income
statement as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition
of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the closing rate.
2.4 Revenue recognition
Revenue comprises the fair value of the consideration
received or receivable for the sale of goods and services
provided in the ordinary course of the Group’s activities.
Revenue derived from the Group’s principal activities
(which is shown exclusive of applicable sales taxes or
equivalents) is recognised as follows:
Agency, consultancy and valuations
Net agency fees are recognised as income on exchange of
contracts at which point the Group becomes contractually
entitled to its agency fee. Consultancy income is recognised
in the accounting period in which the service is rendered,
assessed on the basis of actual service provided as a
proportion of the total services provided. In respect of
valuations, turnover is recognised once the property or
business has been inspected. Appraisal income is recognised
in the accounting period in which the service is rendered,
assessed on the basis of actual service provided as a
proportion of the total services to be provided.
Business mortgage broking
Fee income is taken either when a loan offer is secured or
when the loan is drawn down.
Insurance broking
Insurance brokerage is accounted for when the insurance
policy commences.
Software solutions
Hardware revenues are recognised on installation or as
otherwise specified in the terms of the contract. Software
revenues are recognised on delivery or as otherwise specified
in the terms of the contract. Revenues on maintenance
contracts are recognised over the period of the contracts.
Revenue in respect of services, such as implementation,
training, consultancy and e-ticketing, are recognised when
the services are performed.
Stock & inventory services
Fees are recognised on completion of the visit to client’s
premises.
Other income is recognised as follows:
Interest income
Interest income is recognised on a time-proportion basis
using the effective interest method.
Dividend income
Dividend income is recognised when the right to receive
payment is established.
Rental income
Rental income from operating leases (net of any incentives
given to the lessees) is recognised on a straight-line basis
over the lease term.
2.5 Exceptional items
Exceptional items are disclosed separately in the financial
statements where it is necessary to do so to provide further
understanding of the financial performance of the Group.
They are material items of income or expense that have
been shown separately due to the significance of their
nature or amount.
Christie Group Annual Report 2015 47
2. Summary of significant accounting policies continued 2.6 Segmental reporting
Operating segments are reported in a manner consistent
with the internal reporting provided to the chief operating
decision-maker as required by IFRS 8 “Operating Segments”.
The chief operating decision-maker, who is responsible
for allocating resources and assessing performance of
the operating segments, has been identified as the
Board of Directors.
The Group operating segments are defined as Professional
Business Services, Stock & Inventory Systems & Services,
and Other . Within these segments, the Board of Directors
distinguish between European-based operations and those
operations based in the rest of the world on the basis that
the risks and returns may vary depending on the
economic environment.
Segment assets and liabilities include items that are directly
attributable to a segment plus an allocation on a reasonable
basis of shared items. Any current and deferred tax assets
and liabilities are not included in business segments and are
thus unallocated.
All transactions between reportable segments are at
arm’s length.
2.7 Intangible assets
Goodwill
On the acquisition of a business, fair values are attributed
to the net assets acquired. Goodwill arises on the acquisition
of subsidiary undertakings, representing any excess of the
fair value of the consideration given over the fair value of the
identifiable assets and liabilities acquired. Goodwill arising
on acquisitions is capitalised and subject to impairment
review, both annually and when there are indications that
the carrying value may not be recoverable. Goodwill
arising on acquisitions prior to the date of transition to
IFRS has been retained at previous UK GAAP amounts as
permitted by IFRS 1 ‘First time adoption of International
Accounting Standards’.
Other
Intangible fixed assets such as software are stated at cost, net
of amortisation and any provision for impairment. Amortisation
is calculated to write down the cost of all intangible fixed assets
to their estimated residual value by equal annual instalments
over their expected useful economic lives. The expected useful
lives are between one and five years.
2.8 Property, plant and equipment
Tangible fixed assets are stated at cost, net of depreciation
and provision for any impairment. Depreciation is calculated
to write down the cost of all tangible fixed assets to estimated
residual value by equal annual instalments over their
expected useful lives as follows:
Leasehold property Lease term
Fixtures, fittings and equipment 5 – 10 years
Computer equipment 2 – 3 years
Motor vehicles 4 years
The assets’ residual values and useful lives are reviewed, and
adjusted if appropriate, at each statement of financial position
date. An asset’s carrying amount is written down immediately
to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing
the disposal proceeds with the carrying amount and are
included in the income statement.
2.9 Leases
Leases where the lessor retains a significant portion of the
risks and rewards of ownership are classified as operating
leases. Rentals under operating leases (net of any incentives
received) are charged to the income statement on a straight-
line basis over the period of the lease.
Where substantially all of the risks and rewards incidental to
ownership of a leased asset have been transferred to the
Group (a “finance lease”), the asset is treated as if it had been
purchased outright. The amount initially recognised as an
asset is the lower of the fair value of the leased asset and the
present value of the minimum lease payments payable over
the term of the lease. The corresponding lease commitment
is shown as a liability. Lease payments are analysed between
capital and interest. The interest element is charged to the
consolidated income statement over the period of the lease
and is calculated so that it represents a constant proportion
of the lease liability. The capital element reduces the
balance owed to the lessor .
2.10 Impairment of assets
Non-current assets are reviewed for impairment whenever
events or changes in circumstances indicate that the
carrying amount may not be recoverable. An impairment loss
is recognised for the amount by which the asset’s carrying
value exceeds its recoverable amount. The recoverable
amount is the higher of an asset’s fair value less costs to
sell and value in use. Value in use is based on the present
value of the future cash flows relating to the asset, and is
determined over periods which are deemed to appropriately
reflect the minimum expected period that the cash
generating unit will operate for. For the purposes of
assessing impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash flows
(cash generating units), and their carrying value assessed
against management’s projection of the present value of
cash flows arising over a projected period of 5 years from
the statement of financial position date, using growth
rates determined by management.
Notes to the consolidated financial statements continued
48 Christie Group Annual Report 2015
2. Summary of significant accounting policies continued Any assessment of impairment based on value in use takes
account of the time value of money and the uncertainty or risk
inherent in the future cash flows. The discount rates applied
reflect current market assessments of the time value of
money and the risks specific to the asset for which the future
cash flow estimates have not been adjusted.
2.11 Investments
The Group classifies its investments depending on the
purpose for which the investments were acquired.
Management determines the classification of its investments
on purchase and re-evaluates this designation at every
reporting date. Fixed asset investments in subsidiaries are
shown at cost less any provision for impairment.
Available-for-sale financial assets
Available-for-sale financial assets are non-derivatives that are
either designated in this category or not classified in any of the
other categories. They are included in non-current assets
unless management intends to dispose of the investment
within 12 months of the statement of financial position date.
Purchases and sales of investments held as available for sale
financial assets are recognised on trade date, the date on
which the Group commits to purchase or sell the asset.
Investments are initially recognised at fair value plus
transaction costs for all financial assets not carried at fair
value through profit or loss.
The fair values of quoted investments are based on current
bid prices. If the market for a financial asset is not active (and
for unlisted securities), the Group establishes fair value by
using valuation techniques. For investments in equity
instruments and unlisted securities that do not have a quoted
market price in an active market and whose fair value cannot
be reliably measured these are valued at cost.
The Group assesses at each statement of financial position
date whether there is objective evidence that a financial
asset or a group of financial assets is impaired. In the case of
equity securities classified as available-for-sale, a significant
or prolonged decline in the fair value of the security below
its cost is considered in determining whether the securities
are impaired.
2.12 Inventories
Inventories held for resale are valued at the lower of cost and
net realisable value.
2.13 Trade receivables
Trade receivables are recognised initially at fair value and
subsequently measured at amortised cost using the effective
interest method, less provision for impairment. A provision for
impairment of trade receivables is established when there is
objective evidence that the Group will not be able to collect all
amounts due according to the original terms of receivables.
The amount of the provision is the difference between the
asset’s carrying amount and the present value of estimated
future cash flows. The amount of the provision is recognised
in the income statement.
2.14 Cash and cash equivalents
Cash and cash equivalents are recognised initially at fair
value and subsequently measured at amortised cost. Cash
and cash equivalents comprise cash in hand, deposits held on
call with banks, other short-term, highly liquid investments
with original maturities of three months or less, and bank
overdrafts. Bank overdrafts are included within borrowings
in current liabilities on the statement of financial position.
2.15 Borrowings
Borrowings are recognised initially at fair value. Borrowings
are subsequently stated at amortised cost; any difference
between proceeds and the redemption value is recognised
in the income statement over the period of the borrowings
using the effective interest method.
Borrowings are classified as current liabilities unless the
Group has an unconditional right to defer settlement of the
liability for at least 12 months after the statement of financial
position date.
2.16 Taxation including deferred tax
Tax on company profits is provided for at the current rate
applicable in each of the relevant territories.
Deferred tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements. However, if the deferred tax arises
from initial recognition of an asset or liability in a transaction
other than a business combination that at the time of the
transaction affects neither accounting nor taxable profit or
loss, it is not accounted for . Deferred tax is determined using
tax rates (and laws) that have been enacted or substantively
enacted by the statement of financial position date and are
expected to apply when the related deferred tax asset is
realised or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is
probable that future taxable profit will be available against
which the temporary differences can be utilised. This is
reviewed annually.
2.17 Share capital and share premium
Ordinary shares are classified as equity.
Where any Group company or the Employee Share Ownership
Plan (ESOP) trust purchases the Company’s equity share
capital (own shares), the consideration paid, including any
Christie Group Annual Report 2015 49
2. Summary of significant accounting policies continued directly attributable incremental costs (net of taxes), is
deducted from equity attributable to the Company’s equity
holders until the shares are cancelled, reissued or
disposed of. Where such shares are subsequently sold or
reissued, any consideration received, net of any directly
attributable incremental transaction costs and the related
tax effects, is included in equity attributable to the
Company’s equity holders.
2.18 Dividend distribution
Dividend distribution to the Company’s shareholders is
recognised as a liability in the Group’s financial statements
in the period in which the dividends are approved by the
Company’s shareholders. In respect of interim dividends,
which are paid prior to approval by the Company’s
shareholders they are recognised on payment.
2.19 Invoice finance
Trade receivables are subject to an invoice finance facility
whereby an advance is received based upon and secured
upon trade receivables. The carrying value is stated at the fair
value of the amount repayable at the date of the statement of
financial position.
2.20 Employee benefits
Pension obligations
The Group has both defined benefit and defined contribution
schemes. A defined benefit scheme is a pension scheme that
defines the amount of pension benefit that an employee will
receive on retirement, usually dependent on one or more
factors such as age, years of service and remuneration.
A defined contribution scheme is a pension scheme under
which the Group pays fixed contributions into a separate
entity. The schemes are generally funded through payments
to insurance companies or trustee-administered funds,
determined by periodic actuarial calculations.
Pension obligations – Defined benefit schemes
The liability recognised in the statement of financial position
in respect of defined benefit pension schemes is the present
value of the defined benefit obligation at the statement of
financial position date less the fair value of scheme assets.
The defined benefit obligation is calculated annually by
independent actuaries using the projected unit credit
method. The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows
using interest rates of high-quality corporate bonds that are
denominated in the currency in which the benefits will be
paid, and that have terms to maturity approximating to the
terms of the related pension liability.
Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are
charged or credited to equity in other comprehensive
income in the period in which they arise.
Past-service costs are recognised immediately in the
income statement.
Pension obligations – Defined contribution scheme
Group companies contribute towards a personal pension
scheme for their participating employees. These employees
are currently entitled to such contributions after a qualifying
period has elapsed. Payments to the scheme are charged as
an employee benefit expense as they fall due. The Group has
no further payment obligations once the contributions have
been paid.
Share based compensation
The fair value of employee share option schemes, including
Save As You Earn (SAYE) schemes, is measured by a Black-
Scholes pricing model. Further details are set out in note 22a.
In accordance with IFRS 2 ‘Share-based Payments’ the
resulting cost is charged to the income statement over the
vesting period of the options. The value of the charge is adjusted
to reflect expected and actual levels of options vesting.
No expense was recognised in respect of share options
granted before 7 November 2002 and those which had vested
before 1 January 2005.
For share options granted after 7 November 2002 and vested
after 1 January 2005 the Group operates an equity-settled,
long-term incentive plan designed to align management
interests with those of shareholders. The fair value of the
employee’s services received in exchange for the grant of the
options is recognised as an expense. The total amount to be
expensed over the vesting period is determined by reference
to the fair value of the options granted, excluding the impact
of any non-market vesting conditions (for example,
profitability and sales growth targets). Non-market vesting
conditions are included in assumptions about the number of
options that are expected to become exercisable. At each
statement of financial position date, the entity revises its
estimates of the number of options that are expected to
become exercisable. It recognises the impact of the revision
of original estimates, if any, in the income statement, and a
corresponding adjustment to equity.
Commissions and bonus plans
The Group recognises a liability and an expense for
commissions and bonuses, based on formula driven
calculations. The Group recognises a provision where
contractually obliged or where there is a past practice
that has created a constructive obligation.
2.21 Provisions
Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past event,
it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation
Notes to the consolidated financial statements continued
50 Christie Group Annual Report 2015
2. Summary of significant accounting policies continued The Group uses a limited number of financial instruments,
comprising cash, short-term deposits and overdrafts and
various items such as trade receivables and payables, which
arise directly from operations. The Group does not trade in
financial instruments.
3.1 Financial risk factors
The Group’s activities expose it to a variety of financial risks:
market risk (including currency risk), credit risk, liquidity risk
and cash flow interest rate risk. The Group’s overall risk
management programme focuses on the unpredictability of
financial markets and seeks to minimise potential adverse
effects on the Group’s financial performance.
a) Market risk
Foreign exchange risk
The Group operates internationally and is exposed to foreign
exchange risk arising from various currency exposures,
primarily with respect to the Euro. Foreign exchange risk arises
from future commercial transactions, recognised assets and
liabilities and net investments in foreign operations.
The Group has certain investments in foreign operations, whose
net assets are exposed to foreign currency translation risk.
At 31 December 2015, if sterling had strengthened by 10%
against the Euro, with all other variables held constant, the
post tax profit for the year would have been £31,000 lower
(2014: £4,000 higher) mainly as a result of foreign exchange
gains/losses on translation of Euro denominated trade
receivables, cash and cash equivalents, and trade payables.
Applying the same variables to foreign exchange differences
recognised directly in equity the effect would be a reduction
in equity of £43,000 (2014: £49,000).
b) Credit risk
The Group has no significant concentrations of credit risk
and has policies in place to ensure that sales are made to
customers with an appropriate credit history.
c) Liquidity risk
Prudent liquidity risk management implies maintaining
sufficient cash and available funding through an adequate
amount of committed credit facilities. The Group uses an
invoice financing arrangement in a Group undertaking to
mitigate liquidity risk. The Group ensures it has adequate cover
through the availability of bank overdraft facilities.
At 31 December 2015 total borrowings by the Group
amounted to £4,295,000 (2014: £4,385,000), with additional
available unutilised credit facilities at 31 December 2015 of
£1,657,000 (2014: £1,020,000).
Cash and cash equivalents comprise cash in hand, deposits
held at call with banks and other short-term highly liquid
investments with original maturities of three months or
less. Total cash and cash equivalents held by the Group at
31 December 2015 were £3,621,000 (2014: £3,770,000).
d) Cash flow and interest rate risk
The Group finances its operations through a mix of cash flow
from current operations together with cash on deposit and
bank and other borrowings. Borrowings are generally at
floating rates of interest and no use of interest rate swaps
has been made.
The Group’s interest rate risk arises from cash balances and
borrowings subject to variable interest rates. For the year
ended 31 December 2015, assuming all other variables
remained equal but interest rates were 0.25% higher or lower
throughout the year, the impact on post tax losses would be
a maximum increase or decrease of £1,000 (2014: £3,000).
3.2 Capital risk management
The Group’s objectives when managing capital are to
safeguard the Group’s ability to continue as a going concern
in order to provide returns for shareholders and benefits for
other stakeholders and to maintain a capital structure
appropriate for its growth plans.
In order to maintain or adjust the capital structure, the Group
may adjust the amount of dividends paid to shareholders or
alter debt levels.
Christie Group Annual Report 2015 51
3. Financial risk management
and a reliable estimate can be made of the amount of the
obligation. Where the Group expects some or all of a provision
to be reimbursed, for example, under an insurance contract,
the reimbursement is recognised as a separate asset but only
when the reimbursement is virtually certain. The expense
relating to any provision is presented in the income statement
net of any reimbursement. If the effect of the time value of
money is material, provisions are discounted using a current
pre-tax rate that reflects, where appropriate, the risks
specific to the liability. Where discounting is used, the
increase in the provision due to the passage of time is
recognised as a finance cost.
2. Summary of significant accounting policies continued Notes to the consolidated financial statements continued
52 Christie Group Annual Report 2015
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.
4.1 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 goodwill
Goodwill is subject to an impairment review both annually and
when there are indications that the carrying value may not be
recoverable, in accordance with the accounting policy stated
in note 2.7. The recoverable amounts of cash-generating
units have been determined based on value-in-use
calculations. These calculations require the use of estimates
as set out in note 13.
b) Retirement benefit obligations
The assumptions used to measure the expense and liabilities
related to the Group’s two defined benefit pension plans are
reviewed annually by professionally qualified, independent
actuaries, trustees and management as appropriate.
Management base 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, among others:
• the probable long-term rate of increase in pensionable pay;
• the discount rate; and
• the estimated life expectancy of participating members.
The assumptions used by the Group, as stated in note 24, 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.
c) 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.
4. Critical accounting estimates and judgements
As permitted by section 408 of the Companies Act 2006 the
Income Statement and Statement of Comprehensive Income
of the Parent Company is not presented as part of these
financial statements. The Parent Company made a profit after
tax of £472,000 (2014: £257,000). It had other comprehensive
income of £nil (2014: £935,000 losses). It had dividends paid
of £653,000 making total comprehensive income for the
year of £472,000.
5. Profit/(loss) of the parent company Christie Group Annual Report 2015 53
6. Segment information
The Group is organised into two main operating segments: Professional Business Services and Stock & Inventory Systems & Services.
The segment results for the year ended 31 December 2015 are as follows:
Stock & 
Professional Inventory
Business Systems 
Services & Services Other Group
£’000 £’000 £’000 £’000
Total gross segment sales 36,369 27,478 4,312 68,159
Inter-segment sales (104) – (4,312) (4,416)
Revenue 36,265 27,478 – 63,743
Operating profit 4,646 (953) 70 3,763
Finance costs (353) (179) (70) (602)
Profit before tax 3,161
Taxation (614)
Profit for the year after tax 2,547
The segment results for the year ended 31 December 2014 are as follows:
Stock & 
Professional Inventory
Business Systems 
Services & Services Other* Group
£’000 £’000 £’000 £’000
Total gross segment sales 33,343 27,772 4,074 65,189
Inter-segment sales (104) – (4,074) (4,178)
Revenue 33,239 27,772 – 61,011
Operating profit 3,276 202 228 3,706
Net finance (costs)/credit (306) (96) 55 (347)
Profit before tax 3,359
Taxation (1,142)
Profit for the year after tax 2,217
*Restated to include all management charges.
Other segment items included in the income statements for the years ended 31 December 2015 and 2014 are as follows:
Stock &
Professional Inventory
Business Systems &
Services Services Other Group
£’000 £’000 £’000 £’000
31 December 2015
Depreciation and amortisation 239 326 11 576
Impairment of trade receivables (192) 49 – (143)
31 December 2014
Depreciation and amortisation 177 278 3 458
Impairment of trade receivables (23) 79 – 56 6. Segment information continued
The segment assets and liabilities at 31 December 2015 and capital expenditure for the year then ended are as follows:
Stock &
Professional Inventory
Business Systems &
Services Services Other Group
£’000 £’000 £’000 £’000
Assets 10,147 7,069 3,368 20,584
Deferred tax assets 3,266
Current tax assets 45
23,895
Liabilities 14,189 7,024 1,704 22,917
Borrowings 4,295
Current tax liabilities –
27,212
Capital expenditure 270 441 454 1,165
The segment assets and liabilities at 31 December 2014 and capital expenditure for the year are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
Assets 10,133 6,291 2,867 19,291
Deferred tax assets 3,817
Current tax assets 12
23,120
Liabilities 15,250 6,747 3,067 25,065
Borrowings 4,385
Current tax liabilities 403
29,853
Capital expenditure 248 234 7 489
Segment assets consist primarily of property, plant and equipment, intangible assets, inventories, receivables and operating cash.
They exclude taxation.
Segment liabilities comprise operating liabilities. They exclude items such as taxation and corporate borrowings.
Capital expenditure comprises additions to property, plant and equipment and intangible assets.
The Group manages its operating segments on a global basis. The UK is the home country of the parent. The Group’s revenue
is mainly generated in Europe.
Notes to the consolidated financial statements continued
54 Christie Group Annual Report 2015 Christie Group Annual Report 2015 55
6. Segment information continued
Revenue is allocated below based on the entity’s country of domicile.
2015 2014
£’000 £’000
Revenue
Europe 63,444 60,597
Rest of the World 299 414
63,743 61,011
Total segment assets are allocated based on where the assets are located.
2015 2014
£’000 £’000
Total segment assets
Europe 20,529 19,231
Rest of the World 55 60
20,584 19,291
Capital expenditure is allocated based on where the assets are located.
2015 2014
£’000 £’000
Capital expenditure
Europe 1,165 489
Rest of the World – –
1,165 489
2015 2014
£’000 £’000
Analysis of revenue by category
Sale of goods 95 137
Revenue from services 63,648 60,874
63,743 61,011 Notes to the consolidated financial statements continued
56 Christie Group Annual Report 2015
7. Employee benefit expenses
2015 2014
Staff costs for the Group during the year £’000 £’000
Wages and salaries 37,276 35,272
Social security costs 3,902 3,712
Pension costs 1,280 1,217
Post employment benefits 113 84
Other long-term benefits 133 (108)
Cost of employee share scheme 184 97
42,888 40,274
Average actual number of people (including executive directors)
2015 2014
employed by the Group during the year was Number Number
Operational 3,323 3,369
Administration and support staff 259 253
3,582 3,622
Average full time equivalent number of people (including executive directors)
2015 2014
employed by the Group during the year was Number Number
Operational 902 872
Administration and support staff 259 253
1,161 1,125
8. Finance costs
2015 2014
£’000 £’000
Interest payable on bank loans and overdrafts 58 95
Other interest payable 33 30
Pension scheme finance costs 511 231
Total finance costs 602 356
Bank interest receivable – (9)
Total finance credit – (9)
Net finance costs 602 347 9. Profit before tax
Group
2015 2014
£’000 £’000
Profit before tax is stated after charging/(crediting):
Depreciation of property, plant and equipment
– owned assets 365 387
– hire purchases 6 –
Amortisation of intangible fixed assets 205 71
(Profit)/loss on sale of property, plant and equipment (6) 7
Operating lease charges
– buildings 1,057 1,175
– other 815 852
Impairment of trade receivables (see note 21) (143) 56
Loss on foreign exchange 17 15
Services provided by the Group’s auditor
During the year the Group obtained the following services from the Group’s auditor as detailed below:
Group Company
2015 2014 2015 2014
£’000 £’000 £’000 £’000
Audit services
–audit of the parent company and
consolidated financial statements 19 17 19 17
– audit of the subsidiary company financial statements 111 107 – –
Total audit fees 130 124 19 17
Group pension scheme audit fees 14 13 – –
Other services
– other services 8 8 8 8
Christie Group Annual Report 2015 57 Notes to the consolidated financial statements continued
58 Christie Group Annual Report 2015
10. Taxation
2015 2014
£’000 £’000
Current tax
UK corporation tax at 20.25%/20% (2014: 21.5%) (417) (403)
Foreign tax (22) (24)
Adjustment in respect of prior years 41 (8)
Total current tax (charge)/credit (398) (435)
Deferred tax
Origination and reversal of timing differences (216) (630)
Impact of change in the UK corporation tax rate – (77)
Total deferred tax charge (216) (707)
Tax charge on profit on ordinary activities (614) (1,142)
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the standard rate of
corporation tax in the UK of 20.0% as follows:
Tax on profit on ordinary activities
2015 2014
£’000 £’000
Profit on ordinary activities before tax 3,161 3,359
Profit on ordinary activities at standard rate of UK corporation tax
of 20.25%/20% (2014: 21.5%/20%) (638) (719)
Effects of:
– income/(expenses) not deductible for tax purposes 22 (354)
– tax losses for which no deferred tax asset has been previously recognised 2 8
Re-measurement of deferred tax asset due to changes in the UK corporation tax rate – (77)
Total tax charge (614) (1,142)
11. Dividends
A dividend in respect of the year ended 31 December 2015 of 1.5p per share, amounting to a total dividend of £398,000 is to be
proposed at the Annual General Meeting on 15 June 2016. These financial statements do not reflect this proposed dividend. Christie Group Annual Report 2015 59
12. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year, which excludes the shares held in the Employee Share Ownership
Plan (ESOP) trust.
31 December 2015 31 December 2014
£’000 £’000
Profit attributable to equity holders of the Company 2,712 2,455
31 December 2015 31 December 2014
Thousands Thousands
Weighted average number of ordinary shares in issue 26,171 26,285
Adjustment for share options 714 1,011
Weighted average number of ordinary shares for diluted earnings per share 26,885 27,296
31 December 2015 31 December 2014
Pence Pence
Basic earnings per share 9.73 9.34
Fully diluted earnings per share 9.47 8.99
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. The Company has only one category of dilutive potential ordinary
shares: share options.
The calculation is performed for the share options to determine the number of shares that could have been acquired 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. Notes to the consolidated financial statements continued
60 Christie Group Annual Report 2015
13. Intangible assets – goodwill
Total
Group £’000
Cost
At 1 January 2015 1,740
Foreign currency translation effects (37)
At 31 December 2015 1,703
Total
Group £’000
Cost
At 1 January 2014 1,793
Foreign currency translation effects (53)
At 31 December 2014 1,740
Goodwill is allocated to the Group’s cash-generating units (CGUs) identified according to business segment. The carrying amounts
of goodwill by segment as at 31 December 2015 are as follows:
Professional Stock & Inventory 
Business Services Systems & Services
£’000 £’000
Goodwill 178 1,525
During the year, the acquired goodwill was tested for impairment in accordance with IAS 36 on the basis of the relevant CGUs.
Following the impairment tests there has been no change to the carrying values. The recoverable amount of a CGU is
determined based on value-in-use calculations. These calculations use cash flow projections based on current business plans.
The key assumptions for the value-in-use calculations are those regarding revenue growth rates, discount rates and long-term
growth rates over a period of 5 years from the statement of financial position date. Management determined budgeted revenue
growth based on past performance and its expectations for the market development. Discount rates were determined using post-
tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs. Cash flows
beyond the five-year period are extrapolated using estimated long-term growth rates obtained from HM Treasury for both the
UK and Continental Europe.
The revenue growth rate does not exceed the long-term average growth rate for the businesses in which the CGUs operate.
Professional Stock & Inventory 
Business Services Systems & Services
%%
Discount rates 10.0 10.0
Long-term growth rates 2.5 2.5 Christie Group Annual Report 2015 61
14. Intangible assets – other
Trademarks Software Total
Group £’000 £’000 £’000
Cost
At 1 January 2015 – 838 838
Additions 38 536 574
Disposals – (11) (11)
Foreign currency translation effects – (1) (1)
At 31 December 2015 38 1,362 1,400
Accumulated amortisation and impairment
At 1 January 2015 – 141 141
Charge for the year 2 203 205
Disposals – (11) (11)
Foreign currency translation effects – (1) (1)
At 31 December 2015 2 332 334
Net book amount at 31 December 2015 36 1,030 1,066
Software Total
Group £’000 £’000
Cost
At 1 January 2014 683 683
Additions 266 266
Disposals (106) (106)
Foreign currency translation effects (5) (5)
At 31 December 2014 838 838
Accumulated amortisation and impairment
At 1 January 2014 176 176
Charge for the year 71 71
Disposals (106) (106)
At 31 December 2014 141 141
Net book amount at 31 December 2014 697 697 15. Property, plant and equipment
Fixtures, fittings, 
Short leasehold computer equipment 
property and motor vehicles Total
Group £’000 £’000 £’000
Cost
At 1 January 2015 39 3,292 3,331
Additions – 591 591
Disposals (6) (183) (189)
Foreign currency translation effects – (14) (14)
At 31 December 2015 33 3,686 3,719
Accumulated depreciation
At 1 January 2015 39 2,399 2,438
Charge for the year – 371 371
Disposals (6) (167) (173)
Foreign currency translation effects – (12) (12)
At 31 December 2015 33 2,591 2,624
Net book amount at 31 December 2015 – 1,095 1,095
Fixtures, fittings, 
Short leasehold computer equipment 
property and motor vehicles Total
Group £’000 £’000 £’000
Cost
At 1 January 2014 303 3,420 3,723
Additions – 223 223
Disposals (264) (317) (581)
Foreign currency translation effects – (34) (34)
At 31 December 2014 39 3,292 3,331
Accumulated depreciation
At 1 January 2014 303 2,332 2,635
Charge for the year – 387 387
Disposals (264) (296) (560)
Foreign currency translation effects – (24) (24)
At 31 December 2014 39 2,399 2,438
Net book amount at 31 December 2014 – 893 893
Notes to the consolidated financial statements continued
62 Christie Group Annual Report 2015 Christie Group Annual Report 2015 63
16. Deferred tax
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.
The movements in deferred tax assets (prior to the offsetting of balances within the same jurisdiction as permitted by IAS 12)
during the year are shown below. Deferred tax assets and liabilities are only offset where there is a legally enforceable right of
offset and there is an intention to settle the balances net.
Group Company
2015 2014 2015 2014
£’000 £’000 £’000 £’000
Deferred tax assets comprises:
Decelerated capital allowances 245 369 – –
Losses not yet utilised 189 243 120 147
Short-term timing differences 440 411 (60) 17
Deferred tax asset 874 1,023 60 164
Deferred tax asset on pension 2,392 2,794 240 248
At 31 December 3,266 3,817 300 412
Movements in the deferred tax asset:
Group Company
2015 2014 2015 2014
£’000 £’000 £’000 £’000
At 1 January 3,817 2,628 412 301
Credited/(charged) to statement of
comprehensive income (551) 1,189 (112) 111
At 31 December 3,266 3,817 300 412
Deferred tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit
through future taxable profits is considered probable. The deferred tax asset of £189,000 (2014: £243,000) relating to losses not
yet utilised is derived from unutilised tax losses of £950,000 (2014: £1,218,000). In considering the future probability that these
losses will be fully utilised, the directors make reference to i) the past performance of individual subsidiary entities and the
sectors and markets within which they operate as an indicator of future trading potential, particularly for those entities which
are more subject to cyclical economic factors, ii) the budgeted performance of each entity and its ability to trade profitably and
so utilise losses, iii) the medium and long-term strategy for profit generation applicable to each entity and iv) the circumstances
which have given rise to the losses in the first instance. Where the directors are satisfied that these loss-making circumstances
no longer prevail and, having considered both previous actual and future anticipated performance, that the future profitability of
the operations from which the losses are derived will be sufficient to allow for the full utilisation of these losses, the directors
are satisfied that a deferred tax asset should be recognised accordingly.
The Group did not recognise deferred tax assets of £95,000 (2014: £105,000) in respect of losses amounting to £477,000 (2014:
£489,000) that can be carried forward against future taxable income as the realisation of the benefit cannot be assessed as
probable as at 31 December 2015.
UK deferred tax assets have been recognised at the UK corporation tax rate of 20% effective from 1 April 2015.
The UK government has announced future changes to the Corporation tax rate. These changes will result in a decrease in the
standard rate of corporation tax to 19% from April 2017. As at 31 December 2015 the substantively enacted rate for the tax year
ending March 2017 is 20% and in accordance with applicable accounting standards the deferred tax asset has been calculated
using this rate. Notes to the consolidated financial statements continued
64 Christie Group Annual Report 2015
17. Investments in subsidiaries
Total
Company £’000
Cost
At 1 January 2015 and 31 December 2015 6,149
Provision for impairment
At 1 January 2015 and 31 December 2015 3,586
Net book amount at 31 December 2015 2,563
Total
Company £’000
Cost
At 1 January 2014 and 31 December 2014 6,149
Provision for impairment
At 1 January 2014 and 31 December 2014 3,586
Net book amount at 31 December 2014 2,563
Subsidiary undertakings
At 31 December 2015 the subsidiaries were as follows:
Principal place of 
business and country 
Company of incorporation Ownership Nature of business
Operating subsidiaries
Christie, Owen & Davies Ltd
(trading as Christie & Co)* UK 100% Business valuers, surveyors and agents
Christie & Co (Holdings) Limited UK 100% Holding company
Christie & Co SAS* France 100% Business valuers, surveyors and agents
Christie & Co GmbH* Germany 100% Business valuers, surveyors and agents
Christie, Owen & Davies SL* Spain 100% Business valuers, surveyors and agents
Christie & Co Oy* Finland 100% Business valuers, surveyors and agents
Christie & Co Austria GmbH* Austria 100% Business valuers, surveyors and agents
Christie Business Property
Advisers (Ireland) Ltd* Republic of Ireland 100% Business valuers, surveyors and agents
Christie Group Central
Services Limited UK 100% Other professional activities
Pinders Professional &
Consultancy Services Ltd UK 100% Business appraisers
RCC Business Mortgage Brokers Ltd
(trading as Christie Finance) UK 100% Business mortgage brokers
RCC Insurance Brokers Ltd*
(trading as Christie Insurance) UK 100% Insurance brokers
Orridge & Co Ltd UK 100% Stocktaking and inventory management services
Reedwall Limited UK 100% Stocktaking and inventory management services
Orridge Inventory Service GmbH* Germany 75% Stocktaking and inventory management services 17. Investments in subsidiaries continued
Principal place of 
business and country 
Company of incorporation Ownership Nature of business
Inventory Service Austria GmbH* Austria 75% Stocktaking and inventory management services
Inventory Service Suisse GmbH* Switzerland 75% Stocktaking and inventory management services
Inventory Service Slovakia s.r .o* Slovakia 75% Stocktaking and inventory management services
Inventory Service Czech Republic s.r .o* Czech Republic 75% Stocktaking and inventory management services
Inventory Service Iberia SL* Spain 75% Stocktaking and inventory management services
Ridgecop Limited* UK** 100% Stocktaking and inventory management services
Venners Ltd UK 100% Licensed stock and inventory auditors and valuers
Vennersys Ltd (formerly Venners
Systems & Services Ltd) UK 100% EPoS, head office systems and merchandise control
Vennersys Corp (trading as Vennersys) Canada 100% EPoS, head office systems and merchandise control
Venpowa Limited UK 100% Renting and leasing of office machinery and equipment
Non trading subsidiaries
Venners Retail Systems (Holdings) Limited UK 100% Dormant
Flintshell Limited* UK 100% Dormant
Orridge Business Sales Limited* UK 100% Dormant
West London Estates Limited* UK 100% Dormant
Orridge SA* Belgium 100% Dormant
Christie First Limited UK 100% Dormant
Pinderpack Limited UK 100% Dormant
Christie Consulting International Limited UK 100% Dormant
Christie Insurance Services Limited UK 100% Dormant
Venners Computer Systems Limited UK 100% Dormant
Venners Computer Systems
(R & D) Limited UK 100% Dormant
Fourdean Limited UK 100% Dormant
Guardlevel Limited UK 100% Dormant
Quest for Quality Limited UK 100% Dormant
Nashdome Limited UK 100% Dormant
Courtmist Limited UK 100% Dormant
Chewil Limited UK 100% Dormant
VCS Epos Limited UK 100% Dormant
Orridge BV Holland 100% Dormant
Christie Corporate Finance Limited UK 100% Dormant
VCS Holdings Limited UK 100% Dormant
Orridge SARL*** France 100% Dormant
*     The Company directly or indirectly owns ordinary share capital of each of the above companies. Those designated with an asterisk represent indirect ownership.
**   The place of business of Ridgecop Limited is Belgium.
*** Dissolved on 12/12/2015.
Christie Group Annual Report 2015 65 17. Investments in subsidiaries continued
17a. Available-for-sale financial assets
Group Company
2015 2014 2015 2014
Non-current assets £’000 £’000 £’000 £’000
Cost
At 1 January 635 485 635 485
Additions – 150 – 150
At 31 December 635 635 635 635
The available-for-sale financial assets are all denominated in sterling.
The available-for-sale financial asset represents an unquoted investment. The asset is held at fair value, which the Directors
consider to not be materially different from its cost. The asset is classified as an available-for-sale asset by virtue of its non-
classification in any other asset category. Under IFRS 13 Fair Value Measurement, the carrying value of the asset is classified
under the fair value hierarchy as Level 3.
18. Other receivables
Group Company
2015 2014 2015 2014
Non-current assets £’000 £’000 £’000 £’000
Amounts owed by Group undertakings – – – 8,699
Less: provision for impairment of amounts owed
by Group undertakings – – – (611)
Other debtors 451 465 451 465
Other receivables 451 465 451 8,553
The Company’s non-current other receivables are denominated in sterling.
All loans to Group subsidiaries are interest bearing and repayable on demand. Amounts classified as non-current assets reflect
agreements to subordinate loans to subsidiaries where there is no expectation of repayment being made within a year .
Other debtors represent loans in respect of the Group’s share schemes repayable after more than one year, none of which are impaired.
19. Inventories
Group
2015 2014
£’000 £’000
Finished goods and goods for resale 6 2
Notes to the consolidated financial statements continued
66 Christie Group Annual Report 2015 Christie Group Annual Report 2015 67
20. Cash and cash equivalents
Group Company
2015 2014 2015 2014
£’000 £’000 £’000 £’000
Cash at bank and in hand 3,621 3,770 5 4
Cash, cash equivalents and bank overdrafts include the following for the purposes of the cash flow statement:
Group Company
2015 2014 2015 2014
£’000 £’000 £’000 £’000
Cash and cash equivalents 3,621 3,770 5 4
Bank overdrafts (note 26) (3,604) (3,764) (3,593) (3,566)
17 6 (3,588) (3,562)
The Group operates a centrally-controlled treasury function where the use of overdraft facilities is concentrated with the ultimate
parent company. As a result at 31 December 2015 the ultimate parent undertaking had utilised bank overdrafts to the value of
£3,593,000 (2014: £3,566,000).
21. Trade and other receivables
Group Company
2015 2014 2015 2014
£’000 £’000 £’000 £’000
Trade receivables 8,105 7,287 – –
Less: provision for impairment of receivables (423) (620) – –
Amounts owed by Group undertakings – – 10,817 2,688
Less: provision for impairment of amounts owed
by Group undertakings – – (625) –
Other debtors 1,732 1,951 401 419
Prepayments 2,483 2,329 1,618 89
Accrued income 110 142 – –
12,007 11,089 12,211 3,196
The fair values of trade and other receivables approximates to the carrying value as detailed above.
Movements on the Group’s provision for impairment of trade receivables are as follows:
Group
2015 2014
£’000 £’000
Provision at 1 January 620 775
Amounts provided in previous period not utilised (147) (517)
Provided in the period 4 573
Impairment of receivables recognised in the Consolidated Income Statement 143 56
Amounts written off in the year (54) (211)
Provision at 31 December 423 620
Amounts are written off when there is no expectation of recovering additional cash. 21. Trade and other receivables continued
The following summary details trade receivables that are not overdue (where payment terms have not been exceeded) as well as
an analysis of overdue amounts and related provisions.
Group
2015 2014
£’000 £’000
Not overdue 4,568 3,506
Amounts past due:
< 1 month 2,029 2,158
1 – 3 months 543 734
3 – 6 months 446 510
6 – 12 months 271 221
> 1 year 248 158
Provision for impairment of trade receivables (423) (620)
Amounts past due but not impaired 3,114 3,161
The carrying value of trade receivables is reviewed and amounts not provided for are considered recoverable. Concentrations of
credit risk with respect to trade receivables are limited due to the Group’s customer base being large and diverse. Due to this,
management believe there is no further credit risk provision required in excess of the normal provision for doubtful receivables.
The carrying amounts of trade and other receivables are denominated in the following currencies:
Group Company
2015 2014 2015 2014
£’000 £’000 £’000 £’000
Sterling 10,887 10,119 12,211 3,196
Euros 1,088 924 – –
Canadian Dollars 32 45 – –
Czech Korunas – 1 – –
12,007 11,089 12,211 3,196
22. Share capital
2015 2014
Ordinary shares of 2p each Number £’000 Number £’000
Allotted and fully paid:
At 1 January and 31 December 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 in order 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 dividends on the shares held have been waived.
At 31 December 2015 the total payments by the Company to the ESOP to finance the purchase of ordinary shares were £2,643,000
(2014: £2,639,000). This figure is inclusive of shares purchased and subsequently issued to satisfy employee share awards. The
market value at 31 December 2015 of the ordinary shares held in the ESOP was £299,000 (2014: £750,000). The investment in own
shares represents 235,000 shares (2014: 532,000) with a nominal value of 2p each.
Notes to the consolidated financial statements continued
68 Christie Group Annual Report 2015 Christie Group Annual Report 2015 69
22. Share capital continued
22a. Share based payments
Certain employees hold options to subscribe for shares in the Company at prices ranging from 39.5p to 251.5p under share option
schemes for the period from April 2006 to September 2015.
The remaining options outstanding under approved schemes (unapproved options marked*) at 31 December are shown below:
Number of shares
2015 2014 Option exercise price Date granted Option exercise period
– 3,000 100.0p Apr 2005 Apr 2008 – Apr 2015
3,000 3,000 130.5p Apr 2006 Apr 2009 – Apr 2016
3,000 3,000 251.5p Mar 2007 Mar 2010 – Mar 2017
20,000 20,000 39.5p May 2009 May 2012 – May 2019
445,634 613,634 45.0p May 2009 May 2012 – May 2019
6,000 16,000 45.0p Jun 2009 Jun 2012 – Jun 2019
60,000 140,000 57.5p Sep 2009 Sep 2012 – Sep 2019
54,000 63,000 46.5p May 2010 May 2013 – May 2020
27,000 75,000 58.5p Sep 2011 Sep 2014 – Sep 2021
26,000 39,000 67.0p May 2012 May 2015 – May 2022
62,000 79,222 67.5p Sep 2012 Sep 2015 – Sep 2022
– 82,778 67.5p *Sep 2012 Sep 2015 – Sep 2022
93,833 93,833 75.0p Oct 2013 Oct 2016 – Oct 2023
127,167 127,167 75.0p *Oct 2013 Oct 2016 – Oct 2023
48,959 48,959 134.5p May 2014 May 2017 – May 2024
121,041 121,041 134.5p *May 2014 May 2017 – May 2024
36,000 36,000 125.0p Oct 2014 Oct 2017 – Oct 2024
188,176 – 127.5p May 2015 May 2018 – May 2025
264,190 – 127.5p *May 2015 May 2018 – May 2025
78,635 – 138.5p Sep 2015 Sep 2018 – Sep 2025
87,365 – 138.5p *Sep 2015 Sep 2018 – Sep 2025
1,752,000 1,564,634
Under the Share Option Scheme the Remuneration Committee can grant options over shares to employees of the Group. Options
are granted with a fixed exercise price equal to the market price of the shares under option at the date of grant. The contractual life
of an option is 10 years. Awards under the Share Option Scheme are generally reserved for employees at senior management level
and 81 employees are currently participating. The Company has made grants at least annually. Options granted under the Share
Option Scheme will become exercisable on the third anniversary of the date of grant. Exercise of an option is subject to continued
employment and achievement of a performance target, linked directly to Christie Group plc earnings per share (eps).
The Group also operates a Save As You Earn (SAYE) scheme which was introduced in 2002. Under the SAYE scheme eligible
employees can save up to £250 per month over a three or five year period and use the savings to exercise options granted between
61.0p to 127.5p. There were 442,000 (2014: 412,000) remaining options outstanding under the SAYE scheme at 31 December 2015.
Share options (including SAYE schemes) were valued using the Quoted Companies Alliance (QCA) share option valuer, which is
based on Black-Scholes. No performance conditions were included in the fair value calculations. The key assumptions used in the
calculations for options still unexercised are as follows:
2015 2014
Share price at grant date 39.5p – 251.5p 39.5p – 251.5p
Exercise price 39.5p – 251.5p 39.5p – 251.5p
Expected volatility 34.4 % – 82.9% 34.4 % – 82.9%
Expected life (years) 3 – 5 years 3 – 5 years
Risk free rate 0.7% – 5.1% 0.7% – 5.1%
Dividend yield 0.0% – 3.7% 0.0% – 2.7%
Fair value per option 17.4p – 103.2p 16.40p – 102.80p 22. Share capital continued
The expected volatility is based on historical volatility over the last 5 years. The expected life is the average expected period to
exercise. The risk free rate of return is the yield on zero-coupon UK government bonds of a term consistent with the assumed
option life.
A reconciliation of share option movements (excluding SAYE schemes) over the year to 31 December is shown below:
2015 2014
Weighted average Weighted average 
Number exercise price Number exercise price
Outstanding at 1 January 1,564,634 66.16p 1,434,634 56.25p
Granted 618,366 131.74p 206,000 132.84p
Exercised 358,000 55.06p ––
Lapsed (70,000) 52.29p (76,000) 59.89p
Expired (3,000) 100.00p ––
Outstanding at 31 December 1,752,000 103.49p 1,564,634 66.16p
Exercisable at 31 December 618,634 48.31p 936,634 49.04p
Excluding SAYE schemes there were 358,000 share options exercised during the year (2014: nil). The weighted average share price
at the date of exercise of these options was 132.45p (2014: nil). The total charge for the year relating to employee share based
payment plans was £184,000 (2014: £97,000), all of which related to equity-settled share based payment transactions. The
weighted average remaining contractual life of share options outstanding at 31 December 2015 was 6.92 years (2014: 6.24 years).
23. Reserves
Capital Fair value 
Share Share based Own redemption and other Retained 
premium payments shares reserve reserves earnings
Group £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2015 4,831 900 (787) 10 4,954 (12,473)
Employee share option scheme:
value of services provided – 184 –– 184 –
Movement in respect of employee share scheme – (409) 478 – 69 –
Comprehensive income for the period ––– –– 4,053
Dividends paid ––– –– (653)
At 31 December 2015 4,831 675 (309) 10 5,207 (9,073)
Capital Fair value 
Share Share based Own redemption and other Retained
premium payments shares reserve reserves earnings
Group £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2014 4,831 808 (123) 10 5,526 (6,600)
Movement in respect of employee share scheme – 92 (664) – (572) (5)
Comprehensive losses for the period ––– –– (5,409)
Dividends paid ––– –– (459)
At 31 December 2014 4,831 900 (787) 10 4,954 (12,473)
Notes to the consolidated financial statements continued
70 Christie Group Annual Report 2015 Christie Group Annual Report 2015 71
23. Reserves continued
Capital Fair value 
Share Share based Own redemption Other and other Retained 
premium payments shares reserve reserves reserves earnings
Company £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2015 4,831 (6) (787) 10 89 4,137 1,392
Movement in respect of employee
share scheme – (408) 478 –– 70 –
Comprehensive income for the period ––– ––– 472
Dividends paid ––– ––– (653)
At 31 December 2015 4,831 (414) (309) 10 89 4,207 1,211
Capital Fair value 
Share Share based Own redemption Other and other Retained
premium payments shares reserve reserves reserves earnings
Company £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2014 4,831 (2) (123) 10 89 4,805 829
Movement in respect of employee
share scheme – (4) (664) –– (668) –
Comprehensive income for the period ––– ––– 1,022
Dividends paid ––– ––– (459)
At 31 December 2014 4,831 (6) (787) 10 89 4,137 1,392
Share premium – The balance on the share premium reserve represents the amounts received in excess of the nominal value of
the ordinary shares.
Share based payments – The balance on the share based payments reserve represents the value of services provided in relation
to employee share ownership schemes.
Own shares – Own shares represents Company shares held in the Employee Share Ownership Plan (ESOP) to meet the future
requirements of employee share-based payment arrangements.
Capital redemption reserve – The balance on the capital redemption reserve represents the aggregate nominal value of all the
ordinary shares repurchased and cancelled.
24. Group retirement benefit obligations
The amounts recognised in the statement of financial position are determined as follows:
2015 2014
£’000 £’000
United Kingdom 11,958 13,970
United Kingdom
The obligation outstanding of £11,958,000 (2014: £13,970,000) includes £986,000 (2014: £1,000,000) relating to David Rugg who
transferred 80% of his accrued benefits out of the Christie Group Pension and Assurance Scheme during 2014, leaving the residual
benefit payable to Mr Rugg under agreement of the Christie Group plc Remuneration Committee.
The Group operates two defined benefit schemes (closed to new members) providing pensions based on final pensionable pay.
The contributions are determined by qualified actuaries on the basis of triennial valuations using the projected unit method. 24. Group retirement benefit obligations continued
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 amounts recognised in the statement of financial position are determined as follows:
2015 2014
£’000 £’000
Present value of funded obligations 46,148 43,636
Fair value of plan assets (46,148) (43,636)
– –
Present value of unfunded obligations 11,958 13,970
Liability in the statement of financial position 11,958 13,970
The principal actuarial assumptions used were as follows:
2015 2014
% %
Discount rate 4.00 4.00
Inflation rate 3.00 3.00
Future salary increases 3.00-3.10 3.00
Future pension increases 2.20-3.40 2.30-3.40
Assumptions regarding future mortality experience are set based on advice from published statistics and experience.
The average life expectancy in years of a pensioner retiring at age 65 is as follows:
2015 2014
Years Years
Male 21.9-22.5 22.5
Female 23.8-24.1 24.1-24.6
The movement in the defined benefit obligation is as follows:
2015 2014
£’000 £’000
At 1 January 57,606 49,100
Interest cost 2,264 2,444
Current service cost 657 632
Benefits paid (3,388) (5,038)
Actuarial losses on experience 1,145 1,292
Actuarial (gains)/losses on assumption changes (178) 9,176
At 31 December 58,106 57,606
Attributable to:
Present value of funded obligations 46,148 43,636
Present value of unfunded obligations 11,958 13,970
58,106 57,606
Notes to the consolidated financial statements continued
72 Christie Group Annual Report 2015 Christie Group Annual Report 2015 73
24. Group retirement benefit obligations continued
The movement in the fair value of plan assets is as follows:
2015 2014
£’000 £’000
At 1 January 43,636 44,304
Return on plan assets less interest income 1,148 694
Net interest income 1,753 2,213
Employee contributions 165 164
Employer contributions 1,303 1,251
Benefits paid (3,352) (5,038)
Actuarial gains/(losses) 1,495 48
At 31 December 46,148 43,636
The amounts recognised in the income statement and statement of comprehensive income are as follows:
2015 2014
£’000 £’000
Current service cost 657 632
Total included in employee benefit expenses 657 632
Net interest cost 511 231
Total included in finance costs 511 231
Actuarial losses/(gains) (1,676) 9,726
Total included in other comprehensive income/(losses) (1,676) 9,726
Plan assets are comprised as follows:
2015 2014
Quoted* Unquoted Total Quoted* Unquoted Total
£’000 £’000 £’000 £’000 £’000 £’000
Equity – 32,089 32,089 – 31,113 31,113
Debt – 7,237 7,237 – 6,690 6,690
Property ** – 2,439 2,439 – 2,020 2,020
Other – 4,383 4,383 – 3,813 3,813
– 46,148 46,148 – 43,636 43,636
*   Plan assets are held in unit trusts.
** Property assets include Whitefriars House, a leasehold property owned by Carmelite Property Ltd (see note 33).
Through its defined benefit pension plans, the Group is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility – The plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan assets
underperform this yield, this will increase the current scheme deficits but, by contrast, if plan assets outperform this yield the scheme
deficits will be reduced. The Group’s pension schemes currently hold a significant proportion of equities, which are expected to
outperform corporate bonds in the long-term while providing volatility and risk in the short-term. As the plans mature, it is probable
that the schemes’ trustees will seek to reduce the level of investment risk by investing more in assets that better match the liabilities.
Currently, the Group believes that due to the long-term nature of the plan liabilities and the strength of the supporting group, a level of
continuing equity investment is an appropriate element of the Group’s long-term strategy to manage the plans efficiently.
Changes in bond yields – A decrease in corporate bond yields will increase the present value of plan liabilities, although this will be
partially offset by an increase in the value of the plans’ bond holdings. 24. Group retirement benefit obligations continued
Inflation risk – Some of the Group’s pension obligations are linked to inflation, and higher inflation will lead to higher liabilities.
However, for most such liabilities there are inflation cap mechanisms in place which significantly reduce this risk. The majority of
the plan’s assets are not directly affected by inflation although may be correlated to the impacts that inflation may have on macro
economic factors, such as increases in interest rates which might be used if monetary policy were employed to reduce inflation.
Life expectancy – The majority of the plans’ obligations are to provide benefits for the life of the member, so increases in life
expectancy will result in an increase in the plans’ liabilities. This is particularly significant in the UK plan, where inflationary
increases result in higher sensitivity to changes in life expectancy.
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
Impact on defined benefit obligation
Change in Increase in Decrease in 
assumption assumption assumption
Discount rate 0.50% (7.3)% 8.0%
Salary growth rate 0.50% 0.6% (0.6)%
Pension growth rate 0.25% 0.9% (1.0)%
Increase by 1 year Decrease by 1 year 
in assumption in assumption
Life expectancy 2.6% (2.6)%
The above sensitivity analyses are based on a change in assumption while holding all other assumptions constant. In practice, this
is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined
benefit pension obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation
calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the
pension liability recognised within the statement of financial position.
Expected contributions to UK post retirement benefit schemes for the year ending 31 December 2016 are £1,263,000.
The weighted average duration of the defined benefit obligation is 17.6 years (2014: 19.0 years)
Expected maturity analysis of undiscounted pension benefits:
Less than a year Between 1-2 years Between 2-5 years Over 5 years Total
As at 31 December 2015 £’000 £’000 £’000 £’000 £’000
Pension benefits 1,252 1,101 4,420 111,116 117,889
Company
The income statement debit of £70,000 (2014: £187,000 credit) and statement of financial position liability of £1,202,000 (2014:
£1,238,000) recognised by the Company in relation to the Christie Group defined benefit scheme has been allocated on the basis of
actuary data. For the year ended 31 December 2015 contributions paid by the Company amounted to £80,000 (2014: £80,000).
Notes to the consolidated financial statements continued
74 Christie Group Annual Report 2015 25. Trade and other payables
Group Company
2015 2014 2015 2014
£’000 £’000 £’000 £’000
Current
Trade payables 1,861 1,157 540 107
Amounts owed to Group undertakings – – 3,563 2,982
Other taxes and social security 2,285 2,437 653 433
Other creditors 704 925 315 615
Accruals 3,854 3,841 379 345
Deferred income 348 444 – –
9,052 8,804 5,450 4,482
The carrying value of all amounts shown above corresponds to their fair value.
The carrying amounts of trade and other payables are denominated in the following currencies:
Group Company
2015 2014 2015 2014
£’000 £’000 £’000 £’000
Sterling 8,077 7,828 5,450 4,482
Euros 902 902 – –
Canadian Dollars 57 57 – –
Swiss Francs 15 13 – –
Czech Korunas 1 4 – –
9,052 8,804 5,450 4,482
26. Borrowings
Group Company
2015 2014 2015 2014
£’000 £’000 £’000 £’000
Non-current
Finance lease liabilities 7 – – –
7 – – –
Current
Bank overdrafts 3,604 3,764 3,593 3,566
Invoice finance (secured against debtors) 677 621 – –
Finance lease liabilities 7 – – –
4,288 4,385 3,593 3,566
Total borrowings 4,295 4,385 3,593 3,566
The Group is not subject to any contractual repricing.
The carrying amounts of current borrowings approximate to their fair value.
Christie Group Annual Report 2015 75 Notes to the consolidated financial statements continued
76 Christie Group Annual Report 2015
27. Provisions
Vacant leasehold Long-term benefits 
provisions due to employees Dilapidations Total
£’000 £’000 £’000 £’000
At 1 January 2015 37 1,991 263 2,291
Charged to the income statement
– Additional provision – 128 66 194
– Provision released (37) (189) (86) (312)
Utilised during the year – (174) (92) (266)
At 31 December 2015 – 1,756 151 1,907
Vacant leasehold Long-term benefits 
provisions due to employees Dilapidations Total
£’000 £’000 £’000 £’000
At 1 January 2014 44 1,881 279 2,204
Charged to the income statement
– Additional provision – 184 58 242
Utilised during the year (7) (74) (74) (155)
At 31 December 2014 37 1,991 263 2,291
Analysis of total provisions:
2015 2014
£’000 £’000
Non-current 155 258
Current 1,752 2,033
1,907 2,291
a. Long-term benefits due to employees
Provisions for long-term benefits to employees do not comprise of any incentives in excess of one year’s duration. These are
determined in line with the projected unit credit method.
b. Dilapidations
Provision is held in respect of dilapidations arising on leasehold premises over the length of the lease in accordance with the
lease terms.
The non-current liabilities are estimated to be payable over periods from one to fifteen years.
c. Vacant leasehold provisions
Provisions are held for rental costs and related premises charges on leasehold commitments for excess or unutilised space,
net of expected income from anticipated sub-lease arrangements. All provisions are carried at present value after applying an
appropriate discount rate. Christie Group Annual Report 2015 77
28. Notes to the cash flow statement
Cash generated from/(used in) operations
Group Company
2015 2014 2015 2014
£’000 £’000 £’000 £’000
Profit/(loss) for the year after tax 2,547 2,217 472 257
Adjustments for:
– Taxation 614 1,142 82 164
– Finance costs 91 116 149 170
– Interest received – – (273) (281)
– Depreciation 371 387 – –
– Amortisation of intangible assets 205 71 – –
– Impairment of investments in subsidiaries – – 41 80
– (Profit)/loss on sale of property, plant and equipment (6) 7 – –
– Foreign currency translation (55) 83 – (5)
– (Decrease)/increase in provisions (384) 87 – –
– Share option charge 184 92 1 1
– Movement in retirement benefit obligation (336) (552) (36) (263)
– Decrease in non-current other receivables 14 35 8,102 545
Changes in working capital (excluding the effects
of exchange differences on consolidation):
– Increase in inventories (4) (2) – –
– Increase in trade and other receivables (970) (270) (9,144) (270)
– Increase/(decrease) in trade and other payables 410 (225) 1,126 (1,710)
Cash generated from/(used in) operations 2,681 3,188 520 (1,312)
29. Reconciliation of movement in net debt
                                                                                                                   As at                       Non cash Foreign As at 
                                                                                                 1 January 2015                     movement Cash flow exchange 31 December 2015
                                                                                                                   £000                                £000 £000 £000 £000
Cash and cash equivalents                                      3,770                             – (132) (17) 3,621
Bank overdrafts                                                        (3,764)                           – 160 – (3,604)
                                                                                            6                             – 28 (17) 17
Finance lease                                                                    –                         (24) 10 – (14)
Invoice finance                                                             (621)                           – (56) – (677)
Net debt                                                                       (615)                        (24) (18) (17) (674) 30. Financial assets & liabilities
The carrying value of financial assets and liabilities, which are principally denominated in Sterling, Euros, Canadian Dollars,
Swiss Francs or Czech Korunas were as follows:
Group Company
2015 2014 2015 2014
Assets £’000 £’000 £’000 £’000
Available-for-sale financial assets 635 635 635 635
Trade and other receivables 12,458 11,554 12,662 11,749
Cash and cash equivalents 3,621 3,770 5 4
16,714 15,959 13,302 12,388
Group Company
2015 2014 2015 2014
Liabilities £’000 £’000 £’000 £’000
Retirement benefit obligations 11,958 13,970 1,202 1,238
Provisions 1,907 2,291 – –
Trade and other payables 9,052 8,804 5,450 4,482
Borrowings 4,295 4,385 3,593 3,566
27,212 29,450 10,245 9,286
31. Commitments
a. Operating lease commitments
At 31 December 2015 the Group has lease agreements in respect of properties, vehicles, plant and equipment, for which the
payments extend over a number of years.
2015 2014
Vehicles and Vehicles and 
Property equipment Property equipment
£’000 £’000 £’000 £’000
Commitments under non-cancellable
operating leases due:
Within one year 1,066 515 1,011 629
Within two to five years 3,342 630 3,047 542
After five years 7,128 – 7,305 –
11,536 1,145 11,363 1,171
Operating lease payments represent:
– rentals payable by the Group for certain of its office properties. The leases have varying terms, break clauses and renewal rights.
– rentals for vehicles and equipment under non-cancellable operating lease agreements.
32. Contingent liabilities
In the ordinary course of business, claims arise in Group companies. In the opinion of the Directors, appropriate amounts have
been set aside in the individual companies within the Group in respect of liabilities which they may suffer as a result of the
resolution of these claims. As at 31 December 2015 no material unprovided contingent liabilities existed (2014: £nil).
Notes to the consolidated financial statements continued
78 Christie Group Annual Report 2015 Christie Group Annual Report 2015 79
33. Related-party transactions
Group
There is no controlling interest in the Group’s shares.
The Group Executive Directors are considered to be the persons who have the authority and responsibility for planning, directing
and controlling the Group. Details of the remuneration of the Group Executive Directors is included in the Directors’
remuneration report on page 35, along with details of remuneration for Non-executive Directors.
Key management are those persons having authority and responsibility for planning, directing and controlling the activities of
the Group. In the opinion of the board, the Company’s key management comprises the directors and information regarding their
emoluments stated in accordance with IFRS is set out below:
2015 2014
£’000 £’000
Directors’ remuneration per Directors’ report 1,659 1,814
Employers’ NI 211 232
Total remuneration 1,870 2,046
2015 2014
£’000 £’000
Dividends paid to Directors 384 268
The Income Statement charge in respect of share options held by directors is £48,000 (2014: £25,000).
Company
Transactions with Group undertakings:
2015 2014
£’000 £’000
Provision of services 6,079 4,344
Purchase of services 876 760
Sales and purchases to Group undertakings were carried out on commercial terms and conditions.
Year end balances arising from sales and provision of services to Group undertakings are disclosed in notes 21 and 25.
See note 21 for provisions against amounts due from Group undertakings.
During the period rentals of £325,000 (2014: £318,000) were paid to Carmelite Property Limited, 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, by Christie Group plc in accordance with the terms of a long-term lease agreement. Consolidated income statement
2012
2015 2014 2013 (*Restated) 2011
£’000 £’000 £’000 £’000 £’000
Revenue 63,743 61,011 54,154 56,087 53,290
Operating profit before exceptional items 3,763 3,706 1,567 1,404 745
Exceptional items – – (442) – (405)
Finance costs (602) (347) (584) (333) (103)
Profit on ordinary activities before tax 3,161 3,359 541 1,071 237
Taxation (614) (1,142) (351) (386) (386)
Profit/(loss) on ordinary activities after tax 2,547 2,217 190 685 (149)
Non-controlling interest 165 238 51 40 35
Profit/(loss) attributable to equity holders of the parent 2,712 2,455 241 725 (114)
Earnings per share
– basic 9.73p 9.34p 0.81p 2.89p (0.46p)
Dividends per ordinary share (payable in respect of the year) 2.50p 2.25p 1.50p 1.00p 0.50p
Consolidated statement of financial position
2012 2011
2015 2014 2013 (*Restated) (*Restated)
£’000 £’000 £’000 £’000 £’000
Non-current assets 8,216 8,247 7,001 7,663 7,051
Current assets 15,679 14,873 12,756 12,162 12,357
Non-current liabilities (162) (258) (561) (734) (554)
Current liabilities (15,092) (15,625) (14,491) (13,629) (13,316)
8,641 7,237 4,705 5,462 5,538
Retirement benefit obligations (11,958) (13,970) (4,796) (10,000) (4,292)
Net (liabilities)/assets (3,317) (6,733) (91) (4,538) 1,246
Five-year record
80 Christie Group Annual Report 2015 Shareholder information
Christie Group Annual Report 2015 81
Company information
Investor and shareholder-related information can 
be found on our website at: www.christiegroup.com
Online copy
An electronic version of this annual report is available
on our website in the Investors/Reports section at:
www.christiegroup.com/cgroup/en/investors/reports
Board of directors
Philip Gwyn Chairman
David Rugg Chief Executive
Dan Prickett Chief Financial Officer
Chris Day Executive Director
Paul Harding Executive Director
Tony Chambers Senior Non-executive Director
Pommy Sarwal Non-executive Director
Secretary
Dan Prickett FCA
Registered office
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
Registered number
01471939 
Nominated adviser and broker
Panmure Gordon (UK) Limited
Principal solicitors
Royds
SNR Denton
Auditors
Nexia Smith & Williamson Audit
Financial calendar 
Annual General Meeting
Whitefriars House Wednesday
6 Carmelite Street 15th June 2016
London EC4Y 0BS at 10.30am
Announcements
Half-year results for 2016 September 2016
Preliminary full-year results for 2016 April 2017
Final dividend 2015
Ex-dividend 8 June 2016
Record date 10 June 2016
Payment date 8 July 2016
Dates are correct at the time of printing, but are subject
to change.
Registrars 
All administrative enquiries relating to shareholdings and
requests to receive corporate documents by e-mail should,
in the first instance, be directed to:
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
0871 664 0300 from the UK and +44 (0) 20 8639 3399 from
overseas. (Calls cost 12 pence per minute plus network
extras. Calls outside the United Kingdom will be charged
at the applicable international rate. Lines are open from
9am to 5:30pm Mon – Fri, excluding public holidays in
England and Wales).
shareholderenquiries@capita.co.uk
Shareholders who receive duplicate sets of company mailings
because they have multiple accounts should write to Capita
Asset Services to have their accounts amalgamated. 82 Christie Group Annual Report 2015
Shareholder information continued
Voting online and the shareholder portal –
www.capitashareportal.com
You will need your investor code, which can be found on your
share certificate(s) to register for the shareholder portal. 
Once you have registered, you can immediately:
•Cast your proxy vote online.
•Elect to receive shareholder communications electronically.
And, after you have activated your account, you can benefit
from a number of other online services:
•View your holding balance and indicative share price
and valuation.
•View transactions on your holding and dividend payments
you have received.
•Update your address or register a bank mandate instruction
to have dividends paid directly to your bank account.
•Access a wide range of shareholder information including
downloadable forms.
If you need any help with voting online, please contact the 
Capita Asset Services Shareholders Helpline, either:
•by phone on 0871 664 0300 from the UK and +44 (0) 20 8639
3399 from overseas. (Calls cost 12 pence per minute plus
network extras. Calls outside the United Kingdom will be
charged at the applicable international rate. Lines are open
from 9am to 5:30pm Mon – Fri, excluding public holidays
in England and Wales) OR
•by e-mail at shareholderenquiries@capita.co.uk
ShareGift
ShareGift is a charity share donation scheme for shareholders
who may wish to dispose of a small number of shares
where the market value makes it uneconomic to sell them
on a commission basis. The scheme is administered by
the Orr Mackintosh Foundation. For further information,
please contact the foundation: 020 7930 3737.
www.sharegift.org/donate-shares
Unauthorised brokers (‘boiler room’ scams)
Shareholders are advised to be wary of any unsolicited advice,
offers to buy shares at a discount or offers of free company
reports. These are typically from overseas based ‘brokers’
who target UK shareholders offering to sell them what often
turns out to be worthless or high risk shares in US or UK
investments. These are commonly known as ‘boiler rooms’. 
If you receive any unsolicited investment advice:
•Make sure you get the correct name of the person 
and organisation.
•Check that they are properly authorised by the FCA before
getting involved. You can check at: www.fca.org.uk/register
•Report the matter to the FCA by calling 0800 111 6768.
•If the calls persist, hang up.
Details of any share dealing facilities that Christie Group
endorses will only be included in company mailings.
Identity theft
Tips for protecting your shares in the company:
•Ensure all your certificates are kept in a safe place or hold
your shares electronically in CREST via a nominee.
•Keep correspondence from us and Capita in a safe place
and destroy any unwanted correspondence by shredding.
•If you change address, inform Capita in writing or update
your address online via the shareholder portal. If you receive
a letter from Capita regarding a change of address but have
not moved, please contact them immediately.
•Consider having your dividend paid directly into your bank.
This will reduce the risk of the cheque being intercepted or
lost in the post. If you change your bank account, inform
Capita of the details of your new account. You can do this by
post or online via the shareholder portal. 
•If you are buying or selling shares, only deal with brokers
registered and authorised to carry out that type of business.
•Be wary of phone calls or e-mails purporting to come from
us or Capita asking you to confirm personal details or
details of your investment in our shares. Neither we nor
Capita will ever ask you to provide information in this way. Christie Group Annual Report 2015 83
Directory
Christie Group plc
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 20 7227 0707
E: executive@christiegroup.com
W: www.christiegroup.com
Christie & Co
Head Office &
London International
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 20 7227 0700
E: enquiries@christie.com
W: www.christie.com and
www.christiecorporate.com
Austria – Vienna
Stallburggasse 2/3a
1010 Vienna
T: +43 (0) 1 / 8 90 53 57-0
E: vienna@christie.com
Finland – Helsinki
Technopolis Ruoholahti 2
Energiakuja 3
00180 Helsinki
T: +358 (0) 9 4137 8500
E: helsinki@christie.com
France – Bordeaux
2Cors du XXX Juillet
33064 Bordeaux Cedex
T: +33 (0) 5 56 00 95 09
E: bordeaux@christie.com
France – Paris
5 rue Meyerbeer
75009 Paris
T: +33 (0) 1 53 96 72 72
E: paris@christie.com
France – Lyon
Immeuble Danica B
21 avenue Georges Pompidou
69486 Lyon Cedex 03
T: +33 (0) 4 72 91 30 50
E: lyon@christie.com
France – Aix en Provence
31 Parc du golf
CS 90519
13593 Aix en Provence
T: +33 (0)4 88 78 21 76
E: Aix-en-provence@christie.com
France – Rennes
Immeuble “Artemis”
Parc Monier
167 route de Lorient
35000 Rennes
T: +33 (0) 2 99 59 83 30
E: rennes@christie.com
Germany – Berlin
Kurfürstendamm 182
10707 Berlin
T: +49 (0) 30 / 20 00 96-0
E: berlin@christie.com
Germany – Frankfurt
Hochstraβe 17
60313 Frankfurt
T: +49 (0) 69 / 90 74 57-0
E: frankfurt@christie.com
Germany – Munich
Pfisterstraße 6
80331 Munich
T: +49 (0) 89 / 2 00 00 07-0
E: munich@christie.com
Ireland – Dublin
The Merrion Buildings
20 Merrion Street Upper
Dublin 2
T: +353 (0) 1 618 2000
E: dublin@christie.com
Poland – Warsaw
Warsaw Trade Tower
Dago Centrum, 36. Pietro
UI. Chłodna 51
00-867 Warsaw
T: + 48(0) 501 522 913
E: warsaw@christie.com
Spain – Barcelona
Paseo de Gracia 11
Escalera B, 4° 3ª
08007 Barcelona
T: +34 93 34 361 61
E: barcelona@christie.com
Spain – Madrid
Regus Colón
Paseo de la Castellana 18, 7º planta
28046 Madrid
T: +34 917 94 28 06
E: madrid@christie.com
Sweden – Stockholm
Nybrogatan 34
Box 5216
102 45 Stockholm
T: +46 70 558 98 93
E: stockholm@christie.com
OTHER UNITED 
KINGDOM OFFICES
Birmingham
13th Floor Bank House
8 Cherry Street
Birmingham B2 5AL
T: +44 (0) 121 456 1222
E: birmingham@christie.com
Bristol
Embassy House
Queens Avenue
Clifton
Bristol BS8 1SB
T: +44 (0) 117 946 8500
E: bristol@christie.com
Cardiff
Brunel House
2 Fitzalan Road
Cardiff CF24 0EB
T: +44 (0) 2920 023 123
E: cardiff@christie.com
Edinburgh
5 Logie Mill
Beaverbank Office Park
Logie Green Road
Edinburgh EH7 4HG
T: +44 (0) 131 557 6666
E: edinburgh@christie.com
Exeter
Kings Wharf
The Quay
Exeter EX2 4AN
T: +44 (0) 1392 285600
E: exeter@christie.com
Glasgow
4th Floor, 46 Gordon Street
Glasgow G1 3PU
T: +44 (0) 141 352 7300
E: glasgow@christie.com
Ipswich
Hyde Park House
Crown Street
Ipswich IP1 3LG
T: +44 (0) 1473 256588
E: ipswich@christie.com
Leeds
Aquis House
Greek Street
Leeds LS1 5RU
T: +44 (0) 113 389 2700
E: leeds@christie.com 84 Christie Group Annual Report 2015
Directory continued
London
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 20 8370 3100
E: london@christie.com
Maidstone
Vaughan Chambers
4 Tonbridge Road
Maidstone ME16 8RP
T: +44 (0) 1622 656000
E: maidstone@christie.com
Manchester
2nd Floor, Acresfield
St Ann's Square
Manchester M2 7HA
T: +44 (0) 161 833 3311
E: manchester@christie.com
Newcastle Upon Tyne
Shakespeare House
18 Shakespeare Street
Newcastle upon Tyne NE1 6AQ
T: +44 (0) 191 222 1740
E: newcastle@christie.com
Christie Finance
The addresses are the same as
Christie & Co in each case:
Head Office
T: 020 7227 0774
E: enquiries@christiefinance.com
W: www.christiefinance.com
Birmingham
T: +44 (0) 121 452 3717
E: birmingham@christiefinance.com
Bristol
T: +44 (0) 117 946 8502
E: bristol@christiefinance.com
Edinburgh
T: +44 (0) 131 524 3417
E: edinburgh@christiefinance.com
Exeter
T: +44 (0) 1392 285600
E: exeter@christiefinance.com
Glasgow
T: +44 (0) 141 352 7300
E: glasgow@christiefinance.com
Ipswich
T: +44 (0) 1473 256588
E: ipswich@christiefinance.com
Leeds
T: +44 (0) 113 389 2700
E: leeds@christiefinance.com
London
T: +44 (0) 20 7227 0745
E: london@christiefinance.com
Maidstone
T: +44 (0) 1622 656000
E: maidstone@christiefinance.com
Manchester
T: +44 (0) 161 833 6902
E: manchester@christiefinance.com
Newcastle
T: +44 (0) 191 222 1740
E: newcastle@christiefinance.com
Nottingham
T: +44 (0) 115 945 4712
E: nottingham@christiefinance.com
Winchester
T: +44 (0) 1962 84445
E: winchester@christiefinance.com
Christie Insurance
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 20 7448 8820
E: enquiries@christieinsurance.com
W: www.christieinsurance.com
Brierly Hill
Admiral House
Waterfront East
Brierly Hill
West Midlands DY5 1XG
T: +44 (0) 20 7448 8820
E: enquiries@christieinsurance.com
Orridge
Essex House
Astra Centre
Edinburgh Way
Harlow CM20 2BN
T: +44 (0) 1279 775600
E: contact@orridge.co.uk
W: www.orridge.co.uk
Aldridge
Centre House
Court Parade
Aldridge WS9 8LT
T: +44 (0) 1922 472000
E: contact@orridge.co.uk
Europe
100 Avenue du Port
1000 Brussels
T: +32 (0) 26 46 25 47
E: contact@orridge.eu
W: www.orridge.eu
Germany
Inventory Service GmbH&Co. KG
Godesberger Allee 189
53175 Bonn
T: +49 (0) 228 / 88 60 65-40
E: sales@orridge.de
W: www.orridge.de
Pinders
Pinder House
249 Upper Third Street
Milton Keynes MK9 1DS
T: +44 (0) 1908 350500
E: info@pinders.co.uk
W: www.pinders.co.uk and
www.pinderpack.com
Venners
Essex House
Astra Centre
Edinburgh Way
Harlow CM20 2BN
T: +44 (0) 1279 620820
E: enquiries@venners.co.uk
W: www.venners.co.uk
Vennersys
249 Upper Third Street
Milton Keynes MK9 1DS
T: +44 (0) 1908 350650
E: contact@vennersys.com
W: www.vennersys.co.uk
North America
200 – 1920 Yonge Street
Toronto, Ontario
Canada M4S 3E2
T: +1 416 572 7784
E: contact@vennersys.ca
W: www.vennersys.ca
Nottingham
Suite 402, Bridlesmith House
38 Bridlesmith Gate
Nottingham NG1 2GQ
T: +44 (0) 115 948 3100
E: nottingham@christie.com
Reading
200 Brook Drive
Green Park
Reading RG2 6UB
T: +44 118 402 1650
E: reading@christie.com
Winchester
Star Lane House
Staple Gardens
Winchester SO23 8SR
T: +44 (0) 1962 844455
E: winchester@christie.com These include surveying, valuation, agency, consultancy, finance,
insurance, stock control and business software solutions. 
Our focus on a limited number of sectors gives us an unrivalled
market awareness in each of these areas.
The results: a greater understanding of our clients’  operations
and a heightened ability to help them improve efficiency,
enhance trading profits and increase the value of their
businesses. In these ways, and through our innovative use of
technology, we have built a reputation for making a significant
contribution to our clients’ commercial success.
Professional Business Services
The expertise offered by Christie& Co, Christie Finance and 
Christie Insurance covers all aspects of valuing, buying, selling,
developing, financing and insuring a wide variety of businesses. 
Its scope is complemented by the comprehensive appraisal and
project management services available from Pinders.
Stock & Inventory Systems & Services
Orridge and Venners are the leading specialists in stock control
and inventory management services. Orridge specialises in 
all fields of retail, Venners focuses on the hospitality sector 
and Vennersys provides software and systems to the leisure 
and hospitality sectors.
Christie Group provides a
portfolio of over 40 professional
business services for the
leisure, retail and care sectors.
1 Highlights of the year
2 Chairman’s statement
4 Chief Executive’s review
8 Our strategy
10 Our brands
11 Where we are
12 Remaining best in class
14 Balance and strength in depth
17 Divisional review
26 Financial review
27 KPIs
28 Board of directors
28 Company information
29 Strategic report
30 Directors’ report
31 Corporate governance
34 Remuneration report
36 Statement of directors’ 
responsibilities
37 Independent auditor’s report
38 Consolidated income statement
39 Consolidated statement of
comprehensive income
40 Consolidated statement of changes
in shareholders’ equity
41 Consolidated statement 
of financial position
42 Consolidated statement 
of cash flows
43 Company statement of changes 
in shareholders’ equity
44 Company statement of 
financial position
45 Company statement of cash flows
46 Notes to the consolidated 
financial statements
80 Five-year record
81 Shareholder information
83 Directory
Contents
Designed and produced by fourth qua r ter
The paper used in this document contains
materials sourced from responsibly
managed and sustainable commercial
forests, certified in accordance with the
FSC
®
(Forest Stewardship Council). GOING THE EXTRA MILE
Passionate about
your business
Christie Group plc
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
United Kingdom
T: +44 (0) 20 7227 0707
F: +44 (0) 20 7227 0708
E: executive@christiegroup.com
www.christiegroup.com
Annual Report 201 5
Christie Group plc ANNUAL REPORT 2015