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 2014
CROSS POLLINATION
Making
the right
connections
Christie Group plc ANNUAL REPORT 2014 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 Developing opportunities
14 Innovating collaboration
16 Inspiring and creating referrals
18 Divisional review
24 Financial review
25 KPIs
26 Board of directors
26 Company information
27 Strategic report
28 Directors’ report
29 Corporate governance
32 Remuneration report
34 Statement of directors’ 
responsibilities
35 Independent auditor’s report
36 Consolidated income statement
37 Consolidated statement of
comprehensive income
38 Consolidated statement of changes
in shareholders’ equity
39 Consolidated statement 
of financial position
40 Consolidated statement 
of cash flows
41 Company statement of changes 
in shareholders’ equity
42 Company statement of 
financial position
43 Company statement of cash flows
44 Notes to the consolidated 
financial statements
77 Five-year record
78 Shareholder information
79 Directory
Contents
Designed and produced by fourthquarter
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 2014 1
Highlights of the year
• Revenue growth of 12.7% to £61.0m (2013: £54.2m)
• Operating profit more than doubled to £3.7m (2013: £1.6m)
• Earnings per share increased to 9.34p per share (2013: 0.82p per share)
• Proposed final dividend up 50% to 1.5p per share (2013: 1.0p per share).
Total dividend 2.25p per share (2013: 1.5p per share)
• Retail stocktaking market has experienced strong pricing pressure
• Buoyant corporate transactional activity driving growth in Professional
Business Services
• Double-digit asset value growth in most of our market sectors
• Christie + Co awarded 'UK's most active agent' in the Leisure and
Hotels category by the Estates Gazette for the fifth year in succession
    
 
2014 2013
P
 54% 52%
  
  
 
46%
52% 48%
48%
2013 2
REVENUE BY DIVISION  
 
Professional
Business Services
Stock & Inventory
Systems & Services
 
54% 46%
201 4 2
  REVENUE BY SECTOR
Leisure
17%
36%
47%
Retail
Care
 
 
  
  
 
201 4 2
    
2014 2013
L
47% 49%
36% 35%
 
17% 16%
 
  
  
 
16%
35%
49%
2013 2 Christie Group Annual Report 2014
This was primarily due to a resurgence
in corporate transactional activity and
related advice - our third year-on-year
increase in operating profit before
exceptional items. As a result, the Group
generated cash in the year of £2.1m. 
Stock & Inventory Systems & Services
Revenue for the division increased by
7.4% to £27.8m (2013: £25.9m). £0.8m of
this increase in revenue was attributable
to a full year’s revenue from our
German-based stocktaking operation,
which we acquired in September 2013. 
Having incurred the effects of
reorganising our German business – a
significant factor in reporting divisional
operating profit of £0.2m (2013: £1.1m) -
we now have the capacity to undertake
double the current volumes there,
positioning us to take advantage of
growth opportunities in the central and
eastern European region.
The UK retail stocktaking market supply
has gone through a period of strong
margin pressure. We have not been
immune from the consequences. We
believe we have the lowest cost base of
any national operator, whilst also
delivering a high level of accuracy.
Our hospitality stocktaking business
continued its growth. We also enjoyed
further take-up of other services such
as Health & Safety and Compliance
Audits, and growth in consultancy,
particularly in the food area.
Professional Business Services
The PBS division had an excellent year,
with revenue of £33.2m representing
growth of 17.5% on the previous year
(£28.3m). The result was operating
profit of £3.3m (2013: £0.9m before
exceptional items).
For the fifth year in succession, Christie
+ Co has been voted the UK’s most
active hotel and leisure agent by the
Estates Gazette. Our corporate hotel
transactions in 2014 have been well
reported. Encouragingly, our private
client derived profits grew in proportion.
As average business values increased,
so too did our commission income.
We have increased staff numbers to
take advantage of the upturn. New
staff are not instantly productive and
increased income should materialise
from H2 onwards.
Our medical sector work grows apace.
We have built a pipeline of dental
practice sales for completion this year .
Strong demand for business valuations
and a relative shortage of skilled
practitioners saw a sustained rise in
fees at both Pinders and Christie + Co.
With commercial building activity
strong, our building surveying team
were very busy throughout the year .
Our Germanic and Scandinavian
markets are sound. We are seeing
recovery in Spain. France continues
to be a more difficult economy. The
relative weakness of the euro is likely
to encourage further international
investment into eurozone assets in
the period ahead. We should benefit
from such activity.
Outlook
The results for 2014 were ahead of
expectations. For this I thank your
management and staff and our loyal
and growing client base.
We look forward to continued growth for
2015. Inevitably the election will disrupt
the markets in some way. Thereafter
activity should resume in what are
fundamentally attractive markets into
which we provide essential demand
driven services.
Your board recommend a final dividend
of 1.5p per share (2013: 1.0p), a total of
2.25p for the year (2013: 1.5p) and a
50% increase above the prior year .
If approved the dividend will be paid on
3 July 2015 to those shareholders on
the register on 5 June 2015.
Philip Gwyn
Chairman
30 March 2015
Chairman’ s
statement
I am delighted to report an operating profit before exceptional
items of £3.7m for the year ended 31 December 2014 (2013:
£1.6m), achieved from revenue of £61.0m (2013: £54.2m),
an increase of 12.7%.  Christie Group Annual Report 2014 3
“The results for 201 4 were ahead of expectations
– primarily due to a resurgence in corporate
transactional activity – and we look forward to
continued growth in 201 5.”
As average business values
increased, so too did our
commissions income.
We have increased staff
numbers to take advantage
of the upturn.
We operate in what are
fundamentally attractive
markets into which we
provide essential demand
driven services. 4 Christie Group Annual Report 2014
Fitter, leaner, stronger 
With the UK back on a path to growth
Christie Group’s market position this
year is stronger than ever . We have
increased revenue, are generating
strong earnings and, importantly, play
an increasingly pivotal role in the
sectors we serve. 
This is no accident.
Our adaptability has been key. We work
hard to keep the business aligned with
changing customer priorities. 
The wisdom in this Group has been hard
earned over several macro-economic
cycles. Our philosophy has always been
to make the most of difficult economic
periods. Rather than marking time we
have invested in our future. 
In the most recent downturn we focused
on operational efficiency. We delivered
cost improvements through incremental
steps and transformational leaps. We
found ways to improve our scalability.
We adopted technological solutions that
have changed the way we worked. We
initiated organisational changes.
At the same time, we made sure we
retained our core capabilities. We
therefore held back from some cost-
cutting measures despite the impact on
short-term profitability. 
As a result, we are now extremely well
placed to benefit from the upturn in
market activity.
In-depth market insight
Christie Group services relate to the
entire lifecycle of a business – from
initial acquisition, through day-to-day
operations, all the way to an eventual
sale. We provide specialist business
intelligence in the retail, care, leisure
and hospitality sectors. The range of our
operations keeps us close to our
customers and helps us understand
their changing requirements over time. 
Our organisational structure targets
stable earnings from services that
enhance operational efficiency with
transaction-related services that tend to
be more market-sensitive. 
We aim to steer away from purely
commoditised services in order to
deliver bespoke solutions that add value
for our clients and cannot be undercut
by our competitors.
Our competitive edge is based on
knowledge. We have always made it a
priority to understand the sectors we
serve in great detail. We act as problem
solvers and aim to develop products,
services and advice rooted in the
specifics of customers’ experiences.
In-depth expertise and service
excellence are the common threads that
link all our companies. 
In tough times, high quality expertise
comes into its own. Those customers
who have worked with us before have
direct experience of the value we can
add to their businesses. We have forged
strong links with banks and private
equity houses. 
Performance across the year
Christie Group companies worked very
hard through the recession, widening
our client base, increasing our network,
growing our service lines, developing
our systems and nurturing talent.
We are now benefitting in the UK’s
economic recovery. Our clients’
businesses are in discretionary sectors,
seeing revenue and profits rise. The
value of their businesses is growing.
The funders supporting our clients’
growth want more regular information
on their recipient businesses, relative
performances, market value and
potential value. 
Professional Business Services 
Property valuations improved as
confidence flowed back into the market.
Valuations in our specialist sectors
benefitted from healthier trading
conditions. There was double-digit
growth in many of our sectors with
some improving by as much as 20 per
cent. Volumes also increased although
they still remain some distance below
their pre-crisis levels. 
Both fees and advisory income were
boosted by buoyant market conditions
but there is still scope for improvement.
Transaction volumes are currently at
just half the level we saw before the
financial crisis. Volumes are likely to
increase and we will benefit accordingly.
Our ancillary services also moved
forward this year . The finance and the
insurance businesses are valuable profit
centres in their own right, but they also
extend our connectivity with our clients.
They allow us to forge more connections
Chief Executive’ s 
review
The Group has emerged from the economic downturn in a
stronger market position. We are growing revenue, have
increased profitability and strengthened earnings. Christie Group Annual Report 2014 5
“We have worked hard to benefit from the
economic recovery . Our adaptability has been
key . We are growing revenue, have increased
profitability and strengthened earnings.
We continue our European expansion.”
We build strong networks 
by focusing on deepening
coverage as well as extending
our reach.
In-depth expertise and
service excellence are the
common threads that link
all our companies. 6 Christie Group Annual Report 2014
Chief Executive’s review continued
with our transactional customers and
develop better insights into their
businesses. Indeed, the quality of our
finance business was recently
recognised by a commendation in the
Commercial Mortgage Introducer of the
Year category at The 2015 Business
Moneyfacts Awards.
Pinders, our appraisal and survey
business, is growing in scale and
returning solid profits. We are finding
that growing numbers of, particularly,
institutional clients are commissioning
surveys to smooth the selling process.
Buyers often make use of these reports
in their purchasing decisions.
Increasingly, following successful
conclusion of the transactions, the
buyers return to Pinders to commission
technical reports that complement
the original surveys. 
Regional structures support 
business objectives
We regionalised the business last year
to align it more closely with our
customers. The new structure helps
bridge the gap between small-scale
local and top-tier corporate clients. It
has made it easier to forge connections
with the many mid-tier clients who are
so important to the Group. 
A year on, it is evident that the new
structure has improved the way the
business is managed and enhanced our
profitability.
Stock & Inventory Systems 
& Services 
Some five years ago now, we devised
and adopted an internal strategy to
target food retailers as customers. They
hold a large number of product lines
which they turn over rapidly. To date,
the nature and value of most items they
sell are not suitable for RFID tagging
and require manual scanning.
This strategy continues to pay off as
our expertise in the supermarket
and convenience store sector is
acknowledged both in the UK with the
likes of Morrison and Coop Food, and
on the continent through franchises
like Carrefour .
The growth in bricks and clicks retailing
is driving demand for stocktaking at
more points in the supply chain.
Increasingly, retailers’ business models
are built on cohesive, well-controlled
supply chains. They need to identify
best-selling lines in real time and
monitor the ebbs and flows in the
delivery chain. For these reasons, we
have established a separate Supply
Chain Optimisation Division.
Overall, this is a very margin-led
business so it is vital to build a sound
organisational structure that can
operate cost-effectively. Orridge has
been transforming systems and
processes to make its new German
business competitive in the
Germanic region.
Our food consultancy service expanded
to include advice on allergen content as
part of menu planning and margin
control. Every food business needs a set
of controls. Many are discovering that
external supervision and enforcement
of controls can be more effective
and consistent. 
Operating in the digital space
With information more readily available,
knowledge is the true market
differentiator . Being able to codify and
share that knowledge creates a
powerful asset for the business
going forward. 
We are centralising all our data
repositories and are becoming much
more rigorous about compiling data,
while respecting client confidentiality
and data protection laws. We are also
developing specialist software, in
healthcare for instance, to mine
and present this data.
Our database contains highly detailed,
in-depth information. It has a range of
applications. For instance, we can
analyse the precise cost structure 
for specific business categories in 
each of our trade sectors. For private
equity clients this could be used to
benchmark performance, identify best
practice or determine profitability for
valuation purposes. For banks we can
reference our data to establish whether
a potential borrower has a viable
business model. 
Digital first and omni-channel
distribution
Online distribution has long since moved
into the mainstream. The issue today
is ensuring that we are on the right
platforms to reach our audiences. 
We estimate that 50 per cent of our
transactional business is initiated via
mobile. The web remains very important
for us, but traditional media marketing
is no longer a major driver . 
However, it is still very important to
build brand awareness. We invest
significantly in digital marketing and
allocate substantial resources to
brand building on the internet.
Transaction volumes are
likely to increase and we
will benefit accordingly. Christie Group Annual Report 2014 7
Collaboration and client-centric
operations
Our research indicates that our clients
want us to listen to their needs and
build offerings to suit their specific
requirements. We are therefore
repositioning all our businesses to
make them more customer-centric.
We aim to move towards a way of
working that recognises no fixed
boundaries between specialisms,
geographies or businesses. Instead,
all our people work together to
further client interests. 
Already we are using the internet to
deploy human capital more efficiently.
Rather than having spare capacity
sitting idle in every jurisdiction, we
allocate team members depending to
each client’s requirements. In some
cases, this also allows us to tailor
personnel to the client’s needs. 
We are increasingly taking on business
that combines specialisms. We are often
asked to marry up, say, a financial
investor with an operator . In creating
these packages we place ourselves at
the centre of the transaction. These
kinds of interventions allow us to
differentiate ourselves and add
additional value to our clients. 
Looking ahead
Christie Group has emerged stronger
from the recession. We have broadened
the scope of our services. We are better
able to operate internationally and at
scale. Our expertise and operational
capabilities are widely recognised in an
increasingly professionalised market.
We have extended our client base and
are now advising on much bigger
portfolios. Our international presence
and expertise has paid dividends. We
have numerous pan-European clients.
Christie Group is a strong, sustainable
business founded on knowledge,
exceptional service and operational
excellence. We shall continue to meet
customer priorities and build on our
strengths. 
-t
David Rugg
Chief Executive
30 March 2015
Christie Group has emerged stronger from
the recession. We have broadened the
scope of our services. We are better able to
operate internationally and at scale. 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
8 Christie Group Annual Report 2014
Our strategy 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
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
DISPOSAL
ACQUISITION
DEVELOPMENT
OPERATIONS
Creating
sustainable
value for our
shareholders
Christie Group Annual Report 2014 9 Our brands
10 Christie Group Annual Report 2014
Professional Business Services
Christie + Co is a leading specialist firm providing business intelligence in the hospitality, leisure,
care and retail sectors. A market leader in its sectors, it employs the largest teams of sector
specialists in the UK providing professional agency and advisory services.
www.christie.com     www.christiecorporate.com
Christie Finance has over 30 years’ experience in financing businesses in the hospitality,
leisure, care and retail 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 and retail 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 breath 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. 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 and is growing in mainland Europe.
www.venners.co.uk
Vennersys operates in the UK and North America and delivers turnkey EPoS and ticketing 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    www.pinderpack.com BARCELONA
RENNES
LYON
PARIS
DUBLIN
TORONTO
BERLIN
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
T H E N O R D I C R E G I O N , 
R U S S I A & T H E 
B A L T I C S T A T E S
C A N A D A
I B E R I A
F R A N C E
WINCHESTER
LLANTRISANT
CARDIFF
EXETER
HARLOW
READING
MILTON KEYNES
MAIDSTONE
BRISTOL
NOTTINGHAM
IPSWICH
BIRMINGHAM
ALDRIDGE
MANCHESTER
NEWCASTLE UPON TYNE
LEEDS
EDINBURGH
GLASGOW
Where we are
Christie Group Annual Report 2014 11
Offices
44 offices across the UK and Continental Europe, and in Canada.
Employees
Employing over 3,600 professional and specialist staff. THE PROJECT STORY: Christie + Co, acting on behalf of Rocco Forte Hotels,
successfully identified a purchaser to acquire Manchester’s prestigious
Lowry Hotel. After considerable interest and multiple offers from varied
buyer groups, US-based Westmont Hospitality Group and its investment
partner Mount Kellett Capital Management acquired the renowned hotel in
July for a sum exceeding its asking price.
£500m
42 hotels were sold by Christie + Co
in a single week in 2014, with a total
value exceeding £500m.
Developing
opportunities
12 Christie Group Annual Report 2014
Focus on our core sectors and clients: Our businesses focus 
on the needs of our clients and how best we meet their particular
requirements. By adopting this approach we are able to maximise
the opportunities that we identify for the mutual benefit of
ourselves and our customers. 2014 saw us achieve record levels
of transactions in our hotel sector, as our ability to provide a
variety of strategic transactional and advisory services with a
coordinated and consistent client-focused approach made us
the natural point of contact whether for a local standalone deal
or a major European portfolio transaction. THE PROJECT STORY: Christie + Co
advised on the sale of 21 Holiday Inn
hotels by LRG Holdings Ltd to Kew
Green Holdings Ltd for a price
significantly above the £70m guide
price. On completing the acquisition
from LRG, Kew Green brought its
portfolio of Holiday Inns to 40
making it Intercontinental Hotel
Group’s largest Holiday Inn
franchise partner in Europe.
“Anyone looking to acquire a major portfolio needs to
understand the value of each individual asset, the potential
growth, and the likely speed of disposal for those that will not
be retained. Christie + Co is able to provide all the answers. 
As the dominant expert in our sectors, we were invariably
appointed to advise the major deal participants.”
Chris Day, Christie + Co Managing Director
THE PROJECT STORY: Christie + Co completed the sale of six UK golf
resorts on behalf of the Board of De Vere Group. The portfolio consisted 
of 850 guest rooms, over 20 restaurants and bars, 8 championship golf
courses and 3 nine hole courses in a highly competitive off-market sales
process for an undisclosed sum in the region of £1 60m which included 
De Vere Resorts ownership comprising 184 timeshare and rental lodges.
17%
+
Average hotel prices
increased by more
than 17% in 2014.
Christie Group Annual Report 2014 13   
 
  
14 Christie Group Annual Report 2014
Maximising our synergies, there’s a knack 
to getting things done. Some think it’s about 
being in the right place at the right time. 
Some think it’s about luck. Others think it’s 
about doing what they’ve always done.
We know success is built on making the right connections 
and using them flexibly to meet your specific needs. That 
way you’re able to powerfully collaborate with innovators,
experts and specialists to achieve the perfect results. 
We’ve been providing market-leading, innovative advice 
to clients for over 80 years. Our team of sector specialist
advisers, chartered surveyors, brokers and consultants 
support owners, operators, investors and backers to 
make informed decisions with confidence.
THE PROJECT STORY: Christie + Co successfully brokered the sale 
of eleven QMH UK hotels for an undisclosed sum to Marathon Asset
Management, after a highly competitive sales process. The nationwide
portfolio consisted of 3 Crowne Plaza hotels, seven Holiday Inn hotels
and one Best Western PLUS with approximately 2,000 bedrooms and
represented a rare opportunity to acquire a ready-made portfolio of
hotels with a profitable trading profile.
•
Over 5,500 businesses valued in 2014 
by Christie + Co and Pinders
•
Christie + Co provided strategic advice 
in 2014 with a value of £8bn
•
Average business values in our sectors
increased by 10.8% in 2014
5,500
30
Languages
spoken across
the Group.
Albanian
Arabic
Austrian
Bengali
Brazilian
Bulgarian
Colombian
Danish
Dutch
English
Ethiopian
Finnish
Flemish
French
German
Greek
Gujarati
Hindu
Irish
Italian
Mandarin
Polish
Romanian
Russian
South African
Spanish
Swedish
Turkish
Ukrainian
Urdu
Innovating
collaboration US-based opportunity fund
Investment partner
Christie + Co
Christie Group Annual Report 2014 15
Andreas Scriven, Christie + Co International Managing Director 
44
Offices across the 
UK, Continental
Europe and Canada.
THE PROJECT STORY: The graphic clearly illustrates the
example of one of our US based opportunity fund clients seeking
advice initially through our London office of Christie + Co and
subsequently leveraging our expertise across Europe. Along the
way we also developed a similar relationship with one of their
investment partners based on the quality of the work produce.
The key success was in providing high-quality, reliable advice in 
a timely manner that underpinned our clients’ decision making
process and bid confidence.
“The continuing influx of
overseas investment has been 
a notable development which
continues. These clients invest
across borders and expect their
advisors to be able to follow
them and provide a consistent
level of service.” Inspiring and
creating referrals
16 Christie Group Annual Report 2014
Our collection of businesses and services provide clients with an
opportunity to meet a variety of their needs, throughout the full life
cycle of their own business acquisition, development and disposal.
Our unique group has been developed to provide clients with a range
of ‘demand services’ that we know our clients need, where an initial
opportunity often leads to multiple assignments across the group.
THE PROJECT STORY: Administrators were appointed in
respect of a portfolio of hotels. As part of the Administrators’
strategic review of the portfolio, Christie + Co were instructed
to provide valuation advice before any potential transaction
could continue, with Christie + Co’s prior knowledge of the
portfolio key in their own appointment. It became clear that 
a specialist inventory valuation was required, enabling a
referral to Venners who carried out this aspect of the work.
“We’ve been very
opportunistic where we
saw a gap in the market,
the market evolving or
where the right person
came along.” THE PROJECT STORY: In one of many instances of
cross-company collaboration this year, Christie + Co
introduced Christie Finance to a potential purchaser
for the Galley Hall Public House near Hoddesdon,
Herts. The first-time buyers – an IT director, an HR
manager and the pub’s current landlord – agreed a
£1.2m purchase price. Christie Finance successfully
secured competitive funding at 68 percent loan to
value, with the lender RBS benefiting from the Bank of
England’s Funding for Lending Scheme. Christie + Co,
Christie Finance, Pinders and Christie Insurance were
all involved in delivering the transaction.
THE PROJECT STORY: Venners’ ability to deliver detailed,
accurate reports and recommendations was key in
helping one national hotel group add £2.8m to their gross
profit. The hotel group set the Venners team a goal to
deliver reliable, independent stocktake information to
make their own staff accountable for fluctuations in food
stocks. The hotel group saw gross profits increase from
66.2% to 74.2% in just nine months, and led to the same
client awarding Venners their liquor stocktaking.
THE PROJECT STORY: When The Fragrance
Shop, one of the UK’s leading fragrance
retailers, made the decision to outsource their
stocktaking for the first time, they appointed
Orridge. As Claire Christopherson, Stock
Controller at The Fragrance Shop explained. 
“Using external stocktakers was a first for
us. We saw that Orridge could offer us a 
cost effective solution spanning our whole
network in a short amount of time, giving us
an independent view of the company stock
and full visibility of internal and external
shrinkage levels.”
Orridge uses the very latest wireless LAN
technology to enable its teams to stocktake
with speed and accuracy.
“We’re a long-
term business for 
our clients and
employees and 
and we have 
long-term goals.”
Christie Group Annual Report 2014 17
“The whole business is
structured around our
clients. The range of
services we offer are
‘demand services’, 
the ones we know 
our clients need.”
62
APRIL
MAY
JUNE
JUL Y
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
64
66
68
70
GROSS PROFIT
72
74
76 18 Christie Group Annual Report 2014
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. 
We experienced buoyant market
conditions in 2014, with double–digit
business value growth in all our main
sectors. Private equity and hedge funds
pursued commercial assets and first-
time buyers were increasingly active. We
advised on over £8 billion of transactions
and grew both revenue and profits.
The tone of the market also improved.
Investors were valuing assets in terms
of business potential rather than historic
performance. There are more
consensual sales and proportion of bank
sales of distressed assets declined. For
investors, banks were noticeably more
willing to fund experienced operators
and high quality assets. 
Our regional structure builds our
business around customers. We are able
to deploy a combination of sector
expertise and local knowledge to meet
their needs. We extended the network this
year with a new office in Reading covering
the prosperous Thames Valley region.
With our in-depth sector understanding
we are a natural point of contact for
those seeking buy-side advice. In almost
every deal of significant size, if we are
not acting for the seller potential
purchasers approach us for buy-side
advice. In one major portfolio sale last
year for instance, 12 of the 16 potential
buyers sought our assistance.
A rapid growth in demand for hotel
assets was a particular feature. The sale
of 21 Holiday Inn Hotels, which we
handled for LRG Holdings was typical.
Kew Green acquired the portfolio after
an intensely competitive bidding
process. We anticipate further growth in
2015, although not at the same rate.
The vote to end the tied house system
has major implications for the pub
sector . The net effect of these measures
is contested but what no one disputes is
that this will transform the economics of
pub chains and franchises. We anticipate
significant restructuring in the sector
with more transactional activity. This
should benefit our business.
Retail and Care continued the positive
upwards trend that we picked up
towards the end of last year . The Care
team at Christie + Co has been advising
one of the UK’s largest care home
operators since its inception in 2011.
This culminated in a £477m acquisition
by a consortium of management and
private investment groups. 
In the UK childcare sector, Christie + Co
has the largest, most experienced,
specialist team of advisers and are
established as the first-choice adviser for
large value portfolios. In 2014, we advised
on £227m of regional nursery assets.
We are seeing continued growth in our
medical sector practice. We are building
on our pharmacy and dentistry
expertise. We are now acting for
veterinary partnerships and general
practitioners.
In Europe, economic uncertainty
continues to constrain the domestic
business, but a weaker euro and low
valuations in these markets make them
very attractive to global investors. North
American investment groups are actively
pursuing value in Europe, particularly in
the hotel sector . They rely heavily on
local knowledge. With 14 regional
offices in Europe we are attuned to the
vagaries and complexities of specific
territories. Clients that have worked
with us in one country turn to us for
advice in other jurisdictions. 
Our business is increasingly driven by
our digital capabilities. We invest 
actively in data, IT infrastructure and
customer relationship management
systems to streamline operations,
enhance service levels and optimise
business relationships. 
We ended the year with a strong pipeline
of business for 2015. We have the
resources and skills to take full advantage
of improved economic conditions.
“We experienced buoyant market
conditions and advised on over 
£8billion of transactions, growing 
both revenue and profits.”
Chris Day, Managing Director, 
Christie+ Co and a Christie Group Director
Healthcare property group NHP, which
comprises 275 freehold care homes
including the UK’s third largest care 
provider HC-One, was acquired for £477m 
by Formation Capital in partnership with
Safanad, a global investment principle 
firm, and Court Cavendish, the healthcare
turnaround specialist and the management
team at HC-One. Christie + Co has 
advised HC-One since its inception in 
2011 and assisted Formation Capital in 
the transaction.”
Divisional review
Professional Business 
Services Christie Group Annual Report 2014 19
Christie Finance Christie
Finance leverages detailed
knowledge in our specialist sectors
to negotiate the best possible
financing packages for its
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 continued to evolve in
2014 following its 2013 restructuring into
regional broker hubs. The resulting
business is more cohesive with
increased opportunities to share
expertise and best practice. We have
also enhanced our scalability.
Private and regional operators still form
the core of our business. However, 
as Christie + Co increasingly acts for
larger corporates, we often work with
these companies to secure the financing
they require.
Market conditions continued to improve
this year . More clients are seeking
funding on a wide variety of projects and
there is greater lender appetite for new
business in the sectors we serve. 
We benefit from our strong relationships
with our lending principals and have
also developed strong relationships with
the UK challenger banks. These are now
looking to build market share. We have
been rapidly developing our presence in
the “White Coat” sector through our
medical finance brokerage division. 
Our high-quality personnel have proven
expertise. We continue to invest in
external training and our staff
continuing professional development.
We pride ourselves on the quality of our
service. We were therefore delighted to
learn in December that we had been
shortlisted for the Commercial Mortgage
Introducer of the Year at The 2015
Business Moneyfacts Awards for which
we ultimately received a commendation.
In April, the Financial Conduct Authority
(FCA) took over the regulation of
Consumer Credit firms from the Office
of Fair trading (OFT). In the long run, 
we believe this will offer consumers
enhanced protection and improve 
our market position as a high quality
brokerage business.
The FCA is managing somewhere in the
region of 50,000 applications, and are
therefore staggering this process over
time. For now, we have been awarded
an Interim Permission, with full FCA
Authorisation expected toward the end
of 2015. In the meantime, we are
continuously improving our processes and
procedures to ensure the best possible
outcomes for our diverse customer base. 
Christie Insurance Christie
Insurance is ideally placed to advise
on the commercial insurance needs
of Christie + Co and Christie
Finance clients. 
We add value by using our sector
knowledge, skills and tenacity to place
business quickly and efficiently. We have
built our reputation on comprehensive
service, placing appropriate, cost
effective cover for clients.
During the year we were able to assist
clients with retaining, if not the full cover
for flood damage, at least some level of
cover so that if the floods reoccur this
year our clients have some level of
protection for an event which can
significantly affect a clients ability to
maintain their business. 
We are working with a leading provider 
of insurance in the petrochemical
sector to access their expertise for our
forecourts clients, together with other
insurers to develop an insurance product
to cater for Christie + Co’s position within
the whitecoat sector . At the same time
we are revamping our website to
improve the user’s experience.
“More clients are seeking funding on a
variety of projects and there is greater
lender appetite for new business.”
Nick Baker, Director, Christie Finance
Christie Finance secured funding for first-
time hotel buyers acquiring the freehold of
The New Sussex Hotel, in Lancing. After an
introduction from Christie + Co, Christie
Finance were able to broker two loans to
facilitate the transaction, comprising an initial
remortgage of the purchasers’ investment
property to raise the required deposit, which
was then rolled into the deal for the purchase
of the hotel itself. In addition to both Christie
Finance’s and Christie + Co’s involvement,
Pinders were able to provide the business
valuation, Christie Insurance arranged
appropriate insurance cover and Venners
undertook the stocktaking on completion. 
We benefit from our strong
relationships with our lending
principles and the UK challenger
banks who are looking to build
market share.
Walter Murray, Managing Director, 
Christie Insurance 20 Christie Group Annual Report 2014
Looking forward, regulatory changes
may have an impact on our markets.
The Insurance Bill will limit insurers’
ability to void claims where insured
parties have made minor technical
infractions. We welcome this clarification,
which will help to ingrain good
practice across the industry.
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.
Pinders gains an increasing proportion
of its business as a bank panel member .
As a specialist surveyor we have been
very successful at gaining and retaining
panel appointments. In 2014, we signed
an extended panel agreement with
HSBC and consolidated panel positions
at Lloyds and Barclays after the removal
of numerous firms. At Shawbrook, we
are now one of just two valuers
undertaking business appraisal and
valuation reports. We also gained a new
appointment this year with Charities Aid
Foundation bank.
Our panel appointments reflect the
detail and quality of our reports. We
don’t simply analyse bricks and mortar
we assess business performance. We
have one of the most in-depth company
databases in the UK. Our valuers have
outstanding knowledge built on many
years of experience in their sectors. 
We have always worked hard to optimise
operational efficiency. In 2014, we drove
operational costs down again, by
another 3 per cent. We are reducing
duplication and distributing
responsibilities to fee earners on the
ground. This year 72.5 per cent of our
staff were in front line roles, a record
for our business. 
Despite our continuing efforts to
minimise costs and increase efficiency
it has in the past been hard to compete
on price with panel members who chose
to prepare less rigorous reports. For
the commissioning banks the quality
threshold was often met by a valuer’s
inclusion on a panel rather than the
report itself. They would often award
contracts to the lowest bidder .
However, in the last two years banks
have begun to focus more intently on
reporting quality. Numerous valuers
without the requisite specialist expertise
have been removed from panels. Many
panels now have fewer members and
favour valuers able to demonstrate
specialist capabilities.
As a result average fees have risen to
more sustainable levels. Our average
fees rose by around 15 per cent in 2014.
As panels have reduced in size our
market share has grown. After several
years of slow growth, revived interest
in the leisure and hospitality sector
contributed to strong performance
in this sector .
For the first time in many years, lenders
and investors were prepared to advance
funds against business potential in this
sector . Swinton Park’s £5.5 million
development project is indicative of
growing confidence in the sector .
Swinton Park Hotel sought funding
for a restaurant, health club and spa
extension. Blackstone asked Building
Consultancy Services to prepare a major
report on the project. This was our first
direct commission from this global
investment house.
Healthcare professionals congregated in
London to recognise some of the UK’s
best care facilities at the Healthcare
Design Awards. Hosted by Pinders for the
fifteenth year in succession the ceremony
has become an industry staple.
With markets now improving we believe
there is a window of opportunity to gain
ground against our competitors. We have
key bank panel positions, experienced
and capable valuers and a first-class
database detailing UK business
performance. We are actively recruiting
to meet growing demand. We intend to
ensure that we build on our solid position
so that we can continue to make tangible
progress over the next 18 to 24 months.
“Average fees have risen to more
sustainable levels and our market
share has grown as bank panels have
reduced in size.”
Justin Cain, Managing Director, Pinders
Divisional review
Professional Business 
Services
Having previously worked for De Vere Group
alongside Christie + Co, Pinders was
approached by Blackstone Group to conduct
building surveys of the De Vere Group
operated Village Urban Resorts. KSL, an
affiliate of Denver-headquartered KSL
Capital Partners, was bidding £485m for 
the resorts. As KSL ’s financial backer,
Blackstone sought Pinders’ expertise and
market knowledge to assess its funding risk.
Pinders was able to value 25 sites within an
extremely tight timetable and helped to
ensure the acquisition proceeded smoothly. 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 target the
retail and pharmacy sectors. 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.
This year, Orridge focused on building
firm foundations for the future. We
continued to invest in growth. Revenue
increased. We took on numerous trials.
We introduced measures to improve
operational efficiency throughout the
business. 
Following our acquisition in Germany we
have been restructuring operations
there to maximise our ability to pursue
profitable opportunities in the region. We
aim to replicate the winning formula that
has delivered operational excellence
throughout Europe.
There is tremendous potential for
growth in Germany. The market there is
nearly twice the size of that in the UK.
Then there is the wider European
market, worth an estimated £1 billion
annually. There are significant untapped
demand from pan-European retailers for
a Europe-wide stocktaking service. Our
growing European presence improves our
access to this international client base. 
Improving our proposition for the largest
international retailers is a strategic
priority. Our German operation and
Brussels-based Benelux business give
us a firm foothold in Northern Europe
and enhance our credibility for pan-
European retailers. We already have
numerous clients for whom we conduct
work across the EU and in the UK. They
include fashion retailers Guess, All
Saints, Arcadia, Kurt Geiger and
Swarovski. Molton Brown, Blackwell
Books, HMV and BMB Clothing were
among a number of high-profile client
additions this year .
We are now even better placed to
present a compelling offer to some of
Europe’s largest retailers. We have
started working for Carrefour, the
world’s fourth largest retail chain.
Bauhaus – Germany’s leading do-it-
yourself chain with over 200 stores in 16
countries – was another important win. 
These contracts underline our growing
international credibility. And Carrefour is
part of a more general move into the
supermarket grocery arena. We are
finding that leading brands in both
grocery and home development sectors
are far more receptive to outsourcing
stock management services. 
In the UK, we gained more business at
Morrisons, increasing our involvement
from 50 to 75 per cent of their business.
We also welcomed Nutmeg, the
Morrisons clothing brand, as a new
client We have renewed our exclusive
contract with Coop. Finally, we have
conducted successful trials for Tesco,
Sainsbury’s, Waitrose and Homebase.
Customers rate us highly for service
excellence. They appreciate the speed,
accuracy and flexibility of our process.
We are continually improving and are
now Altius accredited. As technology
develops and competition bites
customers are increasingly asking for
real-time metrics and more detailed
management information. More clients
are adopting our online services.
As the business grows it is vital to
attract and retain talent. We offer an
appealing career path with the
opportunity to develop skills and take 
on additional responsibility. We are
currently trialling a changed in pay
structure that will link earnings more
directly to performance. The aim is to
offer enhanced income while reducing
fixed costs and improving productivity.
We are putting the pillars in place that
will allow us to develop a market-
leading stocktaking business across
Europe. In an extremely price-sensitive
market, we are maintaining margin by
pursuing operational efficiencies and
adding value with service excellence and
innovative delivery.
“Leading brands in grocery and 
home development are increasingly
receptive to outsourcing stock
management services.”
Paul Harding Managing Director, Orridge
and a Christie Group Director
Customers rate us highly 
for service excellence. They
appreciate our speed, our
accuracy and our flexibility.
Divisional review
Stock & Inventory 
Systems & Services
Christie Group Annual Report 2014 21
With over 200 stores across Europe, moving
over 2.5 million of goods every year, Guess
relies on careful inventory management to
replenish stock accurately and optimise
production. Orridge’s professionalism and
the quality of its technology were key factors
in its selection as European inventory
partner – stocktaking teams use the latest
handheld wireless LAN technology to scan
barcodes swiftly and accurately – but the
human factor was decisive. Guess wanted a
partner ready to resolve problems as they
arose and not get waylaid by administration
hurdles. The two organisations have gone on
to build a strong partnership. 22 Christie Group Annual Report 2014
Venners 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 hospitality sector,
where we are seen, not as an
external supplier, but as a core
sector participant. We act as a one-
stop shop for improving hospitality
business profits and controls. 
Another solid year for Venners resulted
in increased turnover and good overall
profits. We are conducting stock audits
for numerous new clients, including De
Vere Hotels, iNTERTAIN, Atlas Fine
Wines and Serco Leisure. Royal Ascot
was a high profile win for the Event
Profit and Control (EPC) team. Leading
UK late-night entertainment group
Luminar commissioned its first health
and safety and compliance audits. 
We have continued to promote our new
food consultancy business and are now
developing a full consultancy service
stream. We introduced observational
audits this year . These are already proving
popular . One customer has commissioned
full audits at each of its 30 hotels. 
New EU legislation on food allergen
controls came into effect in December
2014. It requires all food businesses to
provide extensive allergen information
for customers at the point of sale.
Our new allergens audit tests compliance
with this complex legislative framework.
In Europe we work for UK clients in
Germany, Czech Republic, France,
Belgium and the Netherlands. We are
active in both Northern Ireland and
the Republic.
Our main markets traded well. In the
pub sector, larger pub companies are
more willing to lease to entrepreneurial
tenants. That has created more smaller
pub companies and increased demand
for our services.
Different dynamics were at play in the
hotel sector, with hoteliers consolidating
their services into larger groups.
Consolidation has a mixed impact on
our markets, but on balance it has been
positive. Many of those acquiring new
properties were already Venners
customers or have become customers as
their requirement for our range of services
has increased. This has been particularly
true where multiple franchisors have
grown their portfolios and recognised
the demand for more support with
stock and consultancy issues. 
Following significant consolidation in
recent years we are seeing increased
demand for compliance audits in cost
sector catering. Operators taking over
existing contracts must normally meet
Transfer of Undertakings - Protection of
Employment (TUPE) transfer protocols
that protect existing staff. As a result
they may employ personnel with
inconsistent backgrounds and training.
Our compliance audits include specific
measures to assess staff training
requirements.
Demand for more immediate overview
reporting has been growing across all
sectors. We are currently servicing
around 20 clients. We believe that the
demand for real-time information can
only grow. We have been developing an
I.T. package to give customers online
access to configurable dashboard
information. It is slated to launch next
year as a subscription-based service.
We will also be launching our Next
Generation platform products. These
will initially be rolled out internally for
work planning processes, but in the
second phase will be deployed for
clients. Once operational this will
progressively transform our client
relationships, giving customers better
access and improved control via
online portals. 
We are trading well, maintaining our
standards and attracting high calibre
recruits as the business expands. Our
broadly based portfolio of services
meets the needs of our customer base.
We continue to focus on ensuring that
all sectors of the business make a
positive contribution.
“We have continued to develop a full
consultancy service offering alongside
our broadly based portfolio of
services which meets the needs of
our customer base.”
Trevor Heyburn Managing Director, Venners
During our work at Royal Ascot we controlled
12 cellars, 100 bars and 247 hospitality
boxes, providing 3,335 stock results across
5 days. That’s 647 results a day!
Divisional review
Stock & Inventory 
Systems & Services Christie Group Annual Report 2014 23
Vennersys 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. In Canada,
we supply cinema ticketing system
Vista to a major cinema chain. 
We deliver online ticketing, specialist
transaction and e-commerce systems
to the UK leisure and visitor attraction
market, where our proprietary software
VENPoS is recognised as a sector-
leading product. 
In Canada, we market the cinema
ticketing system, Vista. Longstanding
Vista client Landmark Cinema has
emerged is now the country’s second
largest cinema chain. We sold additional
modules to Landmark this year . 
Our VENPoS enterprise-class product
has gained a loyal, supportive user base
at major European attractions over
many years. Our customers are historic
houses, museums and heritage sites,
family entertainment centres, safari
parks, zoos and aquariums. 
Our relationship with the European
aquatic attraction operator Aspro Group
goes from strength to strength. We
installed extended functionality at their
Blue Planet Aquarium and Deep Sea
World sites this year . Woburn Abbey
and Blenheim Palace both acquired
additional modules.
We have also been developing next
generation functionality for the
enterprise-class product, which will also
be usable in our online offering. This
includes RFID functionality, smart
wristbands, customer profiling and
smart phone coupons.
The cloud-based VENPoS product has
been our main focus this year . We have
developed a next generation online
ticketing platform for SMEs (small and
medium-sized enterprises) that
incorporates much of the functionality
offered in our integrated enterprise
product on a single online platform.
VENPoS Cloud is the result of many
man-years of development. This fully
functional ticketing, Epos and online
system for visitor attractions and events
brings the resilience and functionality of
our enterprise class product within
reach of smaller attractions.
Whereas our enterprise product is
mainly designed for more popular
attractions with large visitor numbers,
VENPoS Cloud is fully scalable and
affordable by smaller visitor attractions.
This is a market with significant growth
potential. A VisitEngland survey of 1,000
tourist attraction locations found that
169 million people visited those
locations in 2013. We have nearly 10,000
UK leisure attractions on our database.
VENPoS Cloud is being rolled out
internationally, using the software as
a service (SAAS) delivery model.
Even the smallest attractions can
access the service through subscription.
Subscription-based pricing greatly
simplifies product support and
maximises flexibility and scalability
for users. 
We have incorporated the latest design
features into the product to ensure it is
sufficiently resilient for a subscription
service. It is globally scalable, fully
localisable and has multilingual
capabilities. 
VENPoS Cloud operates on Amazon
AWS servers, which guarantees a high
level of resilience. The software is
platform-agnostic, it has been written
according to responsive web design
principles and is optimised for tablet,
mobile and desktop viewing.
We have invested to provide the
strongest level of e-commerce security.
The product is PCI level 1 compliant, the
most demanding level required by the
payment industry for very high volume
e-commerce platforms. VENPoS Cloud
includes support for all major online
payment systems including Paypal and
direct debit.
By the end of 2014 VENPoS Cloud was
ready for launch and early adopter users
started subscribing at the beginning of
2015. We look forward to reporting on its
progress during the year .
“We are in a market with significant
growth potential and we have
nearly 10,000 UK leisure attractions
on our database.”
Paul Harding Managing Director, Vennersys
and a Christie Group Director
VENPoS Cloud is the result of
many years of development
incorporating the latest design
features to make it globally
scalable and localisable. 24 Christie Group Annual Report 2014
The effect of achieving this level of
growth with a high level of operational
gearing was a £2.1m improvement in
operating profit before exceptional
items, delivering operating profit in 
this respect of £3.7m (2013: £1.6m). 
In effect, this equated to £2.1m of
additional operating profit from
additional revenue of £6.9m, a return
on incremental revenues of 31.2%.
Cash and net debt 
The strength of the trading performance
in 2014 has significantly improved the
cash and debt position over the course
of the year . While year-end borrowings
attributable to invoice finance facilities
remained at £0.6m, an opening
overdraft position of £2.1m was
converted into a comparably small but
positive cash balance by 31 December
2014. The effect on net debt was a
reduction at 31 December 2014 to £0.6m
(2013: £2.7m) as set out in note 30. 
Taxation
After a number of years of experiencing
high deferred tax charges, the 2014 tax
charge of £1.0m (2013: £0.4m) on profit
before tax of £3.4m (2013: £0.5m)
represents a more normalised effective
rate of 31.1% (2013: 64.9%), consistent
with the applicable underlying rate of
corporation tax adjusted for the effect
of disallowable expenditure. 
Pension schemes
The consolidated statement of financial
position includes negative equity of
£6.6m at 31 December 2014 (2013:
£0.0m). This apparently adverse
movement belies the underlying trading
performance of the group in 2014 and is
attributable entirely to the revaluation
of final salary pension scheme liabilities
from a year earlier . This revaluation
resulted in an increase of £9.2m in
the long term retirement benefit
obligations, without which the group
equity position would be a positive
balance of £2.6m.
The revaluation of pension liabilities in
this respect is a continuing function of
macro-economic conditions which
continue to result in very low discount
rates for the purposes of valuing defined
benefit pension scheme liabilities. The
Board are effectively required to refer to
spot-rate corporate bond rates at the
reporting date which at the 31 December
2014 had returned to extremely low
levels in the context of longer term
historical rates, and had deteriorated by
approximately 1% from only a year earlier .
The sensitivity of the group’s pension
scheme liabilities in this respect is
significant. As illustrated in note 25
of the financial statements, a 1.5%
improvement in the discount rate
position would effectively reduce the
total scheme obligations by more than
27%. With total gross obligations of
£57.6m, a 27% reduction such as this
would eliminate the £14m deficit
entirely without any requirement for
further cash funding by the group. 
Scheme assets at the year-end were
£43.6m, meaning that notwithstanding
the possibility of improvements in
discount rates moving forward, over
75% of obligations arising under the
scheme could be funded from existing
scheme assets.
Recognising the long-term nature of
these liabilities, the Board have
negotiated a continuation of the existing
recovery plans in real-terms, to ensure
no deterioration in the Group’s ability to
invest inwardly and provide a return to
shareholders. The Group has also
recently completed a consultation
process with members, so that all
remaining active members in final
salary pension schemes accrue future
benefits at 75% of their previous rates.
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
Financial 
review
Revenue for the year increased by 12.7% to £61.0m
(2013: £54.2m), driven by a very strong performance
in the second half of the year in particular by the
Professional Business Services (‘PBS’) division.  Christie Group Annual Report 2013 25
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 strength of performance from the
PBS division is demonstrated by year-
on-year growth in excess of 17%,
underpinning the overall growth for the
Group of 12.7%. The ability to deliver
this level of growth without significant
additional investment in resources
resulted in a significantly improved
productivity level and an operating 
profit return on revenue up to 6.1%
(2013: 2.9%).
The effects of the improved PBS
performance were mitigated by a 
more challenging year within SISS 
with productivity and operating 
margins impacted by pricing pressure
and reorganisation in Germany, both 
of which are referred to within the
Chairman’s Statement and Chief
Executive’s Review. We anticipate
seeing a recovery in performance in
2015 as the improvements referred 
to therein take effect.
Dan Prickett
Chief Financial Officer
30 March 2015
KPIs
Professional Stock &Inventory
Group Business Services Systems & Services
Revenue growth
2014 on 2013 12.7% 17.5% 7.4%
2013 on 2012 (3.4%) (6.9%) 0.6%
2012 on 2011 5.4 % 11.2% (0.8%)
Productivity – staff costs
(before exceptionals) 
per £1,000 of revenue
2014 660 550 709
2013 675 605 683
2012 687 618 701
Operating profit/(loss)
before exceptional 
items as % of revenue
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 2014 25
“The strength of the trading
performance significantly 
improved the cash position 
over the course of the year .” 26 Christie Group Annual Report 2014
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 overall 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 25 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 profitable pan-
European retail stocktaking
business. Paul has also been 
a Director of Vennersys 
since 2008.
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.
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 Hyde
Housing Association, until
recently, was 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.
Company information
Secretary
Dan Prickett FCA
Registered office
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
Registered number
1471939 
VAT number
358 526526
Nominated adviser 
and broker
Charles Stanley Securities
Principal solicitors
Royds
SNR Denton
Auditors
Nexia Smith &
Williamson Audit
Registrars
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham 
Kent BR3 4TU The Directors present their Strategic Report on the group for
the year ended 31 December 2014.
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 25 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;
• 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 25.
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 30 March 2015.
D R Prickett
Company Secretary
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
Registered No. 1471939
Strategic report
for the year ended 31 December 2014
Christie Group Annual Report 2014 27 The Directors present their report and the audited financial
statements for the year ended 31 December 2014.
Results and dividends
The results for the year are set out in the consolidated income
statement on page 36 and the consolidated statement of
comprehensive income on page 37. The Directors recommend
the payment of a final dividend of 1.5p (2013: 1.0p) per share
which together with the interim dividend of 0.75p (2013: 0.5p)
per share, makes a total of 2.25p (2013: 1.5p) per share totalling
£597,000 (2013: £398,000) for the year . The profit for the year
from continuing operations before tax and before other
comprehensive income was £3,359,000 (2013: £541,000) and the
loss attributable to equity holders of the Company for the
financial year, after taxation and including other comprehensive
losses, was £5,368,000 (2013: £3,914,000 income).
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 26. 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
666,000 (2013: 77,000) of its own ordinary shares, through an
Employee Share Ownership Trust, for a consideration of
£912,000 (2013: £55,000), to enable it to meet awards under
its SAYE and other share schemes. During the year the
Company also sold 285,000 (2013: 79,000) of its own ordinary
shares, through an Employee Share Ownership Trust, for a
consideration of £249,000 (2013: £73,000). The total holding of
the Employee Share Ownership Trust as at 31 December 2014
was 532,000 shares (2013: 151,000 shares), which represents
2.01% (2013: 0.57%) 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 49.
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 36 to 77.
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 30 March 2015.
D R Prickett
Company Secretary
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
Registered No. 1471939
Directors’ report
for the year ended 31 December 2014
28 Christie Group Annual Report 2014 Christie Group Annual Report 2014 29
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 30);
• 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 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 either 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 No
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.
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 will therefore reach nine years’
service on 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.
Corporate governance continued
30 Christie Group Annual Report 2014 Christie Group Annual Report 2014 31
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 Strategic Report on page 27.
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 33. Part 1 of this report sets out the Company’s remuneration
policies for the Directors for the year ended 31 December
2014. 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 2014.
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
32 Christie Group Annual Report 2014 Christie Group Annual Report 2014 33
At the year end the highest paid Director had accrued benefits
under company pension schemes as set out below:
2014 2013
£’000 £’000
Defined benefit arrangement:
Accrued pension at end of year* 48 218
*During the year David Rugg transferred out of the Christie Group Pension and
Assurance Scheme, reducing his accrued pension benefits. An amount equal to
20% of these benefits remains payable under agreement of the Christie Group plc
Remuneration Committee.
The highest paid director did not exercise any share options
during the year .
Directors’ pension entitlements
The Company contributed £5,250 (2013: £21,000) 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 Company defined contribution scheme.
Directors’ interests
Details of the Directors’ interests in the ordinary shares of the
Company are set out below:
31 Mar 2015 31 Dec 2014 31 Dec 2013
Philip Gwyn 11,515,961 11,515,961 11,515,961
David Rugg 2,796,046 2,796,046 2,778,446
Chris Day 712,847 712,847 686,713
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 100,000 share options, granted in May
2009, September 2009 and October 2013 exercisable between
May 2012 and October 2023.
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 2014 was
141.0p (31 December 2013: 80.5p) and the range during the
year was 80.5p to 141.0p (year to 31 December 2013: 46.5p
to 83.5p).
A Director exercised their options granted under the SAYE
scheme during the year . The aggregate of the gains made on
this exercise, calculated on the difference between the option
and mid-market price on the date of option maturity, was
£21,000 (2013: £nil), of which £nil (2013: £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 2014 2013
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Philip Gwyn 166 –– 22 5 193 193
David Rugg 368 – 170 40 – 578 421
Chris Day 306 – 105 31 29 471 357
Dan Prickett 145 – 39 11 7 202 176
Paul Harding 240 –8 16 22 286 268
Tony Chambers 30 –– –– 30 25
Pommy Sarwal 54 –– –– 54 50
1,814 1,490 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
34 Christie Group Annual Report 2014 Christie Group Annual Report 2014 35
We have audited the financial statements of Christie Group plc
for the year ended 31 December 2014 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 35. 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 34, 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 2014 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
30 March 2015
Independent auditor’s report
To the members of Christie Group plc Consolidated income statement
For the year ended 31 December 2014
36 Christie Group Annual Report 2014
2014 2013
Total Total
Note £’000 £’000
Continuing operations:
Revenue 6 61,011 54,154
Employee benefit expenses 7 (40,274) (36,121)
20,737 18,033
Depreciation and amortisation 6 (458) (564)
Impairment charge 22 (56) (53)
Other operating expenses (16,517) (15,849)
Operating profit before exceptional items 3,706 1,567
Exceptional items* – (442)
Operating profit after exceptional items 3,706 1,125
Finance costs 8 (125) (120)
Finance income 8 9 4
Pension scheme finance costs 8 (231) (468)
Total finance costs 8 (347) (584)
Profit before tax from continuing operations 9 3,359 541
Taxation 10 (1,142) (351)
Profit for the year after tax from continuing operations 2,217 190
Discontinued operations:
Loss for the period from discontinued operations 12 – (29)
Profit for the period after tax 2,217 161
Profit/(loss) for the period after tax attributable to:
Equity shareholders of the parent 2,455 212
Non-controlling interest (238) (51)
2,217 161
Earnings per share attributable to equity holders – pence
Profit attributable to the equity holders of the Company
– Basic 13 9.34 0.82
– Fully diluted 13 8.99 0.80
Profit from continuing operations attributable to the equity holders of the Company
– Basic 13 9.34 0.93
– Fully diluted 13 8.99 0.91
*Exceptional costs for the year to 31 December 2013 relate to the restructuring of operations. There are no such costs in 2014. Christie Group Annual Report 2014 37
Consolidated statement of comprehensive income
For the year ended 31 December 2014
2014 2013
Total Total
£’000 £’000
Profit for the period after tax 2,217 161
Other comprehensive (losses)/income:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations 41 46
Net other comprehensive income to be reclassified
to profit or loss in subsequent periods 41 46
Items that will not be reclassified to profit or loss:
Actuarial (losses)/gains on defined benefit plans (9,726) 4,839
Income tax effect 1,862 (1,183)
Net other comprehensive (losses)/income not being reclassified
to profit or loss in subsequent periods (7,864) 3,656
Other comprehensive (losses)/income for the period, net of tax (7,823) 3,702
Total comprehensive (losses)/income for the period (5,606) 3,863
Total comprehensive (losses)/income attributable to:
Equity shareholders of the parent (5,368) 3,914
Non-controlling interest (238) (51)
(5,606) 3,863 38 Christie Group Annual Report 2014
Consolidated statement of changes in shareholders’ equity
As at 31 December 2014
Attributable to the Equity Holders of the Company
Fair value 
and other Cumulative Non-
Share reserves translation Retained controlling Total 
capital (Note 24) reserve earnings interest equity 
For the year ended 31 December 2013 £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 January 2013 505 4,688 457 (10,113) (75) (4,538)
Profit/(loss) for the year after tax ––– 212 (51) 161
Other comprehensive income for the year after tax ––– 3,656 – 3,656
Exchange differences on translating foreign operations –– 46 –– 46
Total comprehensive income/(losses) for the period –– 46 3,868 (51) 3,863
Transfer of non-controlling interest on liquidation ––– (75) 75 –
Movement in respect of employee share scheme – 19 – (23) – (4)
Employee share option scheme:
– value of services provided – 61 ––– 61
Proceeds from shares issued 26 758 ––– 784
Dividends paid ––– (257) – (257)
Balance at 31 December 2013 531 5,526 503 (6,600) (51) (91)
Attributable to the Equity Holders of the Company
Fair value 
and other Cumulative Non-
Share reserves translation Retained controlling Total 
capital (Note 24) 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
Other comprehensive losses for the year after tax ––– (7,864) – (7,864)
Exchange differences on translating foreign operations –– 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) Christie Group Annual Report 2014 39
2014 2013
Note £’000 £’000
Assets
Non-current assets
Intangible assets – Goodwill 14 1,740 1,793
Intangible assets – Other 15 697 507
Property, plant and equipment 16 893 1,088
Deferred tax assets 17 3,817 2,628
Available-for-sale financial assets 18a 635 485
Other receivables 19 465 500
8,247 7,001
Current assets
Inventories 20 2 –
Trade and other receivables 22 11,089 10,819
Current tax assets 12 190
Cash and cash equivalents 21 3,770 1,747
14,873 12,756
Total assets 23,120 19,757
Equity
Share capital 23 531 531
Fair value and other reserves 24 4,954 5,526
Cumulative translation reserve 544 503
Retained earnings 24 (12,473) (6,600)
(6,444) (40)
Non-controlling interest 34 (289) (51)
Total equity (6,733) (91)
Liabilities
Non-current liabilities
Retirement benefit obligations 25 13,970 4,796
Provisions 28 258 561
14,228 5,357
Current liabilities
Trade and other payables 26 8,804 8,365
Current tax liabilities 10 403 –
Borrowings 27 4,385 4,483
Provisions 28 2,033 1,643
15,625 14,491
Total liabilities 29,853 19,848
Total equity and liabilities 23,120 19,757
These consolidated financial statements have been approved for issue by the Board of Directors on 30 March 2015.
D B Rugg D R Prickett
Chief Executive Chief Financial Officer
Consolidated statement of financial position
At 31 December 2014 40 Christie Group Annual Report 2014
2014 2013
Note £’000 £’000
Cash flow from operating activities
Cash generated from/(used in) operations 29 3,188 (355)
Interest paid (125) (120)
Tax received 147 225
Net cash generated from/(used in) operating activities 3,210 (250)
Cash flow from investing activities
Acquisition of subsidiary – (140)
Purchase of property, plant and equipment (PPE) (223) (297)
Proceeds from sale of PPE 12 13
Intangible asset expenditure – software (266) (267)
Investment in available-for-sale asset (150) (185)
Interest received 9 4
Net cash used in investing activities (618) (872)
Cash flow from financing activities
Proceeds from issuance of share capital – 784
Proceeds from invoice finance 15 18
Dividends paid (459) (257)
Net cash (used in)/generated from financing activities (444) 545
Net decrease in cash 2,148 (577)
Cash and cash equivalents at beginning of year (2,130) (1,538)
Exchange losses on euro bank accounts (12) (15)
Cash and cash equivalents at end of year 21 6 (2,130)
Consolidated statement of cash flows 
For the year ended 31 December 2014 Company statement of changes in shareholders’ equity 
As at 31 December 2014
Christie Group Annual Report 2014 41
Attributable to the Equity Holders of the Company
Fair value and 
other reserves Retained Total 
Share capital (Note 24) earnings equity
For the year ended 31 December 2013 £’000 £’000 £’000 £’000
Balance at 1 January 2013 505 4,035 1,295 5,835
Total comprehensive losses for the period –– (186) (186)
Movement in respect of employee share scheme – 12 (23) (11)
Proceeds from shares issued 26 758 – 784
Dividends paid –– (257) (257)
Balance at 31 December 2013 531 4,805 829 6,165
Attributable to the Equity Holders of the Company
Fair value and 
other reserves Retained Total 
Share capital (Note 24) 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 2014 2013
Note £’000 £’000
Assets
Non-current assets
Investments in subsidiaries 18 2,563 2,563
Deferred tax assets 17 412 301
Available-for-sale financial assets 18a 635 485
Other receivables 19 8,553 9,098
12,163 12,447
Current assets
Trade and other receivables 22 3,196 3,006
Current tax assets 12 190
Cash and cash equivalents 21 4 5
3,212 3,201
Total assets 15,375 15,648
Equity
Share capital 23 531 531
Fair value and other reserves 24 4,137 4,805
Retained earnings 24 1,392 829
Total equity 6,060 6,165
Liabilities
Non-current liabilities
Retirement benefit obligations 25 1,238 336
1,238 336
Current liabilities
Trade and other payables 26 4,482 5,528
Current tax liabilities 29 –
Borrowings 27 3,566 3,619
8,077 9,147
Total liabilities 9,315 9,483
Total equity and liabilities 15,375 15,648
These Company financial statements have been approved for issue by the Board of Directors on 30 March 2015.
D B Rugg D R Prickett
Chief Executive Chief Financial Officer
Company statement of financial position 
As at 31 December 2014
42 Christie Group Annual Report 2014 Christie Group Annual Report 2014 43
Company statement of cash flows 
For the year ended 31 December 2014
2014 2013
Note £’000 £’000
Cash flow from operating activities
Cash used in operations 29 (1,312) (1,341)
Interest paid (169) (191)
Tax received 161 99
Net cash used in operating activities (1,320) (1,433)
Cash flow from investing activities
Interest received 281 290
Dividend received 1,700 –
Investment in available-for-sale financial asset (150) (185)
Net cash generated from investing activities 1,831 105
Cash flow from financing activities
Dividends paid (459) (257)
Proceeds from issuance of share capital – 784
Net cash (used in)/generated from financing activities (459) 527
Net decrease in cash 52 (801)
Cash and cash equivalents at beginning of year (3,614) (2,813)
Cash and cash equivalents at end of year 21 (3,562) (3,614) Notes to the consolidated financial statements
44 Christie Group Annual Report 2014
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 2014
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 2014. However, they do not materially impact the
annual consolidated financial statements of the Group.
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 2015 or later periods and have not been early
adopted. It is anticipated that none of these new standards,
interpretations and amendments currently in issue at the
time of preparing the financial statements will have a
material effect on the consolidated financial statements of
the Group or Company.
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 2014.
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. See business combinations section
for acquisitions and disposals in the year (Note 34).
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
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 and
consultancy, 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.
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.
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.
Christie Group Annual Report 2014 45
2. Summary of significant accounting policies continued 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’.
Client instructions
Client instructions (instructions to act as agents for clients
wishing to purchase or dispose of business assets),
recognised on the acquisition of a subsidiary, are stated at fair
value as at the date of acquisition, net of amortisation and any
provision for impairment. Amortisation is calculated to write
down the costs of instructions on a consistent basis to the
recognition of the associated revenues, up to a maximum
expected life of two years.
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.
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.
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.
Notes to the consolidated financial statements continued
46 Christie Group Annual Report 2014
2. Summary of significant accounting policies continued 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
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
Christie Group Annual Report 2014 47
2. Summary of significant accounting policies continued 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 23a. 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
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.
Notes to the consolidated financial statements continued
48 Christie Group Annual Report 2014
2. Summary of significant accounting policies continued The Group uses a limited number of financial instruments,
comprising cash, short-term deposits, bank loans 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, and interest rate 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 2014, 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 £4,000 higher
(2013: £50,000 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 £49,000 (2013: £40,000).
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
and loan facilities.
At 31 December 2014 total borrowings by the Group
amounted to £4,385,000 (2013: £4,483,000), with additional
available unutilised credit facilities at 31 December 2014 of
£1,020,000 (2013: £927,000).
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 2014 were £3,770,000 (2013: £1,747,000).
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 2014, 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 £3,000 (2013: £5,000).
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 2014 49
3. Financial risk management 6. Segment information
The Group is organised into two main operating segments: Professional Business Services and Stock & Inventory Systems & Services.
The segment results for continuing operations for the year ended 31 December 2014 are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
Total gross segment sales 33,343 27,772 2,549 63,664
Inter-segment sales (104) – (2,549) (2,653)
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
Notes to the consolidated financial statements continued
50 Christie Group Annual Report 2014
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 14.
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 25,
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
£257,000 (2013: loss of £473,000). It had other comprehensive
losses of £935,000 (2013: £287,000 income). It had dividends
paid of £459,000 and dividends received of £1,700,000 making
total comprehensive profit for the year of £563,000.
5. Loss of the parent company Christie Group Annual Report 2014 51
6. Segment information continued
The segment results for continuing operations for the year ended 31 December 2013 are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
Total gross segment sales 28,404 25,854 2,473 56,731
Inter-segment sales (104) – (2,473) (2,577)
Revenue 28,300 25,854 – 54,154
Operating profit/(loss before exceptional items 936 1,100 (469) 1,567
Exceptional items (442) –– (442)
Operating (loss)/profit after exceptional items 494 1,100 (469) 1,125
Net finance (costs)/credit (455) (128) (1) (584)
Profit before tax 541
Taxation (351)
Profit for the year after tax 190
Other segment items included in the income statements for continuing operations for the years ended 31 December 2014 and
2013 are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
31 December 2014
Depreciation and amortisation 177 278 3 458
Impairment of trade receivables (23) 79 – 56
31 December 2013
Depreciation and amortisation 284 278 2 564
Impairment of trade receivables 17 36 – 53
The segment assets and liabilities at 31 December 2014 and capital expenditure for the year then ended 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 25,064
Borrowings 4,385
Current tax liabilities 403
29,852
Capital expenditure 248 234 7 489 Notes to the consolidated financial statements continued
52 Christie Group Annual Report 2014
6. Segment information continued
The segment assets and liabilities at 31 December 2013 and capital expenditure for the year are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
Assets 7,691 6,162 3,086 16,939
Deferred tax assets 2,628
Current tax assets 190
19,757
Liabilities 8,747 5,091 1,527 15,365
Borrowings 4,483
19,848
Capital expenditure 116 448 – 564
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.
Revenue for continuing operations is allocated below based on the entity’s country of domicile.
2014 2013
£’000 £’000
Revenue
Europe 60,597 53,607
Rest of the World 414 547
61,011 54,154
Total segment assets are allocated based on where the assets are located.
2014 2013
£’000 £’000
Total segment assets
Europe 19,231 16,778
Rest of the World 60 161
19,291 16,939
Capital expenditure is allocated based on where the assets are located.
2014 2013
£’000 £’000
Capital expenditure
Europe 489 564
Rest of World – –
489 564 6. Segment information continued
2014 2013
£’000 £’000
Analysis of revenue by category
Sale of goods 137 235
Revenue from services 60,874 53,919
61,011 54,154
7. Employee benefit expenses
2014 2013
Staff costs for the Group during the year £’000 £’000
Wages and salaries 35,272 31,714
Social security costs 3,712 3,294
Pension costs 1,217 1,073
Post employment benefits 84 97
Other long-term benefits (108) (112)
Cost of employee share scheme 97 55
40,274 36,121
Average actual number of people (including executive directors) employed
2014 2013
by the Group during the year was Number Number
Operational 3,369 2,598
Administration and support staff 253 242
3,622 2,840
Average full time equivalent number of people (including executive directors)
2014 2013
employed by the Group during the year was Number Number
Operational 872 854
Administration and support staff 253 242
1,125 1,096
8. Finance costs
2014 2013
£’000 £’000
Interest payable on bank loans and overdrafts 95 103
Other interest payable 30 17
Pension scheme finance costs 231 468
Total finance costs for continuing operations 356 588
Bank interest receivable (9) (4)
Total finance credit for continuing operations (9) (4)
Net finance costs for continuing operations 347 584
Christie Group Annual Report 2014 53 Notes to the consolidated financial statements continued
54 Christie Group Annual Report 2014
9. Profit before tax
Group
2014 2013
£’000 £’000
Profit before tax is stated after charging/(crediting):
Depreciation of property, plant and equipment
– owned assets 387 411
Amortisation of intangible fixed assets 71 153
Loss/(profit) on sale of property, plant and equipment 7 (18)
Operating lease charges
– buildings 1,175 1,235
– other 852 708
Impairment of trade receivables (see note 22) 56 53
Repairs and maintenance expenditure on property, plant and equipment 166 108
Loss on foreign exchange 15 22
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
2014 2013 2014 2013
£’000 £’000 £’000 £’000
Audit services
– audit of the parent company and
consolidated financial statements 17 17 17 17
– audit of the subsidiary company financial statements 107 106 – –
Total audit fees 124 123 17 17
Group pension scheme audit fees 13 13 – –
Other services
– other services 8 8 8 8
10. Taxation
2014 2013
£’000 £’000
Current tax
UK Corporation tax at 21.5% (2013: 20%) (403) 237
Foreign tax (24) –
Adjustment in respect of prior years (8) –
Total current tax (charge)/credit (435) 237
Deferred tax
Origination and reversal of timing differences (630) (373)
Impact of change in the UK corporation tax rate (77) (215)
Total deferred tax charge (707) (588)
Tax charge on profit on ordinary activities (1,142) (351) Christie Group Annual Report 2014 55
10. Taxation continued
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
2014 2013
£’000 £’000
Profit on ordinary activities before tax 3,359 512
Profit on ordinary activities at standard rate of UK corporation tax of 21.5%/20% (2013: 20%) (719) (102)
Effects of:
– expenses not deductible for tax purposes (354) (259)
– tax losses for which no deferred tax asset has been previously recognised 8 225
Re-measurement of deferred tax asset due to changes in the UK corporation tax rate (77) (215)
Total tax charge (1,142) (351)
During the year, as a result of the change in the UK corporation tax rate, the opening deferred tax balances have been re-measured.
Deferred tax assets recognised at 1 January 2014 which had been measured at 21% at 31 December 2013 have been re-measured
using the enacted rate that applied at 31 December 2014 (20%).
11. Dividends
A dividend in respect of the year ended 31 December 2014 of 1.5p per share, amounting to a total dividend of £398,000 is to be
proposed at the Annual General Meeting on 16 June 2015. These financial statements do not reflect this proposed dividend.
12. Non-current assets held for sale and discontinued operations
On 31 January 2013, Christie + Co FZ LLC, a 95% owned subsidiary of Christie Group plc, ceased trading following the Board’s decision
to voluntarily liquidate the operation. The operations of Christie + Co FZ LLC have been classified as a discontinued operation.
The results of Christie + Co FZ LLC are as follows:
31 December 2014 31 December 2013
£’000 £’000
Revenue – 9
Employee benefit expenses – –
– 9
Other operating expenses – (38)
Operating loss – (29)
Finance costs – –
Loss from discontinued operations – (29)
Total comprehensive losses from discontinued operations – (29) Notes to the consolidated financial statements continued
56 Christie Group Annual Report 2014
13. 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 2014 31 December 2013
£’000 £’000
Profit from continuing operations attributable to equity holders of the Company 2,455 241
Loss from discontinued operations attributable to equity holders of the Company – (29)
Profit from total operations attributable to equity holders of the Company 2,455 212
31 December 2014 31 December 2013
Thousands Thousands
Weighted average number of ordinary shares in issue 26,285 25,889
Adjustment for share options 1,011 466
Weighted average number of ordinary shares for diluted earnings per share 27,296 26,355
31 December 2014 31 December 2013
Pence Pence
Basic earnings per share
Continuing operations 9.34 0.93
Discontinued operations – (0.11)
Total operations 9.34 0.82
Fully diluted earnings per share
Continuing operations 8.99 0.91
Discontinued operations – (0.11)
Total operations 8.99 0.80
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.
14. Intangible assets – goodwill
Total
Group £’000
Cost
At 1 January 2014 1,793
Foreign currency translation effects (53)
At 31 December 2014 1,740 Christie Group Annual Report 2014 57
14. Intangible assets – goodwill continued
Total
Group £’000
Cost
At 1 January 2013 1,011
Additions (Note 34a) 801
Foreign currency translation effects (19)
At 31 December 2013 1,793
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 2014 are as follows:
Professional Stock & Inventory 
Business Services Systems & Services
£’000 £’000
Goodwill 178 1,615
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 5.0 5.0
15. Intangible assets – other
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. Intangible assets – other continued
Client instructions Software Total
Group £’000 £’000 £’000
Cost
At 1 January 2013 256 474 730
On acquisition (note 34) – 18 18
Additions – 267 267
Disposals (256) (76) (332)
At 31 December 2013 – 683 683
Accumulated amortisation and impairment
At 1 January 2013 115 212 327
Charge for the year 109 44 153
Revaluation (224) (76) (300)
Disposals – (4) (4)
At 31 December 2013 – 176 176
Net book amount at 31 December 2013 – 507 507
16. Property, plant and equipment
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
58 Christie Group Annual Report 2014 Christie Group Annual Report 2014 59
16. Property, plant and equipment continued
Fixtures, fittings, 
Short leasehold computer equipment 
property and motor vehicles Total
Group £’000 £’000 £’000
Cost
At 1 January 2013 303 3,710 4,013
Acquisition of subsidiary – 15 15
Additions – 297 297
Disposals – (577) (577)
Foreign currency translation effects – (25) (25)
At 31 December 2013 303 3,420 3,723
Accumulated depreciation
At 1 January 2013 303 2,478 2,781
Charge for the year – 411 411
Disposals – (559) (559)
Foreign currency translation effects –22
At 31 December 2013 303 2,332 2,635
Net book amount at 31 December 2013 – 1,088 1,088
17. 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
2014 2013 2014 2013
£’000 £’000 £’000 £’000
Deferred tax assets comprises:
Decelerated capital allowances 369 507 – –
Losses not yet utilised 243 651 147 230
Short-term timing differences 411 463 17 –
Deferred tax asset 1,023 1,621 164 230
Deferred tax asset on pension 2,794 1,007 248 71
At 31 December 3,817 2,628 412 301
Movements in the deferred tax asset:
Group Company
2014 2013 2014 2013
£’000 £’000 £’000 £’000
At 1 January 2,628 4,401 301 443
Credited/(charged) to statement of
comprehensive income 1,189 (1,773) 111 (142)
At 31 December 3,817 2,628 412 301 Notes to the consolidated financial statements continued
60 Christie Group Annual Report 2014
17. Deferred tax continued
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 £243,000 (2013: £651,000) relating to losses not yet utilised is
derived from unutilised tax losses of £1,218,000 (2013: £3,100,000). 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 £105,000 (2013: £114,000) in respect of losses amounting to £489,000 (2013:
£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 2014.
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 20% in April 2015. As at 31 December 2014 the substantively enacted rate for the tax year ending
March 2016 is 20% and in accordance with applicable accounting standards the deferred tax asset has been calculated using this rate.
18. Investments in subsidiaries
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
Total
Company £’000
Cost
At 1 January 2013 and 31 December 2013 6,149
Provision for impairment
At 1 January 2013 and 31 December 2013 3,586
Net book amount at 31 December 2013 2,563 18. Investments in subsidiaries continued
Subsidiary undertakings
At 31 December 2014 the principal subsidiaries were as follows:
Principal place of 
business and country 
Company of incorporation** Ownership Nature of business
Christie, Owen & Davies Ltd
(trading as Christie + Co)* UK 100% Business valuers, surveyors and agents
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* Austria 100% Business valuers, surveyors and agents
Christie Business Property
Advisers (Ireland) Ltd* Republic of Ireland 100% Business valuers, surveyors and agents
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
Orridge Inventory Service GmbH* Germany 75% Stocktaking and inventory management services
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
* 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.
Christie Group Annual Report 2014 61 18. Investments in subsidiaries continued
18a. Available-for-sale financial assets
Group Company
2014 2013 2014 2013
Non-current assets £’000 £’000 £’000 £’000
Cost
At 1 January 485 300 485 300
Additions 150 185 150 185
At 31 December 635 485 635 485
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.
19. Other receivables
Group Company
2014 2013 2014 2013
Non-current assets £’000 £’000 £’000 £’000
Amounts due from group undertakings – – 8,699 9,167
Less: provision for impairment of amounts due
from group undertakings – – (611) (569)
Other debtors 465 500 465 500
Other receivables 465 500 8,553 9,098
The Company’s non-current other receivables are denominated in sterling.
Amounts due from group undertakings represent loans due from subsidiaries which are repayable after more than one year .
Other debtors represent loans in respect of the Group’s share schemes repayable after more than one year, none of which
are impaired.
20. Inventories
Group
2014 2013
£’000 £’000
Finished goods and goods for resale 2–
Notes to the consolidated financial statements continued
62 Christie Group Annual Report 2014 Christie Group Annual Report 2014 63
21. Cash and cash equivalents
Group Company
2014 2013 2014 2013
£’000 £’000 £’000 £’000
Cash at bank and in hand 3,770 1,747 4 5
Cash, cash equivalents and bank overdrafts include the following for the purposes of the cash flow statement:
Group Company
2014 2013 2014 2013
£’000 £’000 £’000 £’000
Cash and cash equivalents 3,770 1,747 4 5
Bank overdrafts (note 27) (3,764) (3,877) (3,566) (3,619)
6 (2,130) (3,562) (3,614)
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 2014 the ultimate parent undertaking had utilised bank overdrafts to the value of
£3,566,000 (2013: £3,619,000).
22. Trade and other receivables
Group Company
2014 2013 2014 2013
£’000 £’000 £’000 £’000
Trade receivables 7,287 7,257 – –
Less: provision for impairment of receivables (620) (775) – –
Amounts owed by group undertakings – – 2,688 2,305
Other debtors 1,951 2,003 419 594
Prepayments 2,329 2,106 89 107
Accrued income 142 228 – –
11,089 10,819 3,196 3,006
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
2014 2013
£’000 £’000
Provision at 1 January 775 788
Amounts provided in previous period not utilised (517) (418)
Provided in the period 573 471
Impairment of receivables recognised in the Consolidated Income Statement * 56 53
Amounts written off in the year (211) (66)
Provision at 31 December 620 775
* Included within this amount is £nil (2013: £nil) relating to discontinued operations.
Amounts are written off when there is no expectation of recovering additional cash. 22. 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
2014 2013
£’000 £’000
Not overdue 3,506 3,536
Amounts past due:
< 1 month 2,158 1,808
1 – 3 months 734 1,011
3 – 6 months 510 340
6 – 12 months 221 232
> 1 year 158 330
Provision for impairment of trade receivables (620) (775)
Amounts past due but not impaired 3,161 2,946
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
2014 2013 2014 2013
£’000 £’000 £’000 £’000
Sterling 10,119 9,539 3,196 3,006
Euros 924 1,148 – –
Canadian Dollars 45 107 – –
Swiss Francs – 16 – –
Czech Korunas 1 9 – –
11,089 10,819 3,196 3,006
23. Share capital
2014 2013
Ordinary shares of 2p each Number £’000 Number £’000
Allotted and fully paid:
At 1 January 26,526,729 531 25,263,551 505
Issue of shares –– 1,263,178 26
At 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.
The Company placed 1,263,178 new 2p Ordinary shares during 2013. The shares were placed at 62p per share, raising a
total of £784,000.
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.
Notes to the consolidated financial statements continued
64 Christie Group Annual Report 2014 Christie Group Annual Report 2014 65
23. Share capital continued
At 31 December 2014 the total payments by the Company to the ESOP to finance the purchase of ordinary shares were
£2,639,000 (2013: £2,067,000). This figure is inclusive of shares purchased and subsequently issued to satisfy employee share
awards. The market value at 31 December 2014 of the ordinary shares held in the ESOP was £750,000 (2013: £121,000).
The investment in own shares represents 532,000 shares (2013: 151,000) with a nominal value of 2p each.
23a. 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 2005 to October 2014.
The remaining options outstanding under approved schemes (unapproved options marked *) at 31 December are shown below:
Number of shares
2014 2013 Option exercise price Date granted Option exercise period
3,000 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
613,634 636,634 45.0p May 2009 May 2012 – May 2019
16,000 16,000 45.0p Jun 2009 Jun 2012 – Jun 2019
140,000 140,000 57.5p Sep 2009 Sep 2012 – Sep 2019
63,000 72,000 46.5p May 2010 May 2013 – May 2020
75,000 78,000 58.5p Sep 2011 Sep 2014 – Sep 2021
39,000 58,000 67.0p May 2012 May 2015 – May 2022
79,222 79,222 67.5p Sep 2012 Sep 2015 – Sep 2022
82,778 82,778 67.5p *Sep 2012 Sep 2015 – Sep 2022
93,833 115,833 75.0p Oct 2013 Oct 2016 – Oct 2023
127,167 127,167 75.0p *Oct 2013 Oct 2016 – Oct 2023
48,959 – 134.5p May 2014 May 2017 – May 2024
121,041 – 134.5p *May 2014 May 2017 – May 2024
36,000 – 125.0p Oct 2014 Oct 2017 – Oct 2024
1,564,634 1,434,634
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 124 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
59.5p to 116.5p. There were 412,000 (2013: 511,000) remaining options outstanding under the SAYE scheme at 31 December 2014.
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:
2014 2013
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% – 78.3%
Expected life (years) 3 – 5 years 3 – 5 years
Risk free rate 0.7% – 5.1% 0.7% – 5.1%
Dividend yield 0.0% – 2.7% 0.0% – 3.7%
Fair value per option 16.40p – 102.80p 14.77p – 84.80p 23. 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:
2014 2013
Weighted average Weighted average 
Number exercise price Number exercise price
Outstanding at 1 January 1,434,634 56.25p 1,309,634 52.06p
Granted 206,000 132.84p 243,000 75.00p
Lapsed (76,000) 59.89p (71,000) 49.15p
Expired –– (47,000) 47.24p
Outstanding at 31 December 1,564,634 66.16p 1,434,634 56.25p
Exercisable at 31 December 936,634 49.04p 893,634 48.12p
Excluding SAYE schemes there were no share options exercised during the year or prior year . The total charge for the year
relating to employee share based payment plans was £97,000 (2013: £55,000), all of which related to equity-settled share based
payment transactions. The weighted average remaining contractual life of share options outstanding at 31 December 2014 was
6.24 years (2013: 6.8 years).
24. Reserves
Capital Fair value 
Share Share based redemption and other Retained 
premium payments Own 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)
Capital Fair value 
Share Share based redemption and other Retained
premium payments Own shares reserve reserves earnings
Group £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2013 4,073 747 (142) 10 4,688 (10,113)
Movement in respect of employee share scheme – 61 19 – 80 (23)
Comprehensive income for the period ––– –– 3,868
Proceeds from shares issued 758 ––– 758 –
Transfer of non-controlling interest on liquidation ––– –– (75)
Dividends paid ––– –– (257)
At 31 December 2013 4,831 808 (123) 10 5,526 (6,600)
Notes to the consolidated financial statements continued
66 Christie Group Annual Report 2014 Christie Group Annual Report 2014 67
24. Reserves continued
Capital Fair value 
Share Share based redemption Other and other Retained 
premium payments Own 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 losses for the period ––– ––– 1,022
Dividends paid ––– ––– (459)
At 31 December 2014 4,831 (6) (787) 10 89 4,137 1,392
Capital Fair value Retained 
Share Share based redemption Other and other earnings
premium payments Own shares reserve reserves reserves (*Restated)
Company £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2013 4,073 5 (142) 10 89 4,035 1,295
Movement in respect of employee
share scheme – (7) 19 –– 12 (23)
Comprehensive losses for the period ––– ––– (186)
Proceeds from shares issued 758 ––– – 758 –
Dividends paid ––– ––– (257)
At 31 December 2013 4,831 (2) (123) 10 89 4,805 829
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.
25. Group retirement benefit obligations
The amounts recognised in the statement of financial position are determined as follows:
2014 2013
£’000 £’000
United Kingdom 13,970 4,796
United Kingdom
The obligation outstanding of £13,970,000 includes £1,000,000 relating to David Rugg who transferred 80% of his accrued
benefits out of the Christie Group Pension and Assurance Scheme during the year . 20% of the residual benefit remains 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. 25. 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:
2014 2013
£’000 £’000
Present value of funded obligations 43,636 44,304
Fair value of plan assets (43,636) (44,304)
– –
Present value of unfunded obligations 13,970 4,796
Liability in the statement of financial position 13,970 4,796
The principal actuarial assumptions used were as follows:
2014 2013
% %
Discount rate 4.00 5.00
Inflation rate 3.00 3.20 – 3.30
Future salary increases 3.00 3.20 – 3.30
Future pension increases 2.30-3.40 2.50 – 3.50
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:
2014 2013
Years Years
Male 22.5 21.1 – 22.3
Female 24.1-24.6 22.7 – 24.6
The movement in the defined benefit obligation is as follows:
2014 2013
£’000 £’000
At 1 January 49,100 47,797
Interest cost 2,444 2,263
Current service cost 632 567
Benefits paid (5,038) (820)
Actuarial losses/(gains) on experience 1,292 (245)
Actuarial losses/(gains) on assumption changes 9,176 (462)
At 31 December 57,606 49,100
Attributable to:
Present value of funded obligations 43,636 44,304
Present value of unfunded obligations 13,970 4,796
57,606 49,100
Notes to the consolidated financial statements continued
68 Christie Group Annual Report 2014 Christie Group Annual Report 2014 69
25. Group retirement benefit obligations continued
The movement in the fair value of plan assets is as follows:
2014 2013
£’000 £’000
At 1 January 44,304 37,797
Return on plan assets less interest income 694 4,186
Net interest income 2,213 1,795
Employee Contributions 164 181
Employer Contributions 1,251 1,219
Benefits paid (5,038) (820)
Actuarial gains/(losses) 48 (54)
At 31 December 43,636 44,304
The amounts recognised in the income statement and statement of comprehensive income are as follows:
2014 2013
£’000 £’000
Current service cost 632 567
Total included in employee benefit expenses 632 567
Net interest cost 231 468
Total included in finance costs 231 468
Actuarial losses/(gains) 9,726 (4,839)
Total included in other comprehensive income/(losses) 9,726 (4,839)
Plan assets are comprised as follows:
2014 2013
Quoted* Unquoted Total Quoted* Unquoted Total
£’000 £’000 £’000 £’000 £’000 £’000
Equity – 31,113 31,113 – 32,391 32,391
Debt – 5,181 5,181 – 4,756 4,756
Property** – 2,020 2,020 – 2,057 2,057
Other – 5,322 5,322 – 5,100 5,100
– 43,636 43,636 – 44,304 37,797
* Plan assets are held in unit trusts.
** Property assets include Whitefriars House, a leasehold property owned by Carmelite Property Ltd (see note 35).
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. 25. 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% (8.2)% 9.2%
Salary growth rate 0.50% 0.7% (0.7)%
Pension growth rate 0.25% 1.0% (1.1)%
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 2015 are £1,285,000.
The weighted average duration of the defined benefit obligation is 19.0 years (2013: 19.1 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 2014 £’000 £’000 £’000 £’000 £’000
Pension benefits 1,601 1,040 4,344 120,814 127,799
Company
The income statement credit of £187,000 (2013: £16,000) and statement of financial position liability of £1,238,000 (2013:
£336,000) 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 2014 contributions paid by the Company amounted to £80,000 (2013: £83,000).
Notes to the consolidated financial statements continued
70 Christie Group Annual Report 2014 26. Trade and other payables
Group Company
2014 2013 2014 2013
£’000 £’000 £’000 £’000
Trade payables 1,157 1,551 107 205
Amounts owed to group undertakings – – 2,982 4,288
Other taxes and social security 2,437 1,701 433 193
Other creditors 925 1,180 615 580
Accruals 3,841 3,526 345 262
Deferred income 444 407 – –
8,804 8,365 4,482 5,528
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
2014 2013 2014 2013
£’000 £’000 £’000 £’000
Sterling 7,827 6,617 4,482 5,528
Euros 902 1,583 – –
Canadian Dollars 57 129 – –
Swiss Francs 13 22 – –
Czech Korunas 4 14 – –
8,803 8,365 4,482 5,528
27. Borrowings
Group Company
2014 2013 2014 2013
Current £’000 £’000 £’000 £’000
Bank overdrafts 3,764 3,877 3,566 3,619
Invoice finance (secured against debtors) 621 606 – –
4,385 4,483 3,566 3,619
The Group is not subject to any contractual repricing.
The carrying amounts of current borrowings approximate to their fair value.
Christie Group Annual Report 2014 71 Notes to the consolidated financial statements continued
72 Christie Group Annual Report 2014
28. Provisions
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
Vacant leasehold Long-term benefits 
provisions due to employees Dilapidations Total
£’000 £’000 £’000 £’000
At 1 January 2013 116 2,313 447 2,876
Charged to the income statement
– Additional provision – 31 172 203
Utilised during the year (72) (463) (340) (875)
At 31 December 2013 44 1,881 279 2,204
Analysis of total provisions:
2014 2013
£’000 £’000
Non-current 258 561
Current 2,033 1,643
2,291 2,204
a. Long-term benefits due to employees
Provisions for long-term benefits to employees comprise £67,000 for 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, and all non–current liabilities are estimated to be payable over periods from one to seven years. Christie Group Annual Report 2014 73
29. Notes to the cash flow statement
Cash generated from/(used in) operations
Group Company
2014 2013 2014 2013
£’000 £’000 £’000 £’000
Continuing operations
Profit/(loss) for the year after tax 2,217 190 257 (473)
Adjustments for:
– Taxation 1,142 351 164 (64)
– Finance costs/(credit) 116 116 (111) (100)
– Depreciation 387 411 – –
– Amortisation of intangible assets 71 153 – –
– Impairment of investments in subsidiaries – – 80 –
– Loss/(profit) on sale of property, plant and equipment 7 (42) – –
– Foreign currency translation 83 102 (5) –
– Increase/(decrease) in provisions 87 (672) – –
– Share option charge 92 61 1 –
– Movement in retirement benefit obligation (552) (365) (263) (62)
– Decrease/(increase) in non-current other receivables 35 (184) – –
Changes in working capital (excluding the effects
of exchange differences on consolidation):
– (Increase)/decrease in inventories (2) 1 – –
– (Increase)/decrease in trade and other receivables (270) (9) 275 (1,455)
– (Decrease)/increase in trade and other payables (225) (121) (1,710) 813
Cash generated from/(used in) continuing operations 3,188 (8) (1,312) (1,341)
Discontinued operations
Loss for the year after tax – (29) – –
Adjustments for:
– Loss on sale of property, plant and equipment – 24 – –
– Foreign currency translation – 1 – –
Changes in working capital (excluding the effects
of exchange differences on consolidation):
– Increase in trade and other receivables – 28 – –
– Decrease in trade and other payables – (371) – –
Cash used in discontinued operations – (347) – –
Cash generated from/(used in) operations 3,188 (355) (1,312) (1,341) 30. Reconciliation of movement in net debt
As at As at 
1 January 2014 Cash flow 31 December 2014
£’000 £’000 £’000
Cash and cash equivalents 1,747 2,023 3,770
Bank overdrafts (3,877) 113 (3,764)
(2,130) 2,136 6
Invoice finance (606) (15) (621)
Net debt (2,736) 2,121 (615)
31. Financial assets & liabilities
The carrying value of financial assets and liabilities, which are principally denominated in Sterling, Euros, Canadian dollars,
United Arab Emirate Dirhams, Swiss Francs or Czeck Korunas were as follows:
Group Company
2014 2013 2014 2013
Assets £’000 £’000 £’000 £’000
Available-for-sale financial assets 635 485 635 485
Trade and other receivables 11,554 11,319 11,749 12,104
Cash and cash equivalents 3,770 1,747 4 5
15,959 13,551 12,388 12,594
Group Company
2014 2013 2014 2013
Liabilities £’000 £’000 £’000 £’000
Retirement benefit obligations 13,970 4,796 1,238 336
Provisions 2,291 2,204 – –
Trade and other payables 8,804 8,365 4,482 5,528
Borrowings 4,385 4,483 3,566 3,619
29,450 19,848 9,286 9,483
Notes to the consolidated financial statements continued
74 Christie Group Annual Report 2014 Christie Group Annual Report 2014 75
32. Commitments
a. Operating lease commitments
At 31 December 2014 the Group has lease agreements in respect of properties, vehicles, plant and equipment, for which the
payments extend over a number of years.
2014 2013
Vehicles and Vehicles and 
Property equipment Property equipment
£’000 £’000 £’000 £’000
Commitments under non-cancellable
operating leases due:
Within one year 1,011 629 1,097 780
Within two to five years 3,047 542 3,369 854
After five years 7,305 – 7,617 583
11,363 1,171 12,083 2,217
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.
The Group also sub-lets an element of office space in respect of certain property lease agreements. The future minimum
sublease payments expected to be received under non-cancellable subleases at the statement of financial position date was
£nil (2013: £18,000).
33. 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 2014 no material unprovided contingent liabilities existed (2013: £nil).
34. Business combinations
a. Acquisitions in 2013
• On 1 September 2013, Reedwall Limited, a wholly owned subsidiary of Christie Group plc, completed the acquisition of 75% of the
issued share capital of Orridge Inventory Services GmbH for a consideration of €2, the company was incorporated in Germany and
whose principal activities are that of a holding company of the Inventory Service Group with five subsidiaries across Europe.
• On 14 May 2013, Christie & Co (Holdings) Limited, a wholly owned subsidiary of Christie Group plc, acquired a 100% shareholding
in the ordinary shares of Christie Business Property Advisers (Ireland) Limited, a newly incorporated company registered in the
Republic of Ireland. The newly incorporated company remained dormant until it began trading on 1 January 2014.
b. Disposal in 2013
• On 31 January 2013, Christie + Co FZ LLC, a 95% owned subsidiary of Christie Group plc, ceased trading following the Board’s
decision to voluntarily liquidate the operation. The operations of Christie + Co FZ LLC have been classified as discontinued
operations in the years ended 31 December 2013 and 2012. The loss on liquidation was £29,000. 35. 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 33, 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:
2014 2013
£’000 £’000
Directors’ remuneration per Directors’ report 1,831 1,490
Employers’ NI 232 186
Total remuneration 2,063 1,676
2014 2013
£’000 £’000
Dividends paid to Directors 268 144
The Income Statement charge in respect of share options held by directors is £25,000 (2013: £3,000).
Company
Transactions with Group undertakings:
2014 2013
£’000 £’000
Provision of services 4,344 4,068
Purchase of services 760 811
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 19, 22 and 26.
See Note 19 for provisions against amounts due from group undertakings.
During the period rentals of £318,000 (2013:£310,000) 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.
Notes to the consolidated financial statements continued
76 Christie Group Annual Report 2014 Five-year record
Christie Group Annual Report 2014 77
Consolidated income statement
2012
2014 2013 (*Restated) 2011 2010
£’000 £’000 £’000 £’000 £’000
Revenue 61,011 54,154 56,087 53,290 48,905
Operating profit/(loss) before exceptional items 3,706 1,567 1,404 745 1,042
Exceptional items – (442) – (405) –
Finance (costs)/credit (347) (584) (333) (103) (103)
Profit/(loss) on ordinary activities before tax 3,359 541 1,071 237 939
Taxation (1,142) (351) (386) (386) 455
Profit/(loss) on ordinary activities after tax 2,217 190 685 (149) 1,394
Non-controlling interest 238 51 40 35 –
Profit/(loss) attributable to equity holders of the parent 2,455 241 725 (114) 1,394
Earnings per share
– basic 9.34p 0.81p 2.89p (0.46p) 5.64p
Dividends per ordinary share (payable in respect of the year) 2.25p 1.50p 1.00p 0.50p 1.00p
The 2012 and 2013 results shown above are for continuing operations only.
Consolidated statement of financial position
2012 2011
2014 2013 (*Restated) (*Restated) 2010
£’000 £’000 £’000 £’000 £’000
Non-current assets 8,247 7,001 7,663 7,051 6,415
Current assets 14,873 12,756 12,162 12,357 11,794
Non-current liabilities (258) (561) (734) (554) (2,093)
Current liabilities (15,625) (14,491) (13,629) (13,316) (10,438)
7,237 4,705 5,462 5,538 5,678
Retirement benefit obligations (13,970) (4,796) (10,000) (4,292) (3,222)
Net assets (6,733) (91) (4,538) 1,246 2,456 78 Christie Group Annual Report 2014
Shareholder information
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
Financial calendar 
Annual General Meeting
Whitefriars House Tuesday 16th June 2015 
6 Carmelite Street at 10.30am
London EC4Y 0BS
Announcements
Half-year results for 2015 September 2015
Preliminary full-year results for 2015 April 2016
Final dividend 2014
Ex-dividend 3 June 2015
Record date 5 June 2015
Payment date 3 July 2015
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 (calls cost 10 pence per minute plus network
extras. Lines are open from 9am to 5:30pm Mon –Fri)
from the UK and +44 (0) 20 8639 3399 from overseas.
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.
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 0391 from the UK (calls cost 10p per minute
plus network extras. Lines are open between 9am and 5:30pm,
Monday – Friday) or from overseas on +44 (0) 20 8639 3367; or
•by e-mail at shareportal@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 2014 79
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
8-9 Westmoreland Street
Dublin 2
T: +353 (0) 1 618 2000
E: dublin@christie.com
Poland – Warsaw
ul. Noakowskiego 16 lok. 39
00-666 Warszawa
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
OTHER UNITED 
KINGDOM OFFICES
Birmingham
Edgbaston House
3 Duchess Place
Hagley Road
Birmingham B16 8NH
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 Gordan Street
Glasgow G1 3PU
T: +44 (0) 141 352 7300
E: glasgow@christie.com
Ipswich
Wolsey House
16-18 Princes Street
Ipswich IP1 1QT
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 80 Christie Group Annual Report 2014
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
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 285612
E: exeter@christiefinance.com
Glasgow
T: +44 (0) 141 352 7305
E: glasgow@christiefinance.com
Ipswich
T: +44 (0) 1473 234905
E: ipswich@christiefinance.com
Leeds
T: +44 (0) 113 389 2714
E: leeds@christiefinance.com
London
T: +44 (0) 20 8370 3100
E: london@christiefinance.com
Maidstone
T: +44 (0) 1622 656006
E: maidstone@christiefinance.com
Manchester
T: +44 (0) 161 833 6901
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
Reading
T: +44 118 402 1650
E: reading@christie.com
Winchester
T: +44 (0) 1962 833818
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
Llantrisant
1st Floor, Unit 3
Magden Park
Green Meadow
Llantrisant CF72 8XL
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
Directory continued 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 Developing opportunities
14 Innovating collaboration
16 Inspiring and creating referrals
18 Divisional review
24 Financial review
25 KPIs
26 Board of directors
26 Company information
27 Strategic report
28 Directors’ report
29 Corporate governance
32 Remuneration report
34 Statement of directors’ 
responsibilities
35 Independent auditor’s report
36 Consolidated income statement
37 Consolidated statement of
comprehensive income
38 Consolidated statement of changes
in shareholders’ equity
39 Consolidated statement 
of financial position
40 Consolidated statement 
of cash flows
41 Company statement of changes 
in shareholders’ equity
42 Company statement of 
financial position
43 Company statement of cash flows
44 Notes to the consolidated 
financial statements
77 Five-year record
78 Shareholder information
79 Directory
Contents
Designed and produced by fourthquarter
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 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 2014
CROSS POLLINATION
Making
the right
connections
Christie Group plc ANNUAL REPORT 2014