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
Christie Group plc ANNUAL REPORT 2016
Client centric 
insight
Annual Report 2016 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 70 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 Diversified knowledge
14 Vision & Insight
17 Divisional review
26 Financial review
27 KPIs
28 Board of directors
29 Strategic report
30 Directors’ report
31 Corporate governance
34 Remuneration report
36 Statement of directors’ 
responsibilities
37 Independent auditor’s report
38 Consolidated income statement
39 Consolidated statement of
comprehensive income
40 Consolidated statement of changes
in shareholders’ equity
41 Consolidated statement 
of financial position
42 Consolidated statement 
of cash flows
43 Company statement of changes 
in shareholders’ equity
44 Company statement of 
financial position
45 Company statement of cash flows
46 Notes to the consolidated 
financial statements
84 Five-year record
85 Shareholder information
87 Directory
Contents
Designed and produced by fourth qua r ter
The paper used in this document contains
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managed and sustainable commercial
forests, certified in accordance with the
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(Forest Stewardship Council). Christie Group Annual Report 2016 1
Highlights of the year
• Revenue growth of 1.2% to £64.5m (2015: £63.7m)
• Operating profit before exceptional items of £1.0m (2015: £3.8m)
• Operating profit after exceptional items of £2.3m (2015: £3.8m)
• Earnings per share of 5.35p per share (2015: 9.73p per share)
• Proposed final dividend at 1.5p per share (2015: 1.5p per share) maintains
total dividend for the year at 2.50p per share (2015: 2.50p per share)
• Significant improvement in trading in second-half of the year, following 
a subdued first half which was impacted by EU Referendum
• Second-half operating profit before exceptional items of £1.9m (2015: £2.0m)
• PBS division delivers second-half operating profit before exceptional items 
of £1.8m after first-half operating loss of £0.4m
• Progress across all businesses in the division sees SISS division reduce
operating losses before exceptional items to £0.2m (2015: £1.0m)
• Christie Finance wins ‘Commercial Mortgage Introducer of the Year’ 
for the second year running at the Business MoneyFacts Awards
    
 
2016 2015
P
 54% 57%
  
  
 
46%
57% 43%
43%
2015 2
REVENUE BY DIVISION  
 
Professional
Business Services
Stock & Inventory
Systems & Services
 
54% 46%
2016
  REVENUE BY SECTOR
Leisure
33%
45%
22%
Retail
Care
 
 
  
  
 
201 6 2
    
2016 2015
45% 48%
20%
32%
48%
33% 32%
 
22% 20%
 
  
  
 
2015 2 Christie Group Annual Report 2016
After a subdued first half, which – as
previously reported – was caused by the
inertia leading up to the EU referendum,
I am pleased to advise that our trading
environment recovered following the
summer holiday period.
We achieved full year revenue of
£64.5m, and in doing so delivered a
small increase on the prior year (2015:
£63.7m). Our first-half operating loss
before exceptionals of £0.9m was
eradicated in the second half and an
operating profit before exceptional items
of £1.0m (2015: £3.8m) was generated
for the year as a whole.
In addition, we recorded an exceptional
operating profit of £1.3m (2015: £nil) as
a result of introducing further inflation
capping to our final salary pension
schemes, both of which remain
closed to new members.
As a result of all of the above,
operating profit after exceptionals
totalled £2.3m (2015: £3.8m). Earnings
per share stood at 5.35p per share
(2015: 9.73p per share). While this
amounted to a decrease on the prior
year, it was nonetheless reflective of an
encouraging recovery after a challenging
first half. 
Cash flow in the year reflected capital
expenditure investment in the business
for the longer term of £1.3m as well as
a £1.2m increase in trade receivables
due to the positive second half trading.
Our working capital control and bad debt
experience both remain excellent and
our available cash and facilities support
our aspirations for the year ahead. 
Professional Business Services
As alluded to above, it was the Corporate
M&A activity which saw a lack of activity.
Whilst we deliberately strive to keep 
a healthy balance between transactional
and advisory services, it is of course 
a fact that most advisory work,
valuations, revaluations, due diligence
and consultancy work revolve around
either current transactions or plans for
future transactions. 
Agency activity was dispersed across our
trade sectors. The star sector during the
year was Children’s Day Care, which
delivered several highlights during the
year with this momentum continuing
into 2017 as highlighted by its sale of
Magic Nurseries to Les Petits
Chaperons Rouge in January.
Helpfully, we saw an increase in
transaction activity in the lesser
regulated sectors such as Retail and
Hospitality. This will lead to our 
‘deal agreed’ pipeline throughput
accelerating, where deals tend to
conclude more quickly in these sectors
so that the conversion of pipeline to
recognised revenue is swifter .
Our International transactional and
advisory business, combined with
international trade from our UK base,
ensured that these activities returned 
an operating profit. We did, however,
experience a post-Brexit slowdown in
continental Europe which we hope will
be short-lived. Our Asia desk was
successful in assisting sales in Europe to
Chinese buyers. This activity continues,
subject to the more stringent close
capital constraints.
Our consultancy activities have been
successfully expanded into both the
Chairman’ s statement
“The result for the year was reflective of an
encouraging recovery after a challenging
first half”.  dental and pharmacy sectors. Briefs
included ‘whole of market’ reviews 
in order to place specific portfolio
acquisition and development
opportunities in context.
Valuation instructions increased by 12%.
Additionally, we received instructions 
to assist lenders to comply with the
European banking regulation which
requires triennial review of the values of
assets which support existing bank loans.
We also assisted clients to access actual
and consequential losses in instances
where it is accepted that they had been
wrongly deprived of trading assets.
Christie Finance enjoyed another good
year with increasing involvement in
higher value loans. Indeed, further to the
launch of Christie Finance Corporate, the
business is now mandated on a number
of sizeable lending projects, illustrating
its increasing ability to serve a diverse
range of corporate clients, including
private equity houses. Affirming its
growing stature, the business won the
Commercial Mortgage Introducer of the
Year award at the Business MoneyFacts
awards for the second successive year .
As ever, our insurance business Christie
Insurance enjoyed some challenging
assignments. The end product of
insurance is claims and for Christie
Insurance this is the acid test of the
products and insurers they recommend.
During the year one client suffered
water damage to one of their buildings
and the client had inadvertently failed to
advise their insurers the buildings were
unoccupied, resulting in an exclusion of
the required water damage cover .
Despite this, Christie Insurance was
successful in persuading the insurer to
pay out on a large part of the costs their
client incurred.
Pinders, our business appraisal and
building services business, has covered
some interesting assignments in
addition to its normal business valuation
work. Most notably these included an
Insurance Reinstatement Assessment
for a thirteenth century Grade I Listed
Castle and Building and Services
Condition Surveys for a tranche of 
ten Hilton Hotels. Alongside these
successes, Pinders’ renowned database
and depth of knowledge has brought
expert witness work where Pinders is
required to establish the historic values
of business when a dispute arises.
Stock & Inventory Systems & Services
As previously reported, the introduction
of the National Living Wage meant that
at a stroke, our retail counters were
rewarded at a higher level. As a result,
we increased prices, but there was 
a small drag effect due to timing of
contractual review dates. Whilst
turnover was flat in our Retail division,
we have adjusted the work specification
or value of counts in order to retain 
our margin. In fact, we are now seeing
‘win backs’ where customers had
previously chased price over competence
and have now come back to Christie.
Our supply chain service is active 
in growing its ‘good faith receiving’ 
audits which are becoming increasingly
established practice in retail supply.
Internationally, our operations in
Benelux and France have already
secured sufficient assignments to
underpin profitability there in 2017,
whilst current work trials in Germany
hold out a similar prospect for later 
in the year .
Our licensed trade business, Venners,
continued to grow market share and
existing clients awarded us work for
further brands. Venners new Brand
Reputation offering has been
enthusiastically received by those which
have or wish to franchise hospitality
brands. Venners ensures that the
operator conforms to the brand service
standards throughout each trading
outlet through an agreed schedule of
visits and, on occasion, unannounced.
Vennersys has achieved the goal of
readying its SAAS (‘Software As A
Service’) model for ‘go lives’ in 2017. 
We remain in a period of intense activity
as many visitor attractions are seasonal
and open at either Easter or for the
summer months. Once over the ‘hump’
of these existing client conversions, we
will be able to accommodate our new
business pipeline on a more rapid basis.
We anticipate, with minor exceptions,
being able to switch off our legacy
systems at this year end. This will
reduce duplicated help desk traffic.
Outlook
The year for both our divisions has
started more strongly than in 2016. 
We have some inflationary costs to
absorb which our budgets allow for .
Your management and staff alike strive
to always deliver a service that is second
to none, and on your behalf I thank
them. We plan for continued growth in
2017. Your board’s enthusiasm for the
unique and logically related Group of
companies that constitute your business
continues unabated.
Reflecting this optimism, your directors
recommend a final dividend of 1.5p per
share (2015: 1.5p), maintaining a total of
2.5p for the year (2015: 2.5p). If approved
the dividend will be paid on 7 July 2017
to those shareholders on the register on
9 June 2017.
Philip Gwyn
Chairman
31 March 2017 
Christie Group Annual Report 2016 3
“The year for both our divisions has 
started more strongly than in 2016. 
We plan for continued growth in 2017.”  4 Christie Group Annual Report 2016
Chief Executive’ s review Chief Executive’ s review
Stability and long-term growth
Continuing geopolitical uncertainty, 
not least Brexit, made professional
investors more cautious in 2016 and this
limited liquidity in our markets. Despite
these constraints, the Group managed
to grow revenue slightly to £64.5m
(2015: £63.7m). Operating profit before
exceptional items was lower, at £1.0m
(2015: £3.8m). However, our second half
held up with an operating profit before
exceptionals in the second six months of
the year of £1.9m (2015: £2.0m).
Especially in the corporate segment,
both buyers and sellers marked 
time in the run-up to the June
referendum. In the immediate
aftermath, the surprise nature of the
result acted as a short-term brake,
but investors adapted swiftly and soon
re-engaged. Transaction volumes
rebounded in the last four months 
of the year .
The pause in market activity in the 
run-up to Brexit could be anticipated; 
it resulted in a revenue shortfall in the
first half of 2016. The board took the
view that our long-term interests were
better served by continuing to invest in
our businesses and brands. This meant
the Group operated with surplus
capacity for much of the year . The
resulting higher overheads had an
impact on our overall profitability.
Historically, our business has
prospered by focusing decision-making
on medium-term outcomes and the
fundamentals in our chosen sectors.
The stability of our shareholder base
has played a key role in this, helping to
ensure we are not deflected from our
core purpose of achieving sustainable,
long-term growth. 
Focus, flexibility and resilience
There are Christie Group services at
every stage of the business lifecycle. 
We value businesses for prospective
buyers and support acquisitions by
arranging debt finance and insurance
cover . Our inventory and stock planning
services enhance operational efficiency.
We provide expert advice and services 
to help those selling businesses
maximise their value.
Our organisational structure underpins
our resilience across the economic
cycle. We derive more predictable
earnings from services that enhance
operational efficiency. Our transaction-
related services tend to be more
profitable in active markets. 
Our transaction-linked business is 
well diversified. We engage right across
our sectors, from smallest to largest,
serving both private clients and the
corporate market. So when professional
markets were subdued in the first half
of 2016 we continued to conclude
transactions with private clients. It
demonstrates once again the merits 
of a balanced group structure with a
wide-ranging portfolio of interests.
Understanding our sectors in depth 
is key. We acquire detailed business
intelligence by focusing on three broad
economic sectors: Retail, Care –
including Medical and Childcare &
Education – and Leisure. We store and
share sector-specific knowledge across
the Group to optimise our services.
Business intelligence has always been
at the foundation of our offering. We aim
“Transactions volumes rebounded in the
last four months of the year as investors
re-engaged.” Christie Group Annual Report 2016 5
to deliver high-quality service and
advice that commands premium pricing
and is less likely to be undercut by cost-
driven competitors. It is an approach
that suits clients’ needs in the
knowledge economy.
Our business is built around our clients.
As sector specialists, we understand the
dynamics of their markets and their
businesses. We can propose precisely
targeted, practical solutions. 
Professional Business Services
One recent market dynamic is the
emergence of service businesses as 
a popular class of alternative asset. 
Alternative assets have moved into the
mainstream in recent years as investors
have realised that certain financial risks
cannot be properly addressed using
traditional assets. Institutional investors
are including business assets and
sector holdings in their portfolios. 
In the manufacturing sector opportunities
are limited. New technologies, like
Artificial Intelligence, robotics and 3D
printing, are radically reducing fixed
costs. Smart manufacturers can grow
their businesses without major capital
infusions. This is freeing up capital to be
invested elsewhere. 
Investors are targeting businesses in
our sectors. Fund managers, private
equity houses and management
companies are constructing sector-
based portfolios. They are buying care
homes, hotels, pubs and restaurants as
income-generating assets with built-in
inflation protection.
Take children’s day care. Christie & Co
has been growing its presence here for
more than a decade. The sector was
once dominated by family-led start-ups.
Through government funding of
childcare provision, it is now
approaching critical mass. There is 
an influx of new capital: private equity
houses are building regional and
national networks.
Christie & Co has the experience, scale
and capabilities to support corporate
investors in this and other sectors. 
Our professional guidance and sector-
specific expertise can add considerable
value for buyers with limited operational
experience. We can call on detailed
knowledge to build valuations, develop
acquisition strategies and launch sales
campaigns. We tailor our services to
each client. 
We are also reaching out to private
clients. First-time buyers, by definition,
are less likely to have had dealings with
us in the past. We are finding new ways
to connect with them so we can address
their requirements more effectively.
We raised our visibility in the private
client market this year by listing
business properties on a leading
consumer-facing property search
engine. We now have more business
listings on rightmove.co.uk than any
other agency. This generates a steady
stream of enquiries.
Building sector knowledge
Knowledge is a key differentiator across
the Group. We have been formalising our
processes for amassing and harvesting
this knowledge. Our consultancy division
conducts research, prepares sector-
based strategic reviews and publishes
thought-leadership pieces to assist clients,
while shining a light on our sectors and
informing our own positioning. 
In 2016, it followed up an earlier report
on the UK nursing workforce by 
“We have the experience, scale and capabilities 
to support corporate investors and we’re finding
new ways to connect with private clients.” 
Christie & Co’s report on the Adult Social
Care sector (above) was just one of a
number of research publications, sector-
based strategic reviews and thought
leadership pieces which demonstrate the
depth of knowledge we can harness to add
value for our clients. examining funding for care services.
This analysed the funding needs for
elderly and specialist care at over 
200 leading operators and every local
council in the UK. It also produced
strategic reports identifying trends
and market dynamics for hotels, pubs,
restaurants and the convenience sector . 
Another 2016 consultancy assignment
surveyed the dental sector for a
prospective investor . Its detailed
intelligence on the size, dynamics and
structure of the sector gave this client 
a solid base for assessing acquisitions. 
We make use of data analytics to mine
for industry-specific and wider economic
data. A market-leading data analytics
tool was used extensively in 2016. It
yielded valuable insights into the hotel,
pub and restaurant, and medical sectors. 
Pinders is a hub of expertise. Its views
are frequently sought out by banks,
operators, developers and investors. It is
regularly called on in dispute resolution
cases and as an expert witness. Actual
and potential lenders and owners
consult it on what revenues to expect
and how to develop their business.
Clients receive detailed sector and
business appraisals. They can get
informed, in-depth advice for all kinds 
of business situations, including, in
2016, managing a crematorium and
maximising the use and value of an
indoor bowling centre.
Christie Finance has been gaining
traction as a specialist broker . Its strong
sector expertise attracts independent
enquiries as well as introductions
through Christie & Co. Private equity
houses in particular appreciate its
intermediation skills. It is increasingly
involved in larger transactions. Christie
Insurance continues to work closely
with partner companies to forge
profitable client connections and deliver
bespoke insurance cover .
Internationalisation
Christie & Co has won an international
reputation for its professionalism and
high-quality services. It supports
international transactions through its
branches across Europe in 16 cities and
through the Asia desk, based in London
and Shanghai. Our long-term objective
is to become the leading pan-European
advisor in our chosen sectors.
The post-Brexit fall in sterling has 
made UK companies more attractive 
for overseas investors. The Asia desk
has been working very successfully
alongside our corporate teams in
advising Asian investors who want to
take advantage of current preferential
currency rates.
There is a two-way flow of business 
in the educational sector . Investors 
are looking at British educational
institutions not just as assets, but as
potential international brands. British
education has a strong reputation
globally. There are receptive markets 
in parts of the Middle East and Asia for
UK educational brands and expertise. 
Stock and Inventory Systems 
and Services
The fallout from the Brexit vote may
raise challenges for our stock and
inventory businesses. 
No one yet knows how the UK’s
immigration controls will operate in
future. We currently enjoy the support 
of colleagues from 23 nations. We
anticipate more help from non-EU
countries in future.
Our stock taking businesses employ the
latest technology, but they also rely 
6 Christie Group Annual Report 2016
Chief Executive’s review 
continued
The successful brokerage of the sale of 
one of Croatia’s most prominent hotel
complexes – the Radisson Blu Sun Gardens
in Dubrovnik – by Christie & Co to a Chinese
investor, highlighted the attraction of
European assets to Asian investors, with
whom Christie & Co’s Shanghai & London
based Asia desk are building increasingly
successful connections. Christie Group Annual Report 2016 7
heavily on the people in the field. We
strive to both train and incentivise 
our colleagues to create a culture of
excellence, enthusiasm and respect.
Flexible hours contracts are sometimes
criticised, but in our experience these
kinds of arrangements can often be 
very successful. Low staff turnover 
at Venners and Orridge suggests that
this pattern of working suits people’s
lifestyles. Indeed, some casual counters
have stayed with Orridge for more than
two decades. 
Counter costs rose again with the
introduction of the national living wage
in April. This followed minimum wage
and pension legislation in previous
years. We have increased our UK
charge-out rates correspondingly.
The market dynamics in the retail sector
present clear growth opportunities for
Orridge’s supply chain division. More
and more physical retailers are turning
themselves into bricks-and-clicks
businesses. These depend on cohesive,
well-ordered supply chains. To manage
that effectively they need real-time
information on stock availability and
replenishment. Because physical
checks need to be conducted on a
continuous basis and the counters can
be based full-time at a warehouse or
supplier distribution centre, there are
savings in travel time and resource
management.
Equally, we are pursuing with vigour 
our Pharmacy stocktaking services. 
We have received a record of excellence
since 1846, but still see growth potential.
Venners has successfully changed its
culture to reflect shifting market
dynamics. The big brewers are no
longer dominant. The Pubs Code 
regulations which came into force in
May have tilted the balance of power
away from the Pubcos. The sector has
more diverse players and increased
participation by private equity. 
Venners has developed strong sales and
marketing capabilities to meet the new
challenges posed by this changed
landscape. It has developed a broader
range of services. It is no longer seen 
as a loss reducer, but as a business
partner capable of adding value and
enhancing profitability. 
Brand reputation is an example of an
area its activities add value. Brand
owners want to be sure that franchisees
are meeting their standards and
guidelines. Venners compliance audits
check activity against contractual
requirements and brand
recommendations.
Operational consultancy services at
both Orridge and Venners contribute to
client profitability. They prepare stock
plans for retailers, licence owners and
others that highlight demand for certain
stock categories. They propose what
should be in stock, when, where 
and at what price point. Invariably,
businesses adopting their
recommendations see measurable
improvements in trading results. 
Vennersys remains on track in its
development of a highly scalable
attractions system with global potential.
Venpos Cloud went online for new users
during 2016. It is now migrating major
existing users to the Cloud in a
programmed way to ensure all existing
functionality is on the new platform. 
We provide an integrated on-site and
online solution for the user . Our own
return is based upon an attractive
recurrent revenue model.
Responding to change
Technology and competitive forces are
changing market dynamics in many 
of our sectors. We respond to that by
stressing light-touch management 
that retains control but encourages
responsibility and self-reliance across
the Group. We also need to bring new
people in and get them up to speed
quickly. To that end, we have enhanced
our online training capabilities right
across the Group. This is helping to
build up our knowledge base in a more
controlled fashion and in a way that
recent intakes find more convenient.
Looking ahead
The pick-up in sales towards the end 
of 2016 continued into the new year . 
We entered 2017 with a strong pipeline
across our business. 
As underlying market trends re-establish
themselves we are poised to benefit. 
With capacity already in place we can
take on more business without incurring
significant extra costs. It means further
revenue growth is likely to result in
higher operating profit returns as we
benefit from our operational gearing.
Yet geopolitical uncertainties remain.
The UK and Europe are entering a very
complex period. There will be bumps on
the road. With that caveat, we anticipate
improved performance in 2017. 
David Rugg
Chief Executive
31 March 2017 
“The pick-up in sales towards the end of 2016
continued into the new year, though the UK
and Europe are entering a complex period.” 
Christie Group Annual Report 2016 7  
  
  
 
 
 
 
  
 
 
 
 
  
 
  
 
  
 
 
  
 
  
 
  
  
  
  
  
 
 
  
  
 
  
 
 
8 Christie Group Annual Report 2016
Our strategy
Our strategy is to develop
our businesses in ways
which guarantee a resilience
that will create growth and
sustainable value for all 
our stakeholders. 
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. 
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. 
Operational
excellence
Financial 
stability
Sector-
specialist 
knowledge
Brand 
strength and 
endurance 
International 
reach
Exceptional
service
Flexibility Valuation
Sales memoranda
Expert witness and
litigation and support
Disposal advice
and brokerage
Strategic and
business advice
Property advice and
rent reviews
Building Services
Operational review
Capex appraisal
Stocktaking
Health & Safety
E-ticketing, admissions
& event management
software solutions
Finance & Insurance
Investment advice
Commercial due
diligence
Deal origination and
buy-side advice
Finance & Insurance
Forward sale
Management contract 
and lease advice
Valuation
Operator search and
selection / letting
Site sourcing and
development deals
Market, feasibility
and impact studies
Valuation
Creating
sustainable
value for our
shareholders
NURTURING TALENT
ADAPTING TO CHANGE
ENHANCING RESULTS
JOINED-UP THINKING
D I S P O S A L
A C Q U I S I T I O N
D E V E L O P M E N T
O P E R A T I O N S
Christie Group Annual Report 2016 9   
 
 
 
   
   
 
 
  
Our brands
Professional Business 
Services
Christie & Co is a leading specialist firm providing business
intelligence in the hospitality, leisure, care, retail and medical
sectors. A market leader in its sectors, it employs the largest
teams of sector specialists in the UK providing professional
agency, valuation and consultancy services.
www.christie.com
Christie Finance has 40 years’ experience in financing businesses
in the hospitality, leisure, care, retail and medical sectors. 
Christie Finance prides itself on its speed of response to client
opportunities and its strong relationships with finance providers.
www.christiefinance.com
Christie Insurance, with 40 years’ experience arranging
business insurance in the hospitality, leisure, care, retail and
medical sectors, is a leading company in its markets. It delivers
and exceeds clients’ expectations in terms of the cost of their
insurance and the breadth of its cover .
www.christieinsurance.com
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
Stock & Inventory 
Systems & Services
Orridge is Europe’s longest established stocktaking business
and specialises in all fields of retail stocktaking including high
street, warehousing and factory operations, as well as supply
chain services. Orridge prides itself on the speed with which it
supplies high-quality management information to its clients.
www.orridge .co.uk         www.orridge.eu
Venners is the leading supplier of stocktaking, inventory,
consultancy services and related stock management systems
to the hospitality industry. Venners is the largest and longest
established stock audit company in the sector in the UK.
www.venners.co.uk
Vennersys operates in the UK and North America and delivers
online Cloud-based ticketing sales and admission Systems 
to visitor attractions such as historic houses and estates,
museums, zoos, safari parks, aquaria and cinemas. It has 
over 20 years’ experience delivering purpose-designed
solutions for clients’ ticketing, admissions, EPoS and food 
and beverage sales requirements.
www.vennersys.co.uk www.vennersys.ca
10 Christie Group Annual Report 2016 BARCELONA
RENNES
LYON
PARIS
DUBLIN
BERLIN
STOCKHOLM
WARSAW
MUNICH
VIENNA
FRANKFURT
BONN
BORDEAUX
HELSINKI
BRUSSELS
LONDON
AIX EN PROVENCE
MADRID
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
I B E R I A
F R A N C E
WINCHESTER
CARDIFF
EXETER
HARLOW
READING
MILTON KEYNES
MAIDSTONE
BRISTOL
NOTTINGHAM
IPSWICH
BIRMINGHAM
ALDRIDGE
MANCHESTER
NEWCASTLE UPON TYNE
LEEDS
EDINBURGH
GLASGOW
The area we cover
Offices
45 offices across the UK,
Continental Europe and Canada.
Employees
Employing over 3,000
professional and specialist staff.
Christie Group Annual Report 2016 11 We have strength in depth in specific
sectors. More market-sensitive sector
specialisms, like Leisure and Retail, 
are balanced by strengths in less cyclical
areas, including Childcare & Education,
Medical and Care. It’s a structure that
protects the Group from cyclical volatility. 
Our diverse income streams promote
resilience and provide firm foundations
for sustainable growth.
THE PROJECT STORY: Our knowledge is valued 
by clients which often helps us to build long-term
relationships with them. In November 2016, 
Dominion Hospitality, an affiliate of Stellex Capital
Management, acquired The Chapman Group, which
owns and manages 28 hotels and pubs in the south 
of England. Christie & Co has advised and worked 
with the Chapman Group over the last 15 years,
helping them to create a balanced estate which 
had previously been focused on wet-led outlets.
In total, Christie & Co and
Pinders valued approximately
£7.5bn of assets across our
sectors in 2016.
£7.5bn
45
Offices across the 
UK, Continental Europe
and North America.
“Understanding our key sectors
in depth is key. We acquire
detailed business intelligence
by focusing on three broad
sectors and we store and share
sector specific knowledge
across the Group.”
David Rugg, Chief Executive
Diversified knowledge
A balanced group with 
strength in depth
12 Christie Group Annual Report 2016 THE PROJECT STORY: The fundamental drivers of the 
UK hotel market remain positive, and the strength of the
regional markets was highlighted by Christie & Co’s
successful brokerage of a collection of six Hilton managed
properties. Christie & Co leveraged their knowledge of the
sector and the players within it to run a competitive sales
process, resulting in the six hotels, located across the UK,
being purchased by individual buyers.
Weighted average business
values across our sectors
increased by over 8% in 2016.
8%+
We accessed over 18m
data points during the 
year and advised on 
over 6,000 businesses.
18m
THE PROJECT STORY: Our valuation teams are adept at
delivering large advisory projects in timescales to meet
project demands. McColl’s conditional agreement in July
2016 to acquire 298 stores from the Co-Operative Group
plc required a ‘Red Book’ valuation to adhere to UK Listing
rules, for which Christie & Co mobilised their Retail
Valuation team to provide 133 inspections and valuations
in less than a month.
Christie Group Annual Report 2016 13
38
Languages
spoken across 
the Group.
Arabic
Bengali
Brazilian-
Portuguese
Bulgarian
Catalan
Cantonese
Czech
Danish
Dutch
English
Finnish
Flemish
French
German
Greek
Gujarati
Hindi
Hokkien
Hungarian
Irish Gaelic
Italian
Lithuanian
Mandarin
Norwegian
Polish
Portuguese
Punjabi
Romanian
Russian
Slovak
Spanish
Swanhili
Swedish
Swiss-
German
Telugu
Turkish
Ukrainian
Urdu THE PROJECT STORY: Sector-specific knowledge sets our
teams apart. Christie & Co’s Childcare & Education team
experienced a particularly exciting year, with numerous
successes including brokering the sale of the UK’s biggest
regional childcare portfolio when Positive Steps Children’s Day
Nurseries Ltd – an established group of eight settings and one
development site – were sold to Busy Bees Nurseries.  Further
consolidation across the UK nursery market is expected
alongside increases in acquisitions by new entrants.
Christie & Co have 
over 2,000 business
properties registered 
for sale with them.
2,000
“Historically, our
business has prospered
by focusing decision-
making on medium-
term outcomes and 
the fundamentals in 
our sectors.”
David Rugg, Chief Executive
Vision & Insight
Our businesses are highly 
respected brands
Our businesses are highly respected
brands in their chosen sectors. They can
draw on extensive experience amassed
across generations. They have assisted
clients at every stage of the economic 
cycle, in good times and in bad.
The specialist knowledge that comes 
from this experience is priceless.
Understanding a sector’s dynamics and
what drives its businesses supports the
design and delivery of innovative services
that resonate with client concerns.
14 Christie Group Annual Report 2016 For the second successive year, Christie
Finance was awarded ‘Commercial
Mortgage Introducer of the Y ear’ at the
Business MoneyFacts awards, following 
a successful year which saw it granted a
clean bill of health from the FCA, saw its
own average loan size increased by 24%
and witnessed a continuing influx of new
lenders applying for banking permissions.
THE PROJECT STORY: Orridge’s ability to deliver retail
and pharmacy stocktaking services in the UK and
Europe continue to be supplemented by the growth 
of its supply chain offering. The benefits for the large
retailers and supermarkets of being able to further
control inventory through the use of services such 
as ‘good faith receiving’, makes Orridge’s supply chain
services an active growth area.
“With access to millions of
industry specific data points
capturing demographic,
transactional, operational
and financial trends, our
businesses can provide our
clients with unique and
highly granular insights.”
David Rugg, Chief Executive
68%
68% of the top managed
pub operators who
outsource use Venners 
for their hospitality 
stock auditing, who
carried out over 
38,500 audits in 2016.
Christie Group Annual Report 2016 15 16 Christie Group Annual Report 2016
T aking a second look 
We are intensely familiar with the sectors
we serve, but we also need to guard against
complacency. What seemed obvious may
turn out to be more complex on closer
inspection. So we stay curious. Rather than
resort to formulaic solutions, we assess
each assignment on its own merits.  Divisional review
Professional Business Services
Christie & Co 
Christie & Co is active 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.
Global political adjustments in 2016 made
for considerable volatility. For markets
still grappling with the regulatory fallout
from the 2008 financial crisis, the Brexit
vote and Donald Trump’s unexpected
victory only added to uncertainty. 
There have also been significant changes
within Christie & Co’s own sectors, as
business owners and operators adapt 
to new legislation. The National Living
Wage, changes to the Pubs Code and 
a revaluation of Business Rates all took
their toll on businesses and business
sales around the UK. 
Even so, prices increased in all our
sectors, by 8.0% on average. Leasehold
and ‘goodwill’ sectors, such as dental,
pharmacy, retails and restaurants,
outperformed. By comparison, the UK
House Price Index rose 7.2% and the
RetaiI Price Index by 2.5% over the
same period.
This was the second year in succession
of strong value growth, but these price
movements, as in 2015, were driven by
scarcity; demand was outstripping
supply. In truth, there was a lack of
quality businesses on offer and this
intensified interest in those that we did
bring to market.
In the medical sector, there was robust
demand for both pharmacies and dental
practices. Existing independent and
multiple operators were actively seeking
to invest in further pharmacies when
they came to market, but sellers were
few and far between. When we brought
pharmacies to market they received
multiple offers and sold at a premium.
The same was true for dental practices,
with London and the South East
experiencing frenetic bidding.
In the first part of the year, the Brexit
referendum acted as a brake on market
activity – professional buyers chose to
await the result before engaging with
markets. Some of the larger, private-
equity owned platforms reviewed and
rebalanced their holdings. This brought
a number of smaller portfolio offerings
to the market. With our extensive
regional office presence, we were well
placed to provide advice, guidance and
brokerage expertise for the resultant
single asset sales. 
Investors in our sectors have varying
criteria. They may be opportunistic
funds focusing on turnarounds, private 
equity houses building up national
portfolios and international brands,
traditional property investors or, most
recently, financial investors valuing
businesses as income-generating
alternative assets. Then there are
smaller investors: among them
franchisees, first-time buyers 
and leaseholders.
Whatever their perspective, there is 
a shared requirement for accurate,
industry-specific data and guidance. 
We have the breadth of service,
capabilities and expertise to meet their
needs. We have one of the largest teams
of RICS Registered Valuers in specialist
sectors, 48 in total. They valued over 
£6bn worth of assets in 2016. 
We have extended our service lines to
cover the full circle of ownership, from
buying a business, to selling it, and
everything a business owner might need
along the way. The company is growing 
“We aim to provide an all-round, bespoke
service to clients, as exemplified by our
brand promise, Built Around Y ou.”
Chris Day, Global Managing Director,
Christie & Co and a Christie Group plc Director
Christie Group Annual Report 2016 17
Christie & Co’s international consultancy team
won a wide array of assignments during 2016,
with clients ranging from single hotels to
substantial pan-European portfolios. In one
example, they were asked to conduct a
feasibility study for a full-service hotel in
Tallinn, Estonia, advising on gaps in the local
market which ultimately resulted in a new
hotel being built. Christie & Co then negotiated
a management contract with Hilton to operate
the new 202-room Hilton Tallinn Park – the
first Hilton in the Baltic States. fee-based income with knowledge-based
advisory services. We are strengthening
our specialist consultancy offering. 
We aim to provide an all-round, bespoke
service to clients, as exemplified by our
brand promise, ‘Built Around You’.
Our Consultancy division has continued
to invest and develop bespoke business
reporting. It can benefit from our
extensive direct experience in chosen
sectors and our regional and
international presence on the ground. 
Following on from our widely referenced
2015 report on nursing, we produced
further groundbreaking research during
the year . ‘Funding, Staffing & the Bottom
Line’ surveyed every local authority and
over 200 leading operators in both
elderly and specialist care. 
The report welcomed an average 4.5%
increase in local authority funding, which
helped to offset the negative impact of
the National Living Wage. It concluded
that, while the nursing shortage
remained unchanged at 15,000 full-time
equivalent vacancies, revised immigration
rules allowing overseas nurses to study
as well as qualify in the UK had a
marked positive impact on recruitment. 
The hotels consultancy team took on 
a wide variety of assignments in 2016. 
Its diverse clients ranged from small,
single hotels in UK towns to substantial
Pan-European portfolios. Research
projects included assisting a European
hotel chain adapt its offer to meet
Chinese travellers’ expectations. 
Our pubs and restaurants consultancy
practice gathered pace. We undertook
due diligence and strategic exercises for
pub chains and restaurants, as well as
hotel operators who increasingly 
are recognising the value of their
restaurant and bar takings for their
overall business. 
Our international advisers assisted
clients looking for cross-border European
opportunities. There are significant
differences between territories; our
ability to provide nuanced intelligence
that takes account of those differences
is a key selling point.
Team members fluent in 23 languages
now operate from 31 locations across
Europe. They know their local markets
intimately and regularly cooperate on
Pan-European projects. 
Our Asia desk worked in partnership
with our corporate teams to service
overseas investors. We are forging
strategic relationships with domestic
Asian chains keen to establish footholds
in Europe. The desk also worked on
behalf of European companies, primarily
in the education and specialist care
sectors, on opportunities for expansion
in Asian markets.
Our retail and care businesses continue 
to develop. In retail, four private equity-
backed ‘super dealers’ are reshaping the
convenience market. They are investing
heavily in high-quality stations and
forecourts. We participated in a record
number of petrol station sales during 
the year . 
The UK continues to be seen as a 
low-volatility, safe-haven economy.
Especially after Brexit, overseas
investors, in particular, from China and
Malaysia were attracted by sterling
weakness to invest in the UK on
attractive terms. 
In care, we valued or sold well over 1,000
homes. The sale of Priory’s 300 UK
healthcare facilities to US mental health
group Acadia was a standout transaction.
The UK childcare sector is going
through a period of rapid consolidation
and our experienced advisers are
increasingly engaging with large value
portfolios. We advised on £1.1 billion of
nursery and education assets in 2016.
Our teams can draw on the significant
investment that we have made in data
analytics. The market-leading data
analytics product we had used to
analyse the care sector is being
extended into other sectors, including
medical, hotels, pubs and restaurants. 
With access to millions of industry-
specific and economic data points, 
many of them proprietary, capturing
demographic, transactional, operational
and financial trends, we can provide our
clients with unique and highly granular
sector insights.
Christie Finance 
Christie Finance’s detailed knowledge
in our specialist sectors allows us to
negotiate the best possible financing
packages for our customers. 
Our regional structure focuses the
business in five Christie Finance Hubs
around the UK that blend local
knowledge, national insight and
specialist sector expertise. We work
closely with Christie Group companies to
identify and deliver financing structures
that align with specific client needs. 
An active year got off to a positive start
with our first external FCA Audit in
January 2016. We were awarded a Green
Rating – a clean bill of health. We ended
the year with improved revenue and
higher income. 
The lending market has continued to
broaden and diversify. Challenger banks,
foreign banks and a raft of specialist
lenders, many of them technology-led,
are active across our specialist sectors.
“We continued to attract larger mandates
in 2016. Operators of all shapes and
sizes are recognising the value of having
a broker in their corner .”
Nick Baker, Managing Director,
Christie Financial Services
Divisional review
Professional Business Services
18 Christie Group Annual Report 2016 We completed on transactions with over
20 different lenders during 2016. By the
year-end, approximately another 20 new
lenders, their banking permission
applications lodged with the regulators,
were waiting in the wings.
In this crowded marketplace, it was not
uncommon for lenders to agree interest
margins below 2%, levels not seen since
pre-2008. Lenders, old and new, were
keen to assist clients seeking funding
across our specialist sectors. 
With base rates also historically low,
borrowers could achieve highly
favourable terms. We used our in-depth
knowledge and experience as a
specialist commercial finance broker to
help clients navigate this increasingly
complex terrain. 
We continued to attract larger mandates
in 2016. We experienced a 24% year-on-
year increase in average loan size; that
came after an 80% rise in 2015.
Operators of all shapes and sizes are
recognising the value of having a broker
in their corner . 
We have continued to focus on
developing our positioning as a
premium, ‘value-add’ advisory service.
We have invested in our people and
processes, while continuing to develop
our relationships with lending principals.
Improved communication channels with
businesses, applicants and lenders, are
driving further growth. We launched a
new website in March 2016 and this has
proved a valuable shop window. Average
monthly visitors were up 30% and we
fielded five times as many web-based
enquiries. We also drove traffic to our
website with digital ads and produced an
online promotional video introducing our
services and outlining our capabilities.
We enter our fortieth year in good
financial shape and with a firm basis for
future growth. We are now looking to
broaden our scope to further enhance
revenue and profitability. We have been
developing support for clients with a
requirement for shorter term, often
unsecured, loan facilities. Plans to
deliver a more rounded service for
corporate business, drawing on the
strengths of Christie Group companies,
are already well advanced.
Christie Insurance 
Christie Insurance is ideally placed to
advise on commercial insurance needs
for Christie & Co and Christie Finance
clients. We add value by using our
sector knowledge, skills and tenacity to
place business quickly and efficiently. 
We work closely with Christie Group
companies. Our bespoke insurance
service is informed by in-depth
understanding, both of particular
businesses and of the issues and priorities
for our specialist industry sectors.
Our interaction with Christie & Co and
Christie Finance brings all-round
benefits to our companies and our
clients. We gain introductions and the
opportunity to work with clients well in
advance of their renewal date or
business purchase. With time to plan
and review how best to allocate costs
and cover, we are able to deliver better
outcomes for our clients.
We advised clients in the hospitality, care
and retail sectors across the UK during
the year . These included independent
owners, mid-sector corporate
companies and private equity investors. 
As one of the few sector-focused
insurance brokers, we differentiate
ourselves through our level of service
Christie Group Annual Report 2016 19
“As one of the few sector-focused
insurance brokers, we differentiate
ourselves through our level of service 
and industry knowledge. We win and
retain business by putting clients first.”
Walter Murray, Managing Director, 
Christie Insurance
“The UK continues to be seen as a 
low-volatility, safe-haven economy.”
Christie Finance successfully assisted in
raising refurbishment and development
funds for the owners of Edgar House, a
multiple award winning boutique hotel in
Chester which was only recently voted
number one small hotel in the world by
TripAdvisor . Using their extensive contacts,
the team at Christie Finance were able to
negotiate a great finance package, saving
their clients over £225k over the loan term. and industry knowledge. We win and
retain business by putting clients first.
We aim to devise precisely tuned
insurance cover that maximises the
relevant benefits and protections for
each client in the most cost-effective
way. We will push back on insurers who
try to fit our clients into a preconceived
‘box’. We refine insurance coverage and
claims by working with clients and their
insurers to manage both standard
insurance risks and the quirks of
business that bring ‘curve ball’ claims. 
Personal service is at the heart of our
offering. All our clients receive an
annual one-to-one review. We ensure
they are never left to fend for themselves
should they need to make a claim. 
In an increasingly commoditised
industry our personalised approach is
widely appreciated. This is reflected in
our high client retention rates. 
The care insurance market has seen
many insurers come and go. We prefer
to work with insurers who really
understand the sector and are
committed to writing long-term,
profitable business. We have begun a
new working relationship with a care
insurer whose background and skills 
are opening up improved solutions for
specialist and elderly care.
Over the last 12 months we have
maintained our expected volume of
clients and extended our product range.
We launched Forecourt First, a
comprehensive insurance package
designed for the growing retail forecourt
market. We have also developed
enhanced terrorism cover that improves
on traditionally available products.
Our online presence is proving an
effective shop window for our services.
We produce a quarterly online update 
on insurance market and sector trends.
Our website reinforces the 2015 Built
Around You rebranding, presenting the
key Christie Group functions of selling,
financing and insuring as part of a
combined offering. 
Pinders
Pinders’ RICS-qualified surveyors
provide reporting for businesses in five
broad sectors: healthcare and
education, licensed, retail and catering;
leisure and hospitality, services and
manufacturing. Our services fall into
six main categories: appraisal and
valuation, consultancy, dispute
resolution, building surveying, project
management and business recovery. 
Panel memberships are our primary
source of introductions, although
instructions from specialist brokers
remain a very important source of
business. 
The EU Referendum and its aftermath
brought a unique set of challenges in
2016, with the associated uncertainty
leading to fewer proposals coming 
to market. This lack of market activity
left many valuation firms with excess
capacity and some competitors
responded by cutting their fees. 
We resisted this tactic, which we
considered unsustainable. 
Our strong representation on panels for
both mainstream and challenger banks
meant we still saw a steady flow of
valuation opportunities for trading
businesses and development projects,
although our decision not to discount
inevitably capped our conversion rates 
in some markets. Nonetheless, whilst
our overall volume of instructions
reduced in 2016, we successfully
managed to trade profitably. 
The Pinder Report has long been a
byword for quality and our priority is to
sustain and, where possible, grow, our
specialist expertise. We aim to provide
added value for our clients, especially in
difficult market conditions, but this
comes at a cost. Over the years we have
sought to drive up our average fee to a
more sustainable level, and we aim to
strike a balance between staying
competitive and maintaining fees that
allow us to deliver quality reports. 
To enhance our competitive edge, we 
are increasing operational efficiency 
and building more flexibility into our
resourcing, whilst being careful to
ensure our high standards are
maintained. The quality of our service
and reporting is critical in maintaining
existing panel positions and securing
new ones. 
In healthcare, we are seen as a market
leader . We have been one of the UK’s
leading care home valuers for over 
40 years, assessing hundreds of care
homes each year . Through the in-depth
insights on our appraisal reports and
the expert advice available from our
specialist team, we help our clients to
understand the complexities of the
health and social care sector . 
The Pinders Healthcare Design Awards
are an industry institution. Some 650
healthcare professionals gathered at our
18th annual event in London in March, 
to recognise the UK’s best care facilities. 
Our healthcare specialists gave
presentations at numerous conferences
and seminars during 2016, including the
Henry Stewart Conference, The Dementia
Trust and the Health+Care Conference.
We also delivered training sessions to
share our sector knowledge with partner
banks, running programmes for Lloyds,
Santander, RBS and Clydesdale, as well
as Handelsbanken and Charity Bank. 
“The Pinder Report has long been a byword
for quality and our priority is to sustain
and grow our specialist expertise.”
“The strength of our reputation is
founded in our ability to forensically
analyse the dynamics of each business
within the sectors we understand well.”
Justin Cain, Managing Director, Pinders
20 Christie Group Annual Report 2016
Divisional review
Professional Business Services Our retail division, which incorporates
‘white coat’ businesses such as dental
practices and pharmacies, performed
well. Instructions were up by 19% on the
previous year and average fees also
increased. This reflects the quality and
complexity of the work we undertake, as
well as greater interest in this sector . 
In the leisure sector, we appraised a
diverse range of projects: the more
unusual ones including a woodland
activity centre at a site of special
scientific interest; a pleasure cruise
business; a mixed use scheme at a
landfill site with a hotel and golf course;
and a World War II heritage centre for
International Bomber Command. 
Our growing consultancy business earns
fee income from advisory services that
are less dependent on market activity. 
In 2016, this aspect saw a significant
increase in expert witness work, to
include several larger cases. The latter
required our involvement over extended
periods and generated sizeable fees in
both the pre-court phase and during
court proceedings. 
Our building monitoring service
complements our sector expertise and
extends the scope for panel appointments.
Pinders professionals are able to advise
on many different aspects of a transaction,
calling on specialist knowledge and one of
the most comprehensive databases in the
industry, compiled over many decades. 
The strength of our reputation is
founded in more than simply valuing
‘bricks and mortar’ – it is our ability 
to forensically analyse the dynamics 
of each business within the sectors we
understand well. Going forward, we are
confident that our quality-led approach
will continue to prove successful and
that we can grow market share through
our strong relationships with the most
active lenders in our field. 
Christie Group Annual Report 2016 21
“Pinders professionals are able to advise 
on many different aspects of a transaction,
using knowledge compiled over decades.”
Pinders’ range of expertise has expanded
further and 2016 saw an increasing
involvement in the Education sector . Among
a number of instructions in the sector in
2016, Pinders were instructed by Leicester
Grammar School to appraise and value
Stoneygate School, a competing independent
school founded in 1957 and set in 41 acres in
Great Glen, Leicestershire. Orridge 
Orridge is a UK stocktaking company
with strong European coverage. We
have a leading market position in our
sectors and a reputation for consistent,
high-quality service. We provide
stocktaking services to pharmacies 
and major retail chains.
Orridge held its own in difficult market
conditions. Our 2016 revenue was broadly
in line with the previous year . We gained
some significant new business
internationally and in the grocery sector .
Technology is reshaping retail, both in the
UK and internationally. As online markets
mature, physical retailers are increasingly
adopting bricks-and-clicks delivery
models. Stock accuracy – both in-store, 
at delivery centres and with suppliers – 
is even more mission-critical. Customers
ordering online and collecting in-store
expect prompt, accurate fulfilment. 
Bricks-and-clicks retailers need to
balance the need for availability with the
additional cost of storing unsold stock. 
Our supply chain division was set up in
early 2015 to cater to these requirements.
Our solutions offer clients end-to-end
stock accuracy, helping them manage
their supply chains more effectively and
realise large-scale efficiencies. Our focus
is on primary trade sectors, including
grocery, health and beauty, pharmacy,
fashion and logistics. 
We are steadily increasing our visibility 
in the grocery and supermarkets sector; 
a new contract with Sainsbury’s and
expanded work at Tesco and Morrisons
were important achievements in 2016. 
The big retailers in this sector generally 
do not favour sole-supplier arrangements
(our longstanding relationship with 
Co-operative Food is a notable exception).
We have gained traction by pivoting our
positioning away from comprehensive
solutions and being prepared to form part
of an overall customer solution. 
The responsiveness at the heart of our
offer has helped us gain sole-supplier
status with leading retailers in other
sectors. We have been appointed sole
suppliers to Euro Car Parts, servicing
over 200 branches in the UK and Eire. Our
willingness to stocktake manually rather
than with the standard scanning-based
approach was critical here. Our sole-
supply agreement with Poundland came
through our ability to agree demanding
scheduling and budgetary criteria with 
a highly cost-conscious customer .
Investments in technology are helping us to
reduce central costs without compromising
client service. Our IT set-up is unique in the
industry. Rather than rely on commercially
available software our in-house software
development team has built our technology
from the ground up. This improves our
functional reach, and enhances flexibility
and responsiveness.
We have built up a strong client base over
the years. Many of our customers have
been with us for a decade or more. Long-
term retail customers include household
names like All Saints, Boots and WH Smith. 
Clients greatly value our accommodating,
flexible stance. We benefit too; we are
often their first call, sometimes ahead of
internal IT, when new capabilities are
being considered.
International business now accounts for
over 20% of total sector revenue. We
currently operate throughout Europe from
our centres in the UK, Belgium and
Germany. We can offer a consistent solution
to international retailers in Europe’s, still
mostly untapped, £1bn marketplace. 
A series of contract wins confirms the
appeal of our pan-European strategy. 
We have gained additional work with
Carrefour, Pandora and Bel & Bo. Adidas
has engaged Orridge to provide in-store
retail services in the UK and various
countries in mainland Europe.
We have successfully tendered for a 
UK/EU contract with Claire’s, taking on
work having previously been serviced by 
a major competitor . 
In the supermarket and grocery sector we
are conducting trials with major European
groups including REWE, Konsum Leipzig,
Delhaize and German market leader
Edeka. A trial count with Delhaize in
Belgium has put us on the radar of one 
of the world’s leading food retailers. 
Orridge continues to focus on building a
firm foundation for sustained profitability
and future growth by stressing operational
excellence, responsiveness and high
quality service. We are well placed to
service the international retail sector as it
evolves and develops.
“Orridge continues to focus on building a
firm foundation for sustained profitability
and future growth by stressing
operational excellence, responsiveness
and high quality service.”
Paul Harding, Managing Director, Orridge
and a Christie Group Director
In a sector where major retailers do not
favour using only one supplier, Orridge’s
sole-supplier agreement with Poundland is
testament to its ability to agree demanding
scheduling and budgeting criteria, with a
customer who depends on accurate stock
and cost controls across a UK network 
of approximately 400 stores selling over
3,000 items.
Divisional review
Stock & Inventory Systems & Services
22 Christie Group Annual Report 2016 Venners
Venners is the UK’s leading supplier 
of stocktaking, inventory, consultancy
services and related stock management
systems to the hospitality sector . 
We marked 120 years of service to the
hospitality industry in 2016 by continuing
to innovate. We enjoyed another solid
year, building turnover and growing
income in challenging market
conditions. We sold strongly in the
regions and won work with major new
clients, among them were Bravo Inns,
Cau and Arena Leisure and in addition
we extended contracts with Punch and
Enterprise Inns (now EI).
The company founded in 1896 by the
scion of a London brewing family is
today a one-stop shop for improving food
and beverage profits and controls. By
staying true to our roots in the hospitality
industry, we have extended our scope
without diluting the Venners brand. 
Our operations encompass compliance
auditing, health and safety, and
consultancy. We are viewed by many of
our clients as a strategic partner
delivering added value. 
During 2016, we have been upgrading
designs, outputs and delivery
mechanisms across many of our
services. Introducing these changes
while retaining our reputation for
customer-focused service delivery has
been a key management priority.
We are investing in technology. We have
migrated our website and internal
operational systems to cloud-based
platforms. Our ‘Next Generation’
stocktaking system will be fully online 
in 2017.
Although technologically-led innovation
is critical, our stock auditors’ industry
knowledge is our key differentiator . 
One customer this year asked us to
perform a stock audit at a franchised
site. It seemed superficially, to be a 
well-run business, trading results and
margins were good. But for our auditor,
something was not right. He had found
large stocks of draught beer, yet all
barrels in use were recently delivered.
That did not tie up with the recorded low
turnover . Further investigation uncovered
a secret second cash till. The manager,
who was siphoning off business, was
summarily dismissed. Timely, expert
interventions can be invaluable.
We undertake compliance audits that
compare a company’s operations with
industry best practice and identify scope
for improvement. New customers in
2016 included Tortilla and Black and
White Hospitality owners of the Marco
Pierre White franchise.
Linked to these and launched during the
year, our Brand Reputation Audit tests
conformity with brand guidelines and
standards; checking, for instance, what
glassware is in use or whether table
layouts are as specified. A major
restaurant franchise operation has
already signed up.
In an age of social media, brands are
more prone to reputational damage. One
poor performing branch or franchisee
can easily have a spillover effect, with
severe implications for the entire brand.
Our comprehensive range of health 
and safety services includes fire risk
assessments, kitchen, food safety and
full H&S audits. 
With food especially, these are time-
critical services. During 2016 we
migrated all our health and safety
provision to a cloud-based platform,
allowing live data and audit information
to be sent direct to the customer . 
The next development in early 2017 will
be a platform which also links up with
customers’ internal systems, meaning
that the most critical data, fridge
temperatures for example, can be
continuously monitored by the
customers using our technology. 
Venners consultancy offering draws 
on our acknowledged expertise in the
hospitality environment. We often use
observational audits as part of the
process. By observing a business in action
over a longer period we can identify
pressure points and provide customers
with a more convincing narrative. 
In one recent assignment, the
management team commissioned an
investigation into a busy bar in a UK
hotel. Our auditor covertly observed
transactions, service behaviour and
operational controls over the course 
of an evening. After comparing the
witnessed transactions with till reports
and CCTV he identified a serious cultural
issue – several members of staff were
habitually colluding in fraud, theft and
drinking on the job. 
We also offer alert services. Alerts take
a refined look at client operations and
Venners range of services add real value 
to operators’ profits, whether through
identifying achievable operational
improvements or, as is sometime the case,
by identifying fraudulent activities. In one five
hour observation audit which observed
transactions, methods of payment, staff
working patterns and so on, Venners
identified fraudulent practices by the staff
which extrapolated into £45,000 of annual
losses at just one site.
Christie Group Annual Report 2016 23
“We are viewed by many of our
clients as a strategic partner
delivering added value.”
“We marked 120 years of service by
continuing to innovate. Our brand
strapline ‘Maximised profits.
Operational controls.’ appeals to
forward-thinking businesses.”
Trevor Heyburn Managing Director, Venners 24 Christie Group Annual Report 2016
notify management teams immediately
wherever there are material failings.
Our brand strapline ‘Maximised profits.
Optimised controls.’ appeals to forward-
thinking businesses and encapsulates
our promise to add value. 
We pride ourselves on our ability to
retain customers, both large and small,
across the long term. We have grown
our operations alongside some of the
largest businesses in the UK hospitality
sector . In 2017, we will continue to apply
the experience we have gained in many
different areas of the hospitality industry
to develop and refine our services to
meet our clients’ evolving requirements.
Vennersys 
Vennersys delivers online ticketing,
specialist transaction and e-commerce
systems to the UK leisure and visitor
attraction market. We are a leading
supplier of specialist systems and
software for visitor attractions in the UK. 
Our clients include historic houses,
museums and heritage sites, family
entertainment centres, theme parks,
zoos and aquariums. 
A few years back we took the decision to
make our proprietary software VenPoS
available to global markets by developing
it for cloud-based delivery. We rolled out
our first product in 2015. VenposCloud is
a highly scalable online ticketing platform
aimed primarily at small and medium-
sized enterprises (SMEs). 
It was important to bring our existing 
user base with us onto the cloud. We 
also wanted to test the reliability and
functionality of VenposCloud in real-
world conditions. We therefore focused
transitioning existing VenPoS SME clients
onto the new platform during 2016.
VenposCloud was then marketed to new
UK-based users. Early adopters included
Bristol Museum and Art Gallery and 
M Shed, also in Bristol, our first SME
museum clients, Maize Maze, Cawdor
Castle and Floors Castle. Highgate
Cemetery, Glenmorangie Distillery and
Houghton Festival also signed up.
The launch of Venpos Enterprise for 
the cloud in 2016 was a key event in the
company’s development. It marked the
completion of our transformation into 
a cloud-based, Software-As-A-Service
(SAAS) business. 
Both Blenheim Palace and Burghley
House conducted competitive market
assessments, but quickly signed up.
Folly Farm Paradise and PlayfactorE
were among other large users choosing
to subscribe. Initial feedback has 
been positive.
As with Venpos Cloud, our initial focus
has been migrating existing VenPoS
users to the cloud. It was critical that 
we maintained existing functionality for
every VenPoS user on the new platform.
These were our larger customers; many
had commissioned customised features.
We had to find ways to include these in
the cloud-based product. This made the
migration process more technically
complex, and we anticipate completion
by mid-2017. 
The SAAS delivery model has clear
advantages for all parties. For
Vennersys, subscription-based pricing
simplifies support and ensures more
predictable income. Clients get a
convenient, capable and simple solution.
They can sign up straightaway and make
full use of its capabilities without having
to invest in development. No special
servers or infrastructure are needed. The
system is accessible to authorised users
wherever they are. Upgrades are both
free and automatic. Product development
can be managed in the cloud. 
The software is globally scalable and fully
localisable with multilingual capabilities.
It is also platform-agnostic, optimised
for tablet, mobile and desktop viewing.
System resilience is important for all
users, for enterprise users it is critical. 
VenposEnterprise for the Cloud does 
not disappoint. It operates on secure
Amazon data centres with 99.999%
availability. It is PCI (Payment Card
Industry) compliant. It supports PayPal,
ApplePay, debit and credit card payment.
Robust, level-1 compliant security is
included as standard.
VenposCloud and VenposEnterprise have
already proved their worth. Together 
they offer attraction operators a highly
scalable, global solution for ticketing,
transactions and managing guests. 
In 2017, we aim to grow the user base 
for these products, both within the UK
and internationally.
Bristol Museums – a collection of six
organisations – were an early adopter 
of VenPos Cloud when, as part of their
digitisation process, they needed a turnstile
and ticket solution to streamline their
offering, increase revenue and cut costs.
Vennersys teamed up with All Right Now, to
create a digital paid exhibition entry solution
with online ticketing, point of sale facilities,
and a Fastlane Turnstile from the UK
manufacturer IDL.
“It was important to bring our existing user
base with us onto the cloud, testing the
reliability and functionality of VenPos Cloud
in real-world conditions.”
“The launch of VenPos Enterprise in 2016
was a key event, marking the completion
of our transformation into a cloud-based
SAAS business.”
Paul Harding Managing Director, Vennersys
and a Christie Group Director At the client’ s side
– whatever the weather
We structure our businesses
around our clients. 
We help them make the best
of prevailing conditions, with
services and advice to suit the
situation. As specialists, with
many years’ experience in our
chosen sectors, we’re
equipped to support them in
any economic climate.
Christie Group Annual Report 2016 25 As both the Chairman and Chief
Executive have reflected on, 2016 was
very much a year of two halves for our
Professional Business Services (“PBS”)
division with second half revenues in
that division of £18.6m representing a
13% increase on a Brexit-suppressed
first half (£16.4m revenue) and –
encouragingly in terms of outlook for the
future – that second half upswing was
achieved while still being able to carry a
comparatively strong pipeline into 2017.
Avoiding any temptation to be
reactionary or short-termist and reverse
the long-term strategic investment of
recent years, that first half contraction
then inevitably impacted our first-half
operating profitability, but the ability of
the business to swiftly convert improved
revenues into operating profit was
illustrated perfectly by the £1.8m
second-half PBS operating profit before
exceptional items which then followed.
Within the Stocktaking and Inventory
Systems and Services division (“SISS”)
the progress made in the year is more
obvious. 2015 operating losses before
exceptional items of £1.0m were reduced
to £0.2m and, while still clearly short of
the absolute profitability required,
demonstrate that we are on-track to
return the division to profit in a
foreseeable timeframe.
Cash and net debt 
The group ended the year with net debt
of £3.9m (2015: £0.7m). While this
appeared to be a move backwards on the
previous year, the cash flow in the year
included £0.9m paid in the settlement 
of provisions relating to legacy long term
incentive arrangements, took account 
of a £1.2m increase in trade receivables 
due to the stronger second half revenues,
and also reflected £1.3m of capital
expenditure investment in the business
which we believe will yield positive
returns for the business in future years.
Our control of underlying working capital
remains very strong, and our actual bad
debt experience remains excellent as 
it has done for many years. 
Pension schemes
The challenges around the valuation of
final salary scheme pension liabilities
continue and the impact of the EU
Referendum result on long-term gilt
yield rates only served to exacerbate
what we had hoped was already a low-
point. We have reacted by introducing
further restrictions on the amounts 
by which pensionable salaries may 
be increased for the relatively small
number of active members of those
schemes, and the result was a £1.3m
exceptional operating profit in the period
reflecting the adjustment to past service
costs relating to both of our final salary
pension schemes. The movement in
pension liability does not affect the
amounts we have previously agreed to
pay under our deficit repair obligations.
Key performance indicators
In accordance with the Strategic Report
we have included our main KPIs for the
Group and the individual operating
divisions in the table below. As a group
we have a number of key areas that
these indicators measure:
• Revenue growth – an important part of
our strategy is the profitable growth of
our businesses, and one measure of
this is the year-on-year increase 
in revenue.
• Productivity – being in the service
sector, employee costs are our largest
single cost. It is important to remain
competitive and continue to improve
our productivity. This KPI looks at the
total cost of employees (including
benefits, the cost of company cars,
company pension contributions and
local employer taxes) required to
produce £1,000 of revenue. For this
KPI a reducing figure reflects an
improvement.
• Operating profit % – this is measured
as operating profit (before exceptional
items) as a percentage of revenue
The deterioration in KPIs for the PBS
division are all symptoms of the first half
performance, which turned around in
the second half of the year once activity
returned to more normal 
“In a year of two halves, the ability of the
business to swiftly convert improved
revenues into operating profit was illustrated
perfectly by the £1.8m second-half PBS
operating profit before exceptional items.”
26 Christie Group Annual Report 2016
Nominal revenue growth in the year of 1.2% to 
£64.5m (2015: £63.7m) disguises some real progress
achieved in the year across both of our divisions. 
Financial review KPIs
Professional Stock &Inventory
Group Business Services Systems & Services
Revenue growth
2016 on 2015 1.2% (3.4%) 7.2%
2015 on 2014 4.5% 9.1% (1.1%)
2014 on 2013 12.7% 17.5% 7.4%
2013 on 2012 (3.4%) (6.9%) 0.6%
Productivity – staff costs
(before exceptionals) 
per £1,000 of revenue
2016 711 615 737
2015 673 546 747
2014 660 550 709
2013 675 605 683
Operating profit/(loss)
before exceptional items
as % of revenue
2016 1.6% 4.0% (0.6%)
2015 5.9% 12.8% (3.5%)
2014 6.1% 9.9% 0.7%
2013 2.9% 3.3% 4.3%
The Key Performance Indicators shown above are based on continuing activities only.
“Our control of underlying working capital
remains very strong, and our actual bad debt
experience remains excellent as it has done 
for many years.”
Christie Group Annual Report 2016 27
levels following the referendum. 
Our aspirations for the productivity and
profitability of the division remain
focused on delivering an enhancement
on the KPIs seen in 2015, while at the
same time growing revenues. 
PBS operating profit as a percentage 
of revenue for H2 in isolation stood at
9.8%, compared to the full year figure 
of 4.0% shown above, and staff costs
before exceptionals per £1,000 of
revenue reduced in the second half 
to £580 compared to the full year
equivalent of £615. The capacity in the
division and the operational gearing
make further improvement of all of
these KPIs realistic ambitions.
For the SISS division, the progress 
made is illustrated by a lower cost 
of staff being achieved than in 2015,
although the target of delivering
further improvements and returning
the division to an operating profit lie in
improving this position further, as
shown by the comparison to earlier
years. Staff productivity correlates to
on-the-job efficiency in our stocktaking
operations which itself is a key driver 
of underlying profitability.
Dan Prickett
Chief Financial Officer
31 March 2017  28 Christie Group Annual Report 2016
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.
Chris Day
Executive Director
Chris Day 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 a truly global firm, which
currently has 30 offices
throughout Europe and an
active Asian Investment team.
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.
Paul Harding
Executive Director
Paul has worked for Orridge for
over 30 years. When Christie
Group acquired Orridge in
December 2002 Paul was Sales
Director . He was appointed as
Managing Director in 2004 and,
since then, has been
responsible for developing the
company into a pan-European
retail stocktaking business.
Paul has also been a Managing
Director of Vennersys 
since 2012.
Tony Chambers
Senior Non-executive Director
Tony was previously Head of
Banking and Director of Robert
Fleming, a Director of Save and
Prosper Group and Chairman
of Gartmore High Income. 
Tony chairs the Remuneration
Committee and is also a
member of both the Audit and
Nomination Committees.
Pommy Sarwal
Non-executive Director
Pommy, a former corporate
finance partner at Deloitte, is
currently Deputy Chairman 
of Hybrid Air Vehicles and
Chairman of Master
Ropemakers. He is also a Non-
executive Director of Chatham
Historic Dockyard, and until
recently, was a Non-executive 
of Hyde Housing Association.
Pommy was previously a
member of the board of both the
Port of London Authority and
British Waterways. Pommy
chairs the Audit Committee and
is a member of the Nomination
and Remuneration Committees.
He is also Chairman of Venners. The Directors present their Strategic Report on the Group
for the year ended 31 December 2016.
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 and Financial Review. 
In addition the Group’s main Key Performance Indicators 
are explained in the Financial Review on page 27 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
• the terms and impact of the UK’s decision to leave the
EU (also applicable to SISS).
Stock & Inventory Systems & Services (SISS)
• changes in employee and business legislation;
• increase in transport costs;
• trends towards a cashless society; and
• economic slowdown and technology changes affecting
the retail and hospitality sectors.
The above list of risks is meant to highlight, in addition to any
noted elsewhere in this report, those we consider relevant
today and is not intended to be an exhaustive list of risks
facing the businesses.
Key Performance Indicators:
For an analysis of key performance indicators see
Financial Review on page 27.
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 31 March 2017.
D R Prickett
Company Secretary
Whitefriars House
6 Carmelite Street
London EC4Y OBS
Registered No. 01471939
Strategic report
for the year ended 31 December 2016
Christie Group Annual Report 2016 29 The Directors present their report and the audited financial
statements for the year ended 31 December 2016.
Results and Dividends
The results for the year are set out in the consolidated
income statement on page 38 and the consolidated statement
of comprehensive income on page 39. The Directors
recommend the payment of a final dividend of 1.5p (2015:
1.5p) per share which together with the interim dividend of
1.0p (2015: 1.0p) per share, makes a total of 2.5p (2015: 2.5p)
per share totalling £663,000 (2015: £663,000) for the year . The
profit for the year before tax and before other comprehensive
income was £478,000 (2015: £3,161,000) and the losses
attributable to equity holders of the Company for the financial
year, after taxation and including other comprehensive
losses, was £5,158,000 (2015: £3,981,000 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 28. All these Directors served throughout the year .
David Rugg and Tony Chambers retire in accordance with the
Company’s Articles of Association. David Rugg and Tony
Chambers, 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 staff and workers regardless of
their 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 184,000
(2015: 337,000) of its own ordinary shares, through an
Employee Share Ownership Trust, for a consideration of
£181,000 (2015: £274,000). To enable it to meet awards under
its SAYE and other share schemes, during the year the
Company also sold 237,000 (2015: 634,000) of its own ordinary
shares, through an Employee Share Ownership Trust, for a
consideration of £313,000 (2015: £752,000). The total holding of
the Employee Share Ownership Trust as at 31 December 2016
was 182,000 shares (2015: 235,000 shares), which represents
0.68% (2015: 0.88%) of the current issued share capital.
Financial Risk Management
The Group’s activities expose it to a variety of financial risks:
market risk (including currency risk, and interest rate risk),
credit risk, liquidity risk and cash flow interest rate risk.
See note 3 on page 51.
Health, Safety and the Environment
The Directors consider the health, safety and environmental
protection aspects of the business to be of great importance,
as the prevention of personal injury, the avoidance of damage
to health and the protection of the environment are important
business and social responsibilities. Management practices
within the Group are designed to ensure so far as is
reasonably practicable, the health, safety and welfare at work
of employees, contractors and visitors and the implementation
of environmentally aware and friendly policies.
Going Concern
After making enquiries, the Directors consider that the Group
has adequate resources to continue in operational existence
for the foreseeable future. For this reason they continue to
adopt the going concern basis in preparing the financial
statements, which appear on pages 38 to 84.
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 31 March 2017.
D R Prickett
Company Secretary
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
Registered No. 01471939
Directors’ report
for the year ended 31 December 2016
30 Christie Group Annual Report 2016 Christie Group Annual Report 2016 31
The Directors consider that full compliance with the UK
Corporate Governance Code would be too onerous, but
nevertheless, the company acts with regard to its main
provisions as far as is practicable and appropriate for a public
company of its size. The Quoted Companies Alliance has
published a Corporate Governance Code for Small and
Mid-Size Quoted Companies (QCA Code). The Company is
committed to incorporating its recommendations and
guidelines where it considers appropriate to do so.
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 the other Non-executive Director without the Chairman
being present. The senior executives enjoy open access to
the Non-executive Directors with or without the Chairman
being present. In short the Directors talk to each other .
The Board is responsible for ensuring that a sound system of
internal control exists to safeguard shareholders’ interests
and the Group’s assets. It is responsible for the regular review
of the effectiveness of the systems of internal control. Internal
controls are designed to manage rather than eliminate risk
and therefore even the most effective system cannot provide
assurance that each and every risk, present and future,
has been addressed. The key features of the system that
operated during the year are described below.
Organisational structure and control environment
The Board of Directors meets at least five times a year to
review the performance of the Group. It seeks to foster a strong
ethical climate across the Group. There are clearly defined
lines of responsibility and delegation of authority from the
Board to the operating subsidiaries. The Directors of each
trading subsidiary meet on a monthly basis with normally at
least two members of the Group Board in attendance.
Internal control
The key procedures which the Directors have established with
a view to providing effective internal control are as follows:
• Regular Board meetings to consider the schedule of
matters reserved for Directors’ consideration;
• A risk management process (see below);
• An established organisational structure with clearly defined
lines of responsibility and delegation of authority;
• Appointment of staff of the necessary calibre to fulfil their
allotted responsibilities;
• Comprehensive budgets, forecasts and business plans
approved by the Board, reviewed on a regular basis, with
performance monitored against them and explanations
obtained for material variances (see page 32);
• An Audit Committee of the Board, comprising Non-
executive Directors, which considers significant financial
control matters as appropriate; and
• Documented whistle-blowing policies and procedures.
In 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 the direct authority from the Group Chief Executive to
examine all areas of compliance across the Group as he may
consider appropriate or necessary from time to time.
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
Corporate governance 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.
Viability statement
The Directors have assessed the prospect of the Group over
a longer period than the 12 months required under the
traditional ‘Going Concern’ assessment. The Board made
their assessment by reference to five-year plans relating to
each of the trading subsidiaries of the Group and in doing
so considered the following:
• The achievability of those five year plans.
• The inherent headroom within those plans, allowing for
reasonable adjustments for foreseeable risks.
• The ensuing cash generative ability of each business
relative to its projected profitability.
• The diversified spread of revenue streams, currencies,
market risks and geographical diversification inherent
in the conglomerated composition of the Group.
In doing this the Board also considers the following:
• The strength and continual promotion of our trading
company brands.
• The recurrent nature of certain of our business services.
• The opportunity to raise further capital as an AIM listed
enterprise.
• The qualifications, expertise and skills of our
multidiscipline workforce.
• The wide age range and diversity of our staff.
• Our proactive recruitment, training & succession plans.
• Our continuous systems development for both internal
& external application.
• Investment in research & development resulting in
the launch of new products & services.
• The policy of incurring generally short term leasing
commitments.
• The performance and productivity link to variable
commission and bonus payments.
• Our protection of Copyright & Trademarks & our
retention of IPR.
• The maintenance of our operational policies,
procedures & protocols.
Financial planning, budgeting and monitoring
The Group operates a planning and budgeting system with an
annual Budget approved by the Board. There is a financial
reporting system which compares results with the budget and
the previous year on a monthly basis to identify any variances
from approved plans. Rolling cash flow forecasts form part of
the reporting system. The Group remains alert to react to
other business opportunities as they arise.
Non-executive Directors
The Non-executive Directors do not have service agreements
and have no automatic right of re-appointment. They are
regarded by the Board as bringing experience to the Board
from their fields of business and finance, and ensure that all
matters of strategy, performance, progress and standards
are debated thoroughly. The senior Non-executive Director
is Tony Chambers.
The table below shows the extent to which each of the
Non-executive Directors complies with objective tests on
independence:
Tony Pommy
Question Chambers Sarwal
Has been an employee of the Company
or Group within the last five years? No No
Has, or had within the last three years,
a material business relationship with
the Company directly, or as a partner,
shareholder, Director or senior employee
of a body that has such a relationship
with the Company? No No
Has received or receives additional
remuneration from the Company apart
from directors’ fees, participates in the
Company’s share option or performance
-related pay scheme, or is a member
of the Company’s pension scheme? No No
Has close family ties with any of the Company’s
Directors, senior employees or advisers? No No
Holds cross-directorships or has significant
links with other Directors through
involvement in other companies or bodies? No Yes
Represents or is a significant shareholder? No No
Has served on the Board for more than
nine years from the date of their first election? Yes Yes
The Non-executive Directors are considered by the Board to
be independent in both character and judgement and have no
relationships or any circumstances that are likely to affect
their judgement as Directors of the Company.
Corporate governance continued
32 Christie Group Annual Report 2016 Christie Group Annual Report 2016 33
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 therefore reached nine years’
service with effect from 3 July 2015.
Audit Committee
The Audit Committee meets no less than twice a year with the
auditors in attendance. It also assists the Board in observing
its responsibility for ensuring that the Group’s accounting
systems provide accurate and timely information and that the
Group’s published financial statements represent a true and
fair reflection of the Group’s financial position and its
performance in the period under review. The Committee also
ensures that internal controls and appropriate accounting
policies are in place, reviews the scope and results of the
audits, the independence and objectivity of the auditors and
establishes that an effective system of internal financial
control is maintained.
The Committee has primary responsibility for making a
recommendation on the appointment or re-appointment of
the external auditors. In order to maintain the independence
of the external auditors, the Board has determined guidelines
as to what non-audit services can be provided by the
Company’s external auditors and the approval processes
related to them. Under those policies work of a consultancy
nature will not be offered to the external auditors unless
there are clear efficiencies and value added benefits to
the Company. Additionally the auditors confirm their
independence in writing each year . The Committee also
monitors the level of non-audit fees paid to the external
auditors. The Audit Committee consists of Tony Chambers
and Pommy Sarwal as Chairman.
Remuneration Committee
The Remuneration Committee meets no less than twice a
year and is responsible for determining main Board Directors’
and subsidiary company Managing Directors’ remuneration
together with the terms and conditions of their service
contracts. It has access to relevant comparable information
in respect of similar businesses. The Committee is also
responsible for the allocation of options under the Company’s
executive share option scheme. The Committee also
maintains a watching brief over the general employment
terms and pay structures, existing or proposed, for the
subsidiary trading companies. The Remuneration
Committee consists of the Non-executive Directors with
Tony Chambers as Chairman.
Nomination Committee
The Nomination Committee meets as required to select
and propose suitable candidates for the approval of the
Board to fill vacancies or new positions and to make
recommendations to the Board on its composition. The
Nomination Committee consists of the Non-executive
Directors and Philip Gwyn as Chairman.
Risks and Uncertainties
See the Strategic Report on page 29.
Dialogue with Institutional Shareholders
The Directors seek to build on a mutual understanding of
objectives between the Company and its institutional
shareholders. This is done through meetings following the
publication of the year-end and interim results.
Shares and Shareholdings
The interests of Directors are set out on page 35. Part 1 of this report sets out the Company’s remuneration
policies for the Directors for the year ended 31 December
2016. 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 2016.
Part 1. Remuneration Committee (not subject to audit)
The Remuneration Committee, which consists solely of
Non-executive Directors, makes recommendations to the
Board on the framework of executive remuneration and
determines specific remuneration packages on their behalf.
The Chairman and Chief Executive attend the Remuneration
Committee meetings. The Chairman and Chief Executive
are not present when their own remuneration is being
considered by the Committee.
The Committee’s policy is to provide a remuneration package
which will attract and retain Directors with the ability and
experience required to manage the Company and to provide
superior long term performance. It is the aim of the
Committee to reward Directors competitively and on the
broad principle that their remuneration should be in line
with the remuneration paid to senior management of
comparable companies. There are four main elements of
the remuneration package for Executive Directors: base
salary, annual bonus, benefits and share options.
• Base salary is reviewed annually and in setting salary levels
the Remuneration Committee considers the experience and
responsibilities of the Executive Directors and their personal
performance during the previous year . The Committee also
takes account of external market data, as well as the rates
of increases for other employees within the Company. Base
salary going forward is the only element of the package to
determine future pensionable earnings.
• Annual bonuses are calculated as a percentage of pre-tax
profits in excess of a threshold. Bonuses are designed to
contribute approximately 25% of total earnings, but they
are normally uncapped.
• Benefits are primarily the provision of cars and health
insurance.
• Share options are granted having regard to an individual’s
seniority within the business and, together with the Group’s
Save As You Earn scheme (SAYE), are designed to give
Executive Directors an interest in the increase in the value
of the Group.
Service contracts and/or letters of appointment
Executive Directors
It is the Group’s policy to appoint Executive Directors under
service agreements terminable by either party giving a
minimum of 6 months’ notice. David Rugg has a two year
notice period that was agreed on flotation of the Company
and this is still considered appropriate.
There are no predetermined provisions for compensation on
termination within Executive Directors’ service agreements.
However the Group believes that severance arrangements
should be restricted to base pay and consequential payments
such as bonus and pension accrual. Nevertheless, the
circumstances of the termination and the individual’s duty
and opportunity to mitigate loss would be taken into account.
Non-executive Directors
The Non-executive Directors have a letter of appointment,
which specifies an initial appointment of three years. Their
appointment is subject to Board approval and election by
shareholders at the annual general meeting following
appointment and, thereafter, re-election by rotation. There
are no provisions for compensation payments on early
termination in the Non-executives’ letters of appointment.
The fees of the Non-executive Directors are determined by
the Chairman and the Chief Executive and are designed to
reflect the time and experience which these Directors bring
to the Company.
Outside directorships
Other than the Chairman, none of the Executive Directors
hold external Non-executive directorship positions. The
Chairman has no commitments that impact adversely on
his role as Chairman.
Remuneration report
34 Christie Group Annual Report 2016 Christie Group Annual Report 2016 35
At the year end the highest paid Director had accrued benefits
under company pension schemes as set out below:
2016 2015
£’000 £’000
Defined benefit arrangement:
Accrued pension at end of year 50 127
The highest paid director did not exercise any share options
during the year .
Directors’ pension entitlements
Chris Day is a member of the Christie Group plc Pension &
Assurance Scheme managed by Hanover Pensions Limited.
Dan Prickett receives employer contributions as a member
of the Group defined contribution scheme. Paul Harding
receives salary in lieu of pension contributions.
Directors’ interests
Details of the Directors’ interests in the ordinary shares of
the Company are set out below:
31 Mar 2017 31 Dec 2016 31 Dec 2015
Philip Gwyn 11,515,961 11,515,961 11,515,961
David Rugg 2,811,046 2,811,046 2,796,046
Chris Day 712,847 712,847 712,847
Paul Harding 312,870 312,870 212,870
Tony Chambers 131,975 131,975 131,975
Pommy Sarwal – ––
Dan Prickett – ––
In addition to interests shown above the following directors
hold share options under company share option schemes:
Dan Prickett holds 150,000 share options, granted in
October 2013 and May 2015 exercisable between October
2016 and May 2025.
Paul Harding holds 125,000 share options, granted in
May 2009 and May 2014 exercisable between May 2012 and
May 2024.
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 2016 was
83.0p (31 December 2015: 127.5p) and the range during
the year was 75.0p to 152.5p (year to 31 December 2015:
120.0p to 157.0p).
During the year Paul Harding was paid a bonus of £142,000
under a long term incentive arrangement. Paul Harding
exercised 100,000 options awarded under the same long-term
incentive plan during the year . The aggregate of the gains
made on these exercises, calculated on the difference
between the option and mid-market price on the date of
option maturity, was £14,500 (2015: £39,000), of which £nil
(2015: £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 2016 2015
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Philip Gwyn 171 –– 21 – 192 194
David Rugg 400 – 23 50 – 473 441
Chris Day 340 – 18 25 32 415 446
Dan Prickett 175 – 22 12 10 219 206
Paul Harding 256 142 4 18 2 422 283
Tony Chambers 32 –– –– 32 32
Pommy Sarwal 57 –– –– 57 57
1,431 142 67 126 44 1,810 1,659 The directors are responsible for preparing the Strategic
Report, the Directors’ Report and the financial statements in
accordance with applicable laws and regulations.
Company law requires the directors to prepare financial
statements for each financial year . Under that law the
directors have elected to prepare the financial statements in
accordance with applicable law and International Financial
Reporting Standards (IFRSs) as adopted by the European
Union and, as regards the parent company financial
statements, as applied in accordance with the provisions of
the Companies Act 2006. Under company law the directors
must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of
affairs of the company and of the group and of the profit or
loss of the group for that period. In preparing these financial
statements, the directors are required to:
• select suitable accounting policies and then apply
them consistently;
• make judgements and accounting estimates that are
reasonable and prudent;
• state that the financial statements comply with IFRSs
as adopted by the European Union; and
• prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
Group will continue in business.
The directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
the company’s transactions and disclose with reasonable
accuracy at any time the financial position of the company
and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the company and
hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The directors are responsible for the maintenance and
integrity of the corporate and financial information included
on the company’s website. Legislation in the United Kingdom
governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
The directors are also responsible for ensuring that they
meet their responsibilities under AIM rules.
Statement of directors’ responsibilities
36 Christie Group Annual Report 2016 Christie Group Annual Report 2016 37
We have audited the financial statements of Christie Group
plc for the year ended 31 December 2016 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 Statements of Cash Flows, the
Consolidated and Parent Company Statements of Changes
in Shareholders’ Equity and the related notes 1 to 32. The
financial reporting framework that has been applied in their
preparation is applicable law and International Financial
Reporting Standards (IFRSs) as adopted by the European
Union and, as regards the parent company financial
statements, as applied in accordance with the provisions
of the Companies Act 2006.
This report is made solely to the company’s members, as a
body, in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we
might state to the company’s members those matters we are
required to state to them in an auditor’s report and for no other
purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the
company and the company’s members as a body, for our audit
work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Directors’ Responsibilities
Statement set out on page 36, the directors are responsible
for the preparation of the financial statements and for being
satisfied that they give a true and fair view. Our responsibility
is to audit and express an opinion on the financial statements
in accordance with applicable law and International
Standards on Auditing (UK and Ireland). Those standards
require us to comply with the Financial Reporting Council’s
(FRC’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial
statements is provided on the FRC’s website at
www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion:
• the financial statements give a true and fair view of the
state of the group’s and of the parent company’s affairs as
at 31 December 2016 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, based on the work undertaken in the course
of the audit:
• the information given in the Strategic Report and the
Directors’ Report for the financial year for which the
financial statements are prepared is consistent with those
financial statements; and
• the Strategic Report and the Directors’ Report have been
prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the
company and its environment obtained in the course of the
audit, we have not identified material misstatements in the
Strategic Report or the Directors’ Report.
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
31 March 2017 
Independent auditor’s report
To the members of Christie Group plc Consolidated income statement
For the year ended 31 December 2016
38 Christie Group Annual Report 2016
2016 2015
Total Total
Note £’000 £’000
Revenue 6 64,488 63,743
Employee benefit expenses 7 (45,866) (42,888)
18,622 20,855
Depreciation and amortisation 6 (757) (576)
Impairment (charge)/credit 21 (194) 143
Other operating expenses (16,651) (16,659)
Operating profit before exceptional items 1,020 3,763
Exceptional items 5 1,328 –
Operating profit after exceptional items 2,348 3,763
Finance costs 8 (111) (91)
Finance income 8 – –
Pension scheme finance costs 8 (432) (511)
Total finance costs 8 (543) (602)
Profit before tax 9 1,805 3,161
Taxation 10 (516) (614)
Profit after tax 1,289 2,547
Profit for the period after tax attributable to:
Equity shareholders of the parent 1,405 2,712
Non-controlling interest (116) (165)
1,289 2,547
Earnings per share attributable to equity holders – pence
Profit attributable to the equity holders of the Company
– Basic 12 5.35 9.73
– Fully diluted 12 5.25 9.47
All amounts derive from continuing activities. Christie Group Annual Report 2016 39
Consolidated statement of comprehensive income
For the year ended 31 December 2016
2016 2015
Total Total
£’000 £’000
Profit after tax 1,289 2,547
Other comprehensive income/(losses):
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations 184 (72)
Net other comprehensive income/(losses) to be reclassified to
profit or loss in subsequent periods 184 (72)
Items that will not be reclassified subsequently to profit or loss:
Actuarial (losses)/gains on defined benefit plans (8,054) 1,676
Income tax effect 1,011 (335)
Net other comprehensive (losses)/income not being reclassified
to profit or loss in subsequent periods (7,043) 1,341
Other comprehensive (losses)/income for the period, net of tax (6,859) 1,269
Total comprehensive (losses)/income for the period (5,570) 3,816
Total comprehensive (losses)/income attributable to:
Equity shareholders of the parent (5,454) 3,981
Non-controlling interest (116) (165)
(5,570) 3,816 40 Christie Group Annual Report 2016
Consolidated statement of changes in shareholders’ equity
As at 31 December 2016
Attributable to the Equity Holders of the Company
Fair value 
and other Cumulative Non-
Share reserves translation Retained controlling Total 
capital (Note 23) reserve earnings interest equity 
For the year ended 31 December 2015 £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 January 2015 531 4,954 544 (12,473) (289) (6,733)
Profit/(loss) for the year after tax ––– 2,712 (165) 2,547
Items that will not be reclassified subsequently
to profit or loss ––– 1,341 – 1,341
Items that may be reclassified subsequently
to profit or loss –– (72) –– (72)
Total comprehensive income/(losses) for the period –– (72) 4,053 (165) 3,816
Movement in respect of employee share scheme – 69 ––– 69
Employee share option scheme:
– value of services provided – 184 ––– 184
Dividends paid ––– (653) – (653)
Balance at 31 December 2015 531 5,207 472 (9,073) (454) (3,317)
Attributable to the Equity Holders of the Company
Fair value 
and other Cumulative Non-
Share reserves translation Retained controlling Total 
capital (Note 23) reserve earnings interest equity 
For the year ended 31 December 2016 £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 January 2016 531 5,207 472 (9,073) (454) (3,317)
Profit/(loss) for the year after tax ––– 1,405 (116) 1,289
Items that will not be reclassified subsequently
to profit or loss ––– (7,043) – (7,043)
Items that may be reclassified subsequently
to profit or loss –– 184 –– 184
Total comprehensive (losses)/income for the period –– 184 (5,638) (116) (5,570)
Movement in respect of employee share scheme – 20 ––– 20
Employee share option scheme:
– value of services provided – 238 ––– 238
Acquisition of non controlling interest ––– (241) 241 –
Dividends paid ––– (657) – (657)
Balance at 31 December 2016 531 5,465 656 (15,609) (329) (9,286) Christie Group Annual Report 2016 41
2016 2015
Note £’000 £’000
Assets
Non-current assets
Intangible assets – Goodwill 13 1,812 1,703
Intangible assets – Other 14 1,241 1,066
Property, plant and equipment 15 1,468 1,095
Deferred tax assets 16 3,901 3,266
Available-for-sale financial assets 17a 635 635
Other receivables 18 451 451
9,508 8,216
Current assets
Inventories 19 29 6
Trade and other receivables 21 13,226 12,007
Current tax assets 357 45
Cash and cash equivalents 20 1,637 3,621
15,249 15,679
Total assets 24,757 23,895
Equity
Share capital 22 531 531
Fair value and other reserves 23 5,465 5,207
Cumulative translation reserve 656 472
Retained earnings (15,609) (9,073)
(8,957) (2,863)
Non-controlling interest (329) (454)
Total equity (9,286) (3,317)
Liabilities
Non-current liabilities
Trade and other payables 25 249 –
Retirement benefit obligations 24 18,106 11,958
Borrowings 26 1 7
Provisions 27 167 155
18,523 12,120
Current liabilities
Trade and other payables 25 8,883 9,052
Current tax liabilities 152 –
Borrowings 26 5,624 4,288
Provisions 27 861 1,752
15,520 15,092
Total liabilities 34,043 27,212
Total equity and liabilities 24,757 23,895
These consolidated financial statements have been approved for issue by the Board of Directors on 31 March 2017.
D BRugg D R Prickett
Chief Executive Chief Financial Officer
Consolidated statement of financial position
At 31 December 2016 42 Christie Group Annual Report 2016
2016 2015
Note £’000 £’000
Cash flow from operating activities
Cash (used in)/generated from operations 28 (1,016) 2,681
Interest paid (111) (91)
Tax paid (213) (831)
Net cash (used in)/generated from operating activities (1,340) 1,759
Cash flow from investing activities
Purchase of property, plant and equipment (PPE) (855) (571)
Proceeds from sale of PPE 16 21
Intangible asset expenditure – software (453) (574)
Net cash used in investing activities (1,292) (1,124)
Cash flow from financing activities
Proceeds from invoice finance 363 56
Payment of finance lease liabilities (6) (10)
Dividends paid (657) (653)
Net cash used in financing activities (300) (607)
Net (decrease)/increase in cash (2,932) 28
Cash and cash equivalents at beginning of year 17 6
Exchange losses on euro bank accounts (18) (17)
Cash and cash equivalents at end of year 20 (2,933) 17
Consolidated statement of cash flows 
For the year ended 31 December 2016 Company statement of changes in shareholders’ equity 
As at 31 December 2016
Christie Group Annual Report 2016 43
Attributable to the Equity Holders of the Company
Fair value and 
Share other reserves Retained Total 
capital (Note 23) earnings equity
For the year ended 31 December 2015 £’000 £’000 £’000 £’000
Balance at 1 January 2015 531 4,137 1,392 6,060
Profit/(loss) for the year after tax –– 472 472
Items that will not be reclassified subsequently
to profit or loss ––– –
Total comprehensive income for the period –– 472 472
Movement in respect of employee share scheme – 70 – 70
Dividends paid –– (653) (653)
Balance at 31 December 2015 531 4,207 1,211 5,949
Attributable to the Equity Holders of the Company
Fair value and 
Share other reserves Retained Total 
capital (Note 23) earnings equity
For the year ended 31 December 2016 £’000 £’000 £’000 £’000
Balance at 1 January 2016 531 4,207 1,211 5,949
Profit/(loss) for the year after tax –– 1,082 1,082
Items that will not be reclassified subsequently
to profit or loss –– (227) (227)
Total comprehensive income for the period –– 855 855
Movement in respect of employee share scheme – 20 – 20
Employee share option scheme:
– Value of services provided – 23 – 23
Dividends paid –– (657) (657)
Balance at 31 December 2016 531 4,250 1,409 6,190 2016 2015
Note £’000 £’000
Assets
Non-current assets
Investments in subsidiaries 17 2,463 2,563
Deferred tax assets 16 272 300
Available-for-sale financial assets 17a 635 635
Other receivables 18 451 451
3,821 3,949
Current assets
Trade and other receivables 21 14,830 12,211
Current tax assets – 29
Cash and cash equivalents 20 5 5
14,835 12,245
Total assets 18,656 16,194
Equity
Share capital 22 531 531
Fair value and other reserves 23 4,250 4,207
Retained earnings 1,409 1,211
Total equity 6,190 5,949
Liabilities
Non-current liabilities
Retirement benefit obligations 24 1,365 1,202
1,365 1,202
Current liabilities
Trade and other payables 25 6,531 5,450
Current tax liabilities – –
Borrowings 26 4,570 3,593
11,101 9,043
Total liabilities 12,466 10,245
Total equity and liabilities 18,656 16,194
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
£1,082,000 (2015: £472,000).
These Company financial statements have been approved for issue by the Board of Directors on 31 March 2017.
D BRugg D R Prickett
Chief Executive Chief Financial Officer
Company statement of financial position 
As at 31 December 2016
44 Christie Group Annual Report 2016 Christie Group Annual Report 2016 45
Company statement of cash flows 
For the year ended 31 December 2016
2016 2015
Note £’000 £’000
Cash flow from operating activities
Cash (used in)/generated from operations 28 (1,793) 520
Interest paid (172) (149)
Tax received/(paid) 27 (17)
Net cash (used in)/generated from operating activities (1,938) 354
Cash flow from investing activities
Interest received 268 273
Dividend received 1,350 –
Net cash generated from investing activities 1,618 273
Cash flow from financing activities
Dividends paid (657) (653)
Net cash used in financing activities (657) (653)
Net decrease in cash (977) (26)
Cash and cash equivalents at beginning of year (3,588) (3,562)
Cash and cash equivalents at end of year 20 (4,565) (3,588) Notes to the consolidated financial statements
46 Christie Group Annual Report 2016
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 2016
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 2016. However, they do not materially impact the
annual consolidated financial statements of the Group.
New Standards, interpretations and amendments to
published standards that are not yet effective
Certain new standards, amendments and interpretations to
existing standards have been published that are mandatory for
the Group or Company’s accounting periods beginning after
1 January 2017 or later periods and have not been early
adopted. It is anticipated that none of these new standards,
amendments and interpretations currently in issue at the time
of preparing the financial statements will have a material effect
on the consolidated financial statements of the Group, except
for IFRS 15 Revenue from Contracts with Customers becomes
mandatory for the Group’s 2018 consolidated financial
statements and IFRS 16 Leases’ which becomes mandatory
for the Group’s 2019 consolidated financial statements.
IFRS 16, ‘Leases’ was issued in January 2016. The impact on
the Group will be as follows: it eliminates the classification of
leases as either operating leases or finance leases for a
lessee. Instead all leases are treated in a similar way to
finance leases. Leases will be ‘capitalised’ by recognising the
present value of the lease payments and showing them either
as lease assets (right-of-use assets) or together with
property, plant and equipment. Where lease payments are
made over time, the Group will also recognise a financial
liability representing its obligation to make future lease
payments. The most significant effect of the new
requirements in IFRS 16 will be an increase in lease assets
and financial liabilities. The Group does not plan to adopt
this standard early and the extent of the impact will be
assessed when the standard becomes effective.
IFRS 9, ‘Financial Instruments’. This is part of a project to
replace IAS 39 Financial Instruments: Recognition and
Measurement and deals with the classification and
measurement of financial assets and financial liabilities.
In November 2009, the IASB published IFRS 9 Financial
Instruments which covered the classification and
measurement of financial assets. In October 2010 the
requirements for classifying and measuring financial
liabilities were added to IFRS 9.
IFRS 15: Revenue from Contracts with Customers. The
standard represents a single revenue recognition standard to
be applied across various industries. The standard replaces
IAS 11 Construction Contracts and IAS 18 Revenue.
The core principle of the Standard is for companies to recognise
revenue to depict the transfer of goods or services to customers
in amounts that reflect the consideration (that is, payment) to
which the company expects to be entitled in exchange for those
goods or services. The Standard also requires enhanced
disclosures about revenue, provides guidance for transactions
that were not previously addressed comprehensively (for
example, service revenue and contract modifications) and
improves guidance for multiple-element arrangements. Application of the standard is mandatory for all IFRS
reporters and it applies to nearly all contracts with
customers; the main exceptions are leases, financial
instruments and insurance contracts.
On 22 July 2015, The International Accounting Standards
Board (IASB) confirmed a one-year deferral of the effective
date of the revenue Standard, IFRS 15 Revenue from
Contracts with Customers, to 1 January 2018.
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 2016.
The results of businesses acquired or disposed of are
included from or to the date of acquisition or disposal.
A subsidiary is an entity controlled, directly or indirectly, by
Christie Group plc. The Group controls an entity when the
Group is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect
those returns through its power over the entity. Subsidiaries
are fully consolidated from the date on which control is
transferred to the Group. They are deconsolidated from
the date that control ceases.
When the Group disposes of a subsidiary any gains/losses
recognised at the date of disposal are taken to the
income statement.
Non controlling interests
Total comprehensive income within a subsidiary is
attributed to the non-controlling interest even if that
results in a deficit balance.
2.3 Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the
Group’s entities are measured using the currency of the
primary economic environment in which the entity operates
(‘the functional currency’). The consolidated financial
statements are presented in sterling, which is the Group’s
and Company’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from
the translation at year-end exchange rates of monetary
assets and liabilities denominated in foreign currencies
are recognised in the income statement.
Group companies
The results and financial position of all the group entities
(none of which has the currency of a hyperinflationary
economy) that have a functional currency different from the
presentation currency are translated into the presentation
currency as follows:
a) assets and liabilities for each statement of financial
position presented are translated at the closing rate at
the date of that statement of financial position;
b) income and expenses for each income statement are
translated at average exchange rates; and
c) all resulting exchange differences are recognised as
a separate component of equity, the cumulative
translation reserve.
On consolidation, exchange differences arising from the
translation of the net investment in foreign entities, are taken
to shareholders’ equity. When a foreign operation is sold,
such exchange differences are recognised in the income
statement as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition
of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the closing rate.
2.4 Revenue recognition
Revenue comprises the fair value of the consideration
received or receivable for the sale of goods and services
provided in the ordinary course of the Group’s activities.
Revenue derived from the Group’s principal activities (which
is shown exclusive of applicable sales taxes or equivalents)
is recognised as follows:
Agency, consultancy and valuations
Net agency fees are recognised as income on exchange of
contracts at which point the Group becomes contractually
entitled to its agency fee. Consultancy income is recognised
in the accounting period in which the service is rendered,
assessed on the basis of actual service provided as a
proportion of the total services provided. In respect of
valuations, turnover is recognised once the property or
business has been inspected. Appraisal income is recognised
in the accounting period in which the service is rendered,
assessed on the basis of actual service provided as a
proportion of the total services to be provided.
Business mortgage broking
Fee income is taken either when a loan offer is secured or
when the loan is drawn down.
Insurance broking
Insurance brokerage is accounted for when the insurance
policy commences.
Software solutions
Hardware revenues are recognised on installation or as
otherwise specified in the terms of the contract. Software
revenues are recognised on delivery or as otherwise specified
Christie Group Annual Report 2016 47
2. Summary of significant accounting policies continued in the terms of the contract. Revenues on maintenance
contracts are recognised over the period of the contracts.
Revenue in respect of services, such as implementation,
training, consultancy and e-ticketing, are recognised
when the services are performed.
Stock & inventory services
Fees are recognised on completion of the visit to
client’s premises.
Other income is recognised as follows:
Interest income
Interest income is recognised on a time-proportion basis
using the effective interest method.
Dividend income
Dividend income is recognised when the right to receive
payment is established.
Rental income
Rental income from operating leases (net of any incentives
given to the lessees) is recognised on a straight-line basis
over the lease term.
2.5 Exceptional items
Exceptional items are disclosed separately in the financial
statements where it is necessary to do so to provide further
understanding of the financial performance of the group.
They are material items of income or expense that have
been shown separately due to the significance of their
nature or amount.
2.6 Segmental reporting
Operating segments are reported in a manner consistent with
the internal reporting provided to the chief operating decision-
maker as required by IFRS 8 “Operating Segments”. The chief
operating decision-maker, who is responsible for allocating
resources and assessing performance of the operating
segments, has been identified as the Board of Directors.
The Group operating segments are defined as Professional
Business Services, Stock & Inventory Systems & Services,
and Other . Within these segments, the Board of Directors
distinguish between European-based operations and those
operations based in the rest of the world on the basis that
the risks and returns may vary depending on the
economic environment.
Segment assets and liabilities include items that are directly
attributable to a segment plus an allocation on a reasonable
basis of shared items. Any current and deferred tax assets
and liabilities are not included in business segments and
are thus unallocated.
All transactions between reportable segments are at
arm’s length.
2.7 Intangible assets
Goodwill
On the acquisition of a business, fair values are attributed to
the net assets acquired. Goodwill arises on the acquisition of
subsidiary undertakings, representing any excess of the fair
value of the consideration given over the fair value of the
identifiable assets and liabilities acquired. Goodwill arising
on acquisitions is capitalised and subject to impairment
review, both annually and when there are indications that the
carrying value may not be recoverable. Goodwill arising on
acquisitions prior to the date of transition to IFRS has been
retained at previous UK GAAP amounts as permitted by IFRS
1 ‘First time adoption of International Accounting Standards’.
Other
Intangible fixed assets such as software are stated at cost,
net of amortisation and any provision for impairment.
Amortisation is calculated to write down the cost of all
intangible fixed assets to their estimated residual value by
equal annual instalments over their expected useful
economic lives. The expected useful lives are between one
and ten 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 – 5 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.
Notes to the consolidated financial statements continued
48 Christie Group Annual Report 2016
2. Summary of significant accounting policies continued Where substantially all of the risks and rewards incidental to
ownership of a leased asset have been transferred to the
Group (a "finance lease"), the asset is treated as if it had been
purchased outright. The amount initially recognised as an
asset is the lower of the fair value of the leased asset and the
present value of the minimum lease payments payable over
the term of the lease. The corresponding lease commitment
is shown as a liability. Lease payments are analysed between
capital and interest. The interest element is charged to the
consolidated income statement over the period of the lease
and is calculated so that it represents a constant proportion
of the lease liability. The capital element reduces the balance
owed to the lessor .
2.10 Impairment of assets
Non-current assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is
recognised for the amount by which the asset’s carrying value
exceeds its recoverable amount. The recoverable amount is
the higher of an asset’s fair value less costs to sell and value
in use. Value in use is based on the present value of the future
cash flows relating to the asset, and is determined over
periods which are deemed to appropriately reflect the
minimum expected period that the cash generating unit will
operate for . For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately
identifiable cash flows (cash generating units), and their
carrying value assessed against management’s projection
of the present value of cash flows arising over a projected
period of 5 years from the statement of financial position date,
using growth rates determined by management.
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.
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.
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.
Christie Group Annual Report 2016 49
2. Summary of significant accounting policies continued 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. Trade receivables are not derecognised
until payment is received from the customer .
2.20 Employee benefits
Pension obligations
The Group has both defined benefit and defined contribution
schemes. A defined benefit scheme is a pension scheme that
defines the amount of pension benefit that an employee will
receive on retirement, usually dependent on one or more
factors such as age, years of service and remuneration. A
defined contribution scheme is a pension scheme under
which the Group pays fixed contributions into a separate
entity. The schemes are generally funded through payments
to insurance companies or trustee-administered funds,
determined by periodic actuarial calculations.
Pension obligations – Defined benefit schemes
The liability recognised in the statement of financial position
in respect of defined benefit pension schemes is the present
value of the defined benefit obligation at the statement of
financial position date less the fair value of scheme assets.
The defined benefit obligation is calculated annually by
independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows
using interest rates of high-quality corporate bonds that are
denominated in the currency in which the benefits will be
paid, and that have terms to maturity approximating to the
terms of the related pension liability.
Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are
charged or credited to equity in other comprehensive
income in the period in which they arise.
Past-service costs are recognised immediately in the
income statement.
Pension obligations – Defined contribution scheme
Group companies contribute towards a personal pension
scheme for their participating employees. These employees
are currently entitled to such contributions after a qualifying
period has elapsed. Payments to the scheme are charged
as an employee benefit expense as they fall due. The Group
has no further payment obligations once the contributions
have been paid.
Share based compensation
The fair value of employee share option schemes, including
Save As You Earn (SAYE) schemes, is measured by a Black-
Scholes pricing model. Further details are set out in note 22a.
In accordance with IFRS 2 ‘Share-based Payments’ the
resulting cost is charged to the income statement over the
vesting period of the options. The value of the charge is
adjusted to reflect expected and actual levels of options vesting.
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
Notes to the consolidated financial statements continued
50 Christie Group Annual Report 2016
2. Summary of significant accounting policies continued The Group uses a limited number of financial instruments,
comprising cash, short-term deposits and overdrafts and
various items such as trade receivables and payables, which
arise directly from operations. The Group does not trade in
financial instruments.
3.1 Financial risk factors
The Group’s activities expose it to a variety of financial risks:
market risk (including currency risk), credit risk, liquidity risk
and cash flow interest rate risk. The Group’s overall risk
management programme focuses on the unpredictability of
financial markets and seeks to minimise potential adverse
effects on the Group’s financial performance.
a) Market risk
Foreign exchange risk
The Group operates internationally and is exposed to foreign
exchange risk arising from various currency exposures,
primarily with respect to the Euro. Foreign exchange risk arises
from future commercial transactions, recognised assets and
liabilities and net investments in foreign operations.
The Group has certain investments in foreign operations, whose
net assets are exposed to foreign currency translation risk.
At 31 December 2016, 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 £48,000 lower
(2015: £31,000 lower) 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 £61,000 (2015: £43,000).
b) Credit risk
The Group has no significant concentrations of credit risk
and has policies in place to ensure that sales are made to
customers with an appropriate credit history.
c) Liquidity risk
Prudent liquidity risk management implies maintaining
sufficient cash and available funding through an adequate
amount of committed credit facilities. The Group uses an
invoice financing arrangement in a group undertaking to
mitigate liquidity risk. The Group ensures it has adequate
cover through the availability of bank overdraft facilities.
At 31 December 2016 total borrowings by the Group
amounted to £5,624,000 (2015: £4,295,000), with additional
available unutilised credit facilities at 31 December 2016 of
£680,000 (2015: £1,657,000).
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 2016 were £1,637,000 (2015: £3,621,000).
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 2016, 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 £5,000 (2015: £1,000).
Christie Group Annual Report 2016 51
3. Financial risk management
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.
2. Summary of significant accounting policies continued Notes to the consolidated financial statements continued
52 Christie Group Annual Report 2016
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.
3. Financial risk management continued
5. Exceptional items
2016 2015
£’000 £’000
Reduction in past service costs relating to defined benefit pension schemes 1,328 –
1,328 –
In relation to both of its defined benefit pension schemes the Group has completed consultations relating to the indexation
increases which may be applied to future increases in pensionable salary for active members of both schemes. The result is a
reduction in aggregated scheme liabilities of £1,328,000.
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, investments and
amounts owed by group undertakings.
Goodwill, investments and amounts owed by group
undertakings are 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
policies stated in note 2.7 and 2.10. The recoverable amounts
of cash-generating units have been determined based on
value-in-use calculations. These calculations require the
use of estimates as set out in note 13.
(b) Retirement benefit obligations
The assumptions used to measure the expense and liabilities
related to the Group’s two defined benefit pension plans are
reviewed annually by professionally qualified, independent
actuaries, trustees and management as appropriate.
Management base their assumptions on their understanding
and interpretation of applicable scheme rules which prevail at
the statement of financial position date. The measurement of
the expense for a period requires judgement with respect to
the following matters, among others:
• the probable long-term rate of increase in pensionable pay;
• the discount rate; and
• the estimated life expectancy of participating members.
The assumptions used by the Group, as stated in note 24, may
differ materially from actual results, and these differences
may result in a significant impact on the amount of pension
expense recorded in future periods. In accordance with IAS
19, the Group recognises all actuarial gains and losses
immediately in other comprehensive income.
(c) Deferred taxation
Deferred tax assets are recognised to the extent that the
Group believes it is probable that future taxable profit will be
available against which temporary timing differences and
losses from previous periods can be utilised. Management
judgement is required to determine the amount of deferred
tax assets that can be recognised, based upon the likely
timing and the level of future taxable profits together with
future tax planning strategies.
4. Critical accounting estimates and judgements Christie Group Annual Report 2016 53
6. Segment information
The Group is organised into two main operating segments: Professional Business Services and Stock & Inventory Systems & Services.
The segment results for the year ended 31 December 2016 are as follows:
Stock & 
Professional Inventory
Business Systems 
Services & Services Other Group
£’000 £’000 £’000 £’000
Total gross segment sales 35,139 29,455 3,533 68,127
Inter-segment sales (106) – (3,533) (3,639)
Revenue 35,033 29,455 – 64,488
Operating profit/(loss) before exceptional items 1,407 (165) (222) 1,020
Exceptional items 973 286 69 1,328
Operating profit/(loss) after exceptional items 2,380 121 (153) 2,348
Finance costs (314) (142) (87) (543)
Profit before tax 1,805
Taxation (516)
Profit for the year after tax 1,289
The segment results for the year ended 31 December 2015 are as follows:
Stock & 
Professional Inventory
Business Systems 
Services & Services Other* Group
£’000 £’000 £’000 £’000
Total gross segment sales 36,369 27,478 4,312 68,159
Inter-segment sales (104) – (4,312) (4,416)
Revenue 36,265 27,478 – 63,743
Operating profit/(loss) 4,646 (953) 70 3,763
Finance costs (353) (179) (70) (602)
Profit before tax 3,161
Taxation (614)
Profit for the year after tax 2,547
Other segment items included in the income statements for the years ended 31 December 2016 and 2015 are as follows:
Stock &
Professional Inventory
Business Systems &
Services Services Other Group
£’000 £’000 £’000 £’000
31 December 2016
Depreciation and amortisation 332 394 31 757
Impairment of trade receivables 112 82 – 194
31 December 2015
Depreciation and amortisation 239 326 11 576
(Reversal of)/impairment of trade receivables (192) 49 – (143) 6. Segment information continued
The segment assets and liabilities at 31 December 2016 and capital expenditure for the year then ended are as follows:
Stock &
Professional Inventory
Business Systems &
Services Services Other Group
£’000 £’000 £’000 £’000
Assets 9,088 7,571 3,840 20,499
Deferred tax assets 3,901
Current tax assets 357
24,757
Liabilities 17,429 7,331 3,506 28,266
Borrowings 5,625
Current tax liabilities 152
34,043
Capital expenditure 799 492 17 1,308
The segment assets and liabilities at 31 December 2015 and capital expenditure for the year are as follows:
Stock & 
Professional Inventory 
Business Systems 
Services & Services Other Group
£’000 £’000 £’000 £’000
Assets 10,147 7,069 3,368 20,584
Deferred tax assets 3,266
Current tax assets 45
23,895
Liabilities 14,189 7,024 1,704 22,917
Borrowings 4,295
Current tax liabilities –
27,212
Capital expenditure 270 441 454 1,165
Segment assets consist primarily of property, plant and equipment, intangible assets, inventories, receivables and operating
cash. They exclude taxation.
Segment liabilities comprise operating liabilities. They exclude items such as taxation and corporate borrowings.
Capital expenditure comprises additions to property, plant and equipment and intangible assets.
The Group manages its operating segments on a global basis. The UK is the home country of the parent. The Group’s revenue
is mainly generated in Europe.
Notes to the consolidated financial statements continued
54 Christie Group Annual Report 2016 Christie Group Annual Report 2016 55
6. Segment information continued
Revenue is allocated below based on the entity’s country of domicile.
2016 2015
£’000 £’000
Revenue
Europe 64,122 63,444
Rest of the World 366 299
64,488 63,743
Total segment assets are allocated based on where the assets are located.
2016 2015
£’000 £’000
Total segment assets
Europe 20,325 20,529
Rest of the World 174 55
20,499 20,584
Capital expenditure is allocated based on where the assets are located.
2016 2015
£’000 £’000
Capital expenditure
Europe 1,308 1,165
Rest of World – –
1,308 1,165
2016 2015
£’000 £’000
Analysis of revenue by category
Sale of goods 148 95
Revenue from services 64,340 63,648
64,488 63,743 Notes to the consolidated financial statements continued
56 Christie Group Annual Report 2016
7. Employee benefit expenses
2016 2015
Staff costs for the Group during the year £’000 £’000
Wages and salaries 39,340 37,276
Social security costs 4,210 3,902
Pension costs 1,879 1,280
Post employment benefits 143 113
Other long-term benefits 55 133
Cost of employee share scheme 239 184
45,866 42,888
Average actual number of people (including executive directors)
2016 2015
employed by the Group during the year was Number Number
Operational 2,820 3,323
Administration and support staff 268 259
3,088 3,582
Average full time equivalent number of people (including executive directors)
2016 2015
employed by the Group during the year was Number Number
Operational 935 902
Administration and support staff 262 259
1,197 1,161
8. Finance costs
2016 2015
£’000 £’000
Interest payable on bank loans and overdrafts 71 58
Other interest payable 40 33
Pension scheme finance costs 432 511
Total finance costs 543 602
Bank interest receivable – –
Total finance credit – –
Net finance costs 543 602 9. Profit before tax
Group
2016 2015
£’000 £’000
Profit before tax is stated after charging/(crediting):
Depreciation of property, plant and equipment
– owned assets 473 365
– hire purchases 7 6
Amortisation of intangible fixed assets 277 205
(Profit)/loss on sale of property, plant and equipment (10) (6)
Operating lease charges
– buildings 1,313 1,057
– other 817 815
Impairment of trade receivables (see note 21) 194 (143)
(Gain)/loss on foreign exchange (19) 17
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
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Audit services
– audit of the parent company and
consolidated financial statements 19 19 19 19
– audit of the subsidiary company
financial statements 115 111 – –
Total audit fees 134 130 19 19
Group pension scheme audit fees 17 14 – –
Other services
– other services 8 8 8 8
Christie Group Annual Report 2016 57 Notes to the consolidated financial statements continued
58 Christie Group Annual Report 2016
10. Taxation
2016 2015
£’000 £’000
Current tax
UK Corporation tax at 20% (2015: 20.25%) – (417)
Foreign tax (163) (22)
Adjustment in respect of prior years 23 41
Total current tax charge (140) (398)
Deferred tax
Origination and reversal of timing differences (332) (216)
Impact of change in the UK corporation tax rate (44) –
Total deferred tax charge (376) (216)
Tax charge on profit on ordinary activities (516) (614)
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:
2016 2015
£’000 £’000
Profit before tax 1,805 3,161
Tax at standard rate of UK corporation tax at 20% (2015: 20.25%) (361) (638)
Effects of:
– expenses not deductible for tax purposes (134) (19)
– adjustment in respect of prior years 23 41
– tax losses for which no deferred tax asset has been previously recognised – 2
Re-measurement of deferred tax asset due to changes in the UK corporation tax rate (44) –
Total tax charge (516) (614)
11. Dividends
A dividend in respect of the year ended 31 December 2016 of 1.5p per share, amounting to a total dividend of £398,000 is to be
proposed at the Annual General Meeting on 14 June 2017. These financial statements do not reflect this proposed dividend. Christie Group Annual Report 2016 59
12. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year, which excludes the shares held in the Employee Share Ownership
Plan (ESOP) trust.
2016 2015
£’000 £’000
Profit attributable to equity holders of the Company 1,405 2,712
2016 2015
Thousands Thousands
Weighted average number of ordinary shares in issue 26,295 26,171
Adjustment for share options 472 714
Weighted average number of ordinary shares for diluted earnings per share 26,767 26,885
2016 2015
Pence Pence
Basic earnings per share 5.35 9.73
Fully diluted earnings per share 5.25 9.47
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to
assume conversion of all dilutive potential ordinary shares. The Company has only one category of dilutive potential ordinary
shares: share options.
The calculation is performed for the share options to determine the number of shares that could have been acquired at fair
value (determined as the average annual market share price of the Company’s shares) based on the monetary value of the
subscription rights attached to outstanding share options. The number of shares calculated as above is compared with
the number of shares that would have been issued assuming the exercise of the share options. Notes to the consolidated financial statements continued
60 Christie Group Annual Report 2016
13. Intangible assets – goodwill
Total
Group £’000
Cost
At 1 January 2016 1,703
Foreign currency translation effects 109
At 31 December 2016 1,812
Total
Group £’000
Cost
At 1 January 2015 1,740
Foreign currency translation effects (37)
At 31 December 2015 1,703
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 2016 are as follows:
Professional Stock & Inventory 
Business Services Systems & Services
£’000 £’000
Goodwill 178 1,634
During the year, the acquired goodwill was tested for impairment in accordance with IAS 36 on the basis of the relevant CGUs.
Following the impairment tests there has been no change to the carrying values. The recoverable amount of a CGU is determined
based on value-in-use calculations. These calculations use cash flow projections based on current business plans. The key
assumptions for the value-in-use calculations are those regarding revenue growth rates, discount rates and long-term growth
rates over a period of 5 years from the statement of financial position date. Management determined budgeted revenue growth
based on past performance and its expectations for the market development. Discount rates were determined using post-tax
rates that reflect current market assessments of the time value of money and the risks specific to the CGUs. Cash flows beyond
the five-year period are extrapolated using estimated long term growth rates obtained from HM Treasury for both the UK and
Continental Europe.
The revenue growth rate does not exceed the long-term average growth rate for the businesses in which the CGUs operate.
Professional Stock & Inventory 
Business Services Systems & Services
%%
Discount rates 10.0 10.0
Long-term growth rates 2.5 2.5 Christie Group Annual Report 2016 61
14. Intangible assets – other
Trademarks Software Total
Group £’000 £’000 £’000
Cost
At 1 January 2016 38 1,362 1,400
Additions 12 441 453
Disposals (1) (3) (4)
At 31 December 2016 49 1,800 1,849
Accumulated amortisation and impairment
At 1 January 2016 2 332 334
Charge for the year 2 275 277
Disposals – (3) (3)
At 31 December 2016 4 604 608
Net book amount at 31 December 2016 45 1,196 1,241
Trademarks Software Total
Group £’000 £’000 £’000
Cost
At 1 January 2015 – 838 838
Additions 38 536 574
Disposals – (11) (11)
Foreign currency translation effects – (1) (1)
At 31 December 2015 38 1,362 1,400
Accumulated amortisation and impairment
At 1 January 2015 – 141 141
Charge for the year 2 203 205
Disposals – (11) (11)
At 31 December 2015 – (1) (1)
Net book amount at 31 December 2015 2 332 334
36 1,030 1,066 15. Property, plant and equipment
Fixtures, fittings, 
Short leasehold computer equipment 
property and motor vehicles Total
Group £’000 £’000 £’000
Cost
At 1 January 2016 33 3,686 3,719
Additions 18 837 855
Disposals – (60) (60)
Foreign currency translation effects – 42 42
At 31 December 2016 51 4,505 4,556
Accumulated depreciation
At 1 January 2016 33 2,591 2,624
Charge for the year 1 479 480
Disposals – (53) (53)
Foreign currency translation effects – 37 37
At 31 December 2016 34 3,054 3,088
Net book amount at 31 December 2016 17 1,451 1,468
Fixtures, fittings, 
Short leasehold computer equipment 
property and motor vehicles Total
Group £’000 £’000 £’000
Cost
At 1 January 2015 39 3,292 3,331
Additions – 591 591
Disposals (6) (183) (189)
Foreign currency translation effects – (14) (14)
At 31 December 2015 33 3,686 3,719
Accumulated depreciation
At 1 January 2015 39 2,399 2,438
Charge for the year – 371 371
Disposals (6) (167) (173)
Foreign currency translation effects – (12) (12)
At 31 December 2015 33 2,591 2,624
Net book amount at 31 December 2015 – 1,095 1,095
Notes to the consolidated financial statements continued
62 Christie Group Annual Report 2016 Christie Group Annual Report 2016 63
16. Deferred tax
Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax
assets where it is probable that these assets will be recovered.
The movements in deferred tax assets (prior to the offsetting of balances within the same jurisdiction as permitted by IAS 12)
during the year are shown below. Deferred tax assets and liabilities are only offset where there is a legally enforceable right of
offset and there is an intention to settle the balances net.
Group Company
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Deferred tax assets comprises:
Decelerated capital allowances 158 245 – –
Losses not yet utilised 335 189 104 120
Short-term timing differences 330 440 (64) (60)
Deferred tax asset 823 874 40 60
Deferred tax asset on pension 3,078 2,392 232 240
At 31 December 3,901 3,266 272 300
Movements in the deferred tax asset:
Group Company
2016 2015 2016 2015
£’000 £’000 £’000 £’000
At 1 January 3,266 3,817 300 412
Charged to income statement (376) (216) (28) (112)
Credited/(charged) to other comprehensive income 1,011 (335) – –
At 31 December 3,901 3,266 272 300
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 £335,000 (2015: £189,000) relating to losses not yet utilised
is derived from unutilised tax losses of £1,762,000 (2015: £950,000). 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 £nil (2015: £95,000) in respect of losses amounting to £nil (2015: £477,000)
that can be carried forward against future taxable income as the realisation of the benefit cannot be assessed as probable as at
31 December 2016.
The UK Government has announced future tax changes to corporation tax rate. These changes resulted in a decrease in the
standard rate of corporation of 20% for both the 2015/16 and 2016/17 tax years, falling to a rate of 19% for the 2017/18, 2018/19
and 2019/20 tax years and eventually culminating in a rate of 17% by 2020/21.
As at 31 December 2016 all such changes have been substantively enacted and have therefore been reflected in the calculation
of deferred tax for the year ended 31 December 2016. Notes to the consolidated financial statements continued
64 Christie Group Annual Report 2016
17. Investments in subsidiaries
Total
Company £’000
Cost
At 1 January 2016 6,149
Additions –
Disposals (100)
At 31 December 2016 6,049
Provision for impairment
At 1 January 2016 and 31 December 2016 3,586
Net book amount at 31 December 2016 2,463
Total
Company £’000
Cost
At 1 January 2015 and 31 December 2015 6,149
Provision for impairment
At 1 January 2015 and 31 December 2015 3,586
Net book amount at 31 December 2015 2,563
Subsidiary undertakings
At 31 December 2016 the subsidiaries were as follows:
                                                                                   Principal place of 
                                                                                   business and country 
Company                                                                  of incorporation                  Registered Address                       Ownership         Nature of business
Operating subsidiaries
Christie, Owen & Davies Ltd              UK                             Whitefriars House,                100%       Business valuers, surveyors 
(trading as Christie & Co)*                                                    6 Carmelite Street,                                 and agents 
                                                                                                   London, EC4Y 0BS                          
Christie & Co (Holdings) Limited      UK                             65 Carter Lane,                      100%       Holding company
                                                                                                   London, EC4V 5HF
Christie & Co SAS*                             France                       5 Rue Meyerbeer,                  100%       Business valuers, surveyors 
                                                                                                   75009 Paris                                             and agents
Christie & Co GmbH*                         Germany                   17, 60313 Frankfurt               100%       Business valuers, surveyors
                                                                                                                                                                      and agents
Christie, Owen & Davies SL*             Spain                         Paseo de Gracia 11,Esc B,  100%       Business valuers, surveyors 
                                                                                                   4˚ 3a, 08007 Barcelona                         and agents
Christie & Co Oy*                                Finland                      Technopolis Ruoholahti 2/   100%       Business valuers, surveyors 
                                                                                                   Energiakuja 3, 00180                             and agents
                                                                                                   Helsinki                                             
Christie & Co Austria GMBH*           Austria                      Stallburggasse 2/3a,             100%       Business valuers, surveyors 
                                                                                                   1010 Vienna                                             and agents
Christie Business Property                Republic of               51a Dawson Street,               100%       Business valuers, surveyors 
Advisers (Ireland) Ltd*                        Ireland                      Dublin                                                       and agents 17. Investments in subsidiaries continued
                                                                                   Principal place of 
                                                                                   business and country 
Company                                                                  of incorporation                  Registered Address                       Ownership         Nature of business
Christie Group Central                       UK                             65 Carter Lane,                      100%       Other professional activities
Services Limited                                                                     London, EC4V 5HF
Pinders Professional &                      UK                             Pinder House,                        100%       Business appraisers
Consultancy Services Ltd                                                      249 Upper Third Street,
                                                                                                   Milton Keynes,
                                                                                                   Buckinghamshire,
                                                                                                   MK9 1DS                                           
RCC Business Mortgage                    UK                             Whitefriars House,                100%       Business mortgage brokers
Brokers Ltd (trading as                                                          6 Carmelite Street, 
Christie Finance)                                                                     London, EC4Y 0BS                          
RCC Insurance Brokers Ltd*             UK                             Whitefriars House,                100%       Insurance brokers
(trading as Christie Insurance)                                             6 Carmelite Street,
                                                                                                   London, EC4Y 0BS
Orridge Holdings Ltd                          UK                             65 Carter Lane,                      100%       Holding company
                                                                                                   London, EC4V 5HF                          
Orridge & Co Ltd*                               UK                             65 Carter Lane,                      100%       Stocktaking and inventory 
                                                                                                   London, EC4V 5HF                                 management services
Reedwall Limited*                              UK                             65 Carter Lane,                      100%       Holding company
                                                                                                   London, EC4V 5HF                                 
Orridge Inventory Service GmbH*    Germany                   Godesberger Allee 189,       87.5%       Stocktaking and inventory 
                                                                                                   53175 Bonn, Germany                           management services
Inventory Service Austria GmbH*     Austria                      Karl Waldbrunner Platz 1,  87.5%       Stocktaking and inventory 
                                                                                                   1210 Vienna, Austria                              management services
Inventory Service Iberia SL*              Spain                         c/ Diego de Leon 47,            87.5%       Stocktaking and inventory 
                                                                                                   28100 Madrid, Spain                              management services
Ridgecop Limited*                              UK**                          Pinder House,                        100%       Stocktaking and inventory 
                                                                                                   249 Upper Third Street,                         management services
                                                                                                   Milton Keynes,
                                                                                                   Buckinghamshire,
                                                                                                   MK9 1DS                                                  
Venners Ltd                                          UK                             65 Carter Lane,                      100%       Licensed stock and inventory 
                                                                                                   London, EC4V 5HF                                 auditors and valuers
Vennersys Ltd (formerly                     UK                             65 Carter Lane,                      100%       EPoS, head office systems 
Venners Systems & Services Ltd)                                        London, EC4V 5HF                                 and merchandise control
Vennersys Corp                                   Canada                     100 King Street West,           100%       EPoS, head office systems 
(trading as Vennersys)                                                           1 First Canadian Place,                         and merchandise control
                                                                                                   Suite 1600, Toronto                                
Venpowa Limited                                 UK                             65 Carter Lane,                      100%       Renting and leasing of office 
                                                                                                   London, EC4V 5HF                                 machinery and equipment
Christie Group Annual Report 2016 65 17. Investments in subsidiaries continued
                                                                                   Principal place of 
                                                                                   business and country 
Company                                                                  of incorporation                  Registered Address                       Ownership         Nature of business
Non trading subsidiaries
Venners Retail Systems                     UK                             65 Carter Lane,                      100%       Dormant
(Holdings) Limited                                                                  London, EC4V 5HF
Flintshell Limited*                              UK                             65 Carter Lane,                      100%       Dormant
                                                                                                   London, EC4V 5HF
Orridge Business Sales Limited*     UK                             65 Carter Lane,                      100%       Dormant
                                                                                                   London, EC4V 5HF
West London Estates Limited*         UK                             Pinder House,                        100%       Dormant
                                                                                                   249 Upper Third Street,
                                                                                                   Milton Keynes,
                                                                                                   Buckinghamshire,
                                                                                                   MK9 1DS
Christie First Limited                          UK                             65 Carter Lane,                      100%       Dormant
                                                                                                   London, EC4V 5HF                          
Pinderpack Limited                            UK                             Pinder House,                        100%       Dormant
                                                                                                   249 Upper Third Street,
                                                                                                   Milton Keynes,
                                                                                                   Buckinghamshire,
                                                                                                   MK9 1DS
Christie Consulting                             UK                             65 Carter Lane,                      100%       Dormant
International Limited                                                             London, EC4V 5HF
Christie Insurance                               UK                             65 Carter Lane,                      100%       Dormant
Services Limited                                                                     London, EC4V 5HF
Venners Computer                              UK                             Pinder House,                        100%       Dormant
Systems Limited                                                                     249 Upper Third Street,
                                                                                                   Milton Keynes,
                                                                                                   Buckinghamshire,
                                                                                                   MK9 1DS
Venners Computer Systems              UK                             Pinder House,                        100%       Dormant
(R & D) Limited                                                                       249 Upper Third Street,
                                                                                                   Milton Keynes,
                                                                                                   Buckinghamshire,
                                                                                                   MK9 1DS
Fourdean Limited                                UK                             65 Carter Lane,                      100%       Dormant
                                                                                                   London, EC4V 5HF
Guardlevel Limited                              UK                             65 Carter Lane,                      100%       Dormant
                                                                                                   London, EC4V 5HF
Quest for Quality Limited                   UK                             65 Carter Lane,                      100%       Dormant
                                                                                                   London, EC4V 5HF
Nashdome Limited                             UK                             65 Carter Lane,                      100%       Dormant
                                                                                                   London, EC4V 5HF                          
Notes to the consolidated financial statements continued
66 Christie Group Annual Report 2016 Christie Group Annual Report 2016 67
17. Investments in subsidiaries continued
                                                                                   Principal place of 
                                                                                   business and country 
Company                                                                  of incorporation                  Registered Address                       Ownership         Nature of business
Courtmist Limited                               UK                             65 Carter Lane,                      100%       Dormant
                                                                                                   London, EC4V 5HF
Chewil Limited                                     UK                             65 Carter Lane,                      100%       Dormant
                                                                                                   London, EC4V 5HF
VCS Epos Limited                                UK                             65 Carter Lane,                      100%       Dormant
                                                                                                   London, EC4V 5HF
Orridge BV                                            Holland                     Pinder House,                        100%       Dormant
                                                                                                   249 Upper Third Street,
                                                                                                   Milton Keynes,
                                                                                                   Buckinghamshire,
                                                                                                   MK9 1DS
Christie Corporate                              UK                             Whitefriars House,                100%       Dormant 
Finance Limited                                                                      6 Carmelite Street,
                                                                                                   London, EC4Y 0BS
VCS Holdings Limited                         UK                             65 Carter Lane,                      100%       Dormant
                                                                                                   London, EC4V 5HF
Orridge Supply Chain                          UK                             65 Carter Lane,                      100%       Dormant
Services Ltd                                                                             London, EC4V 5HF
Orridge PS Ltd                                     UK                             65 Carter Lane,                      100%       Dormant
                                                                                                   London, EC4V 5HF
*   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.
17a. Available-for-sale financial assets
Group Company
2016 2015 2016 2015
Non-current assets £’000 £’000 £’000 £’000
Cost
At 1 January 635 635 635 635
Additions – – – –
At 31 December 635 635 635 635
The available-for-sale financial assets are all denominated in sterling.
The available-for-sale financial asset represents an unquoted investment. The asset is held at fair value, which the Directors
consider to not be materially different from its cost. The asset is classified as an available-for-sale asset by virtue of its non-
classification in any other asset category. Under IFRS 13 Fair Value Measurement, the carrying value of the asset is classified
under the fair value hierarchy as Level 3. 18. Other receivables
Group Company
2016 2015 2016 2015
Non-current assets £’000 £’000 £’000 £’000
Other debtors 451 451 451 451
Other receivables 451 451 451 451
The Company’s non-current other receivables are denominated in sterling.
Other debtors represent loans in respect of the Group’s share schemes and deposits with third parties repayable after more
than one year, none of which are impaired.
19. Inventories
Group
2016 2015
£’000 £’000
Finished goods and goods for resale 29 6
20. Cash and cash equivalents
Group Company
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Cash at bank and in hand 1,637 3,621 5 5
Cash, cash equivalents and bank overdrafts include the following for the purposes of the cash flow statement:
Group Company
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Cash and cash equivalents 1,637 3,621 5 5
Bank overdrafts (note 26) (4,570) (3,604) (4,570) (3,593)
(2,933) 17 (4,565) (3,588)
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 2016 the ultimate parent undertaking had utilised bank overdrafts to the value of
£4,570,000 (2015: £3,593,000).
Notes to the consolidated financial statements continued
68 Christie Group Annual Report 2016 Christie Group Annual Report 2016 69
21. Trade and other receivables
Group Company
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Trade receivables 9,685 8,105 5 –
Less: provision for impairment of receivables (617) (423) – –
Amounts owed by group undertakings – – 14,573 10,817
Less: provision for impairment of amounts owed
by group undertakings – – (747) (625)
Other debtors 1,287 1,732 287 401
Prepayments 2,528 2,483 712 1,618
Accrued income 343 110 – –
13,226 12,007 14,830 12,211
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
2016 2015
£’000 £’000
Provision at 1 January 423 620
Amounts provided in previous period not utilised (234) (147)
Provided in the period 428 4
Impairment of receivables recognised in the Consolidated Income Statement  194 (143)
Amounts written off in the year – (54)
Provision at 31 December 617 423
Amounts are written off when there is no expectation of recovering additional cash.
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
2016 2015
£’000 £’000
Not overdue 5,123 4,568
Amounts past due:
< 1 month 2,416 2,029
1 – 3 months 1,331 543
3 – 6 months 317 446
6 – 12 months 194 271
> 1 year 304 248
Provision for impairment of trade receivables (617) (423)
Amounts past due but not impaired 3,945 3,114 21. Trade and other receivables continued
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
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Sterling 11,366 10,887 14,830 12,211
Euros 1,709 1,088 – –
Canadian Dollars 151 32 – –
13,226 12,007 14,830 12,211
22. Share capital
2016 2015
Ordinary shares of 2p each Number £’000 Number £’000
Allotted and fully paid:
At 1 January and 31 December 26,526,729 531 26,526,729 531
The Company has one class of ordinary shares which carry no right to fixed income.
Investment in own shares
The Group has established an Employee Share Ownership Plan (ESOP) trust in order to meet its future contingent obligations
under the Group’s share option schemes. The ESOP purchases shares in the market for distribution at a later date in
accordance with the terms of the Group’s share option schemes. The rights to dividends on the shares held have been waived.
At 31 December 2016 the total payments by the Company to the ESOP to finance the purchase of ordinary shares were
£2,639,000 (2015: £2,643,000). This figure is inclusive of shares purchased and subsequently issued to satisfy employee share
awards. The market value at 31 December 2016 of the ordinary shares held in the ESOP was £151,000 (2015: £299,000).
The investment in own shares represents 182,000 shares (2015: 235,000) with a nominal value of 2p each.
Notes to the consolidated financial statements continued
70 Christie Group Annual Report 2016 Christie Group Annual Report 2016 71
22. Share capital continued
22a. Share based payments
Certain employees hold options to subscribe for shares in the Company at prices ranging from 39.5p to 251.5p under share
option schemes for the period from March 2007 to October 2016.
The remaining options outstanding under approved schemes (unapproved options marked*) at 31 December are shown below:
Number of shares
2016 2015 Option exercise price Date granted Option exercise period
– 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
410,634 445,634 45.0p May 2009 May 2012 – May 2019
6,000 6,000 45.0p Jun 2009 Jun 2012 – Jun 2019
60,000 60,000 57.5p Sep 2009 Sep 2012 – Sep 2019
44,000 47,000 46.5p May 2010 May 2013 – May 2020
34,000 34,000 58.5p Sep 2011 Sep 2014 – Sep 2021
26,000 26,000 67.0p May 2012 May 2015 – May 2022
52,000 62,000 67.5p Sep 2012 Sep 2015 – Sep 2022
58,333 93,833 75.0p Oct 2013 Oct 2016 – Oct 2023
52,167 127,167 75.0p *Oct 2013 Oct 2016 – Oct 2023
48,959 48,959 134.5p May 2014 May 2017 – May 2024
121,041 121,041 134.5p *May 2014 May 2017 – May 2024
36,000 36,000 125.0p Oct 2014 Oct 2017 – Oct 2024
185,176 188,176 127.5p May 2015 May 2018 – May 2025
264,190 264,190 127.5p *May 2015 May 2018 – May 2025
78,635 78,635 138.5p Sep 2015 Sep 2018 – Sep 2025
87,365 87,365 138.5p *Sep 2015 Sep 2018 – Sep 2025
105,000 – 101.5p May 2016 May 2019- May 2026
42,000 – 101.5p *May 2016 May 2019- May 2026
10,000 – 92.5p Oct 2016 Oct 2019- Oct 2026
1,745,000 1,752,000
Under the Share Option Scheme the Remuneration Committee can grant options over shares to employees of the Group. Options
are granted with a fixed exercise price equal to the market price of the shares under option at the date of grant. The contractual life
of an option is 10 years. Awards under the Share Option Scheme are generally reserved for employees at senior management level
and 81 employees are currently participating. The Company has made grants at least annually. Options granted under the Share
Option Scheme will become exercisable on the third anniversary of the date of grant. Exercise of an option is subject to continued
employment and achievement of a performance target, linked directly to Christie Group plc earnings per share (eps).
The Group also operates a Save As You Earn (SAYE) scheme which was introduced in 2002. Under the SAYE scheme eligible
employees can save up to £250 per month over a three or five year period and use the savings to exercise options granted between
61.0p to 127.5p. There were 439,319 (2015: 442,000) remaining options outstanding under the SAYE scheme at 31 December 2016. 22. Share capital continued
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:
2016 2015
Share price at grant date 39.5p – 251.5p 39.5p – 251.5p
Exercise price 39.5p – 251.5p 39.5p – 251.5p
Expected volatility 34.4% – 82.9% 34.4 % – 82.9%
Expected life (years) 3 – 5 years 3 – 5 years
Risk free rate 0.6% – 5.1% 0.7% – 5.1%
Dividend yield 0.0% – 3.7% 0.0% – 3.7%
Fair value per option 17.4p – 103.2p 17.4p – 103.2p
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:
2016 2015
Weighted average Weighted average 
Number exercise price Number exercise price
Outstanding at 1 January 1,752,000 103.49p 1,564,634 66.16p
Granted 157,000 100.93p 618,366 131.74p
Exercised (142,000) 68.24p 358,000 55.06p
Forfeited (19,000) 70.11p (70,000) 52.29p
Expired (3,000) 130.50p (3,000) 100.00p
Outstanding at 31 December 1,745,000 94.47p 1,752,000 103.49p
Exercisable at 31 December 766,634 53.94p 618,634 48.31p
Excluding SAYE schemes there were 142,000 share options exercised during the year (2015: 358,000). The weighted average
share price at the date of exercise of these options was 93.80p (2015: 132.45p). The total charge for the year relating to
employee share based payment plans was £238,000 (2015: £184,000), all of which related to equity-settled share based
payment transactions. The weighted average remaining contractual life of share options outstanding at 31 December 2016
was 6.25 years (2015: 6.92 years).
Notes to the consolidated financial statements continued
72 Christie Group Annual Report 2016 Christie Group Annual Report 2016 73
23. Fair value and other reserves
                                                                                                                                                                                                                                                                        Capital                Fair value 
                                                                                                                                                                    Share           Share based                          Own            redemption                and other
                                                                                                                                                              premium                payments                     shares                    reserve                  reserves
Group                                                                                                                                                          £’000                        £’000                        £’000                        £’000                        £’000
At 1 January 2016                                                                                         4,831                   675                  (309)                    10                5,207
Employee share option scheme:
value of services provided                                                                                –                   238                        –                        –                   238
Movement in respect of employee share scheme                                          –                  (112)                  132                        –                     20
At 31 December 2016                                                                                  4,831                   801                  (177)                    10                5,465
                                                                                                                                                                                                                                                                  Capital                Fair value
                                                                                                                                                                Share           Share based                         Own            redemption                and other
                                                                                                                                                          premium               payments                     shares                    reserve                  reserves
Group                                                                                                                                                      £’000                       £’000                       £’000                       £’000                       £’000
At 1 January 2015                                                                                         4,831                   900                  (787)                    10                4,954
Employee share option scheme:
value of services provided                                                                                –                   184                       –                       –                   184
Movement in respect of employee share scheme                                          –                  (409)                  478                       –                     69
At 31 December 2015                                                                                  4,831                   675                  (309)                    10                5,207
Capital Fair value 
Share Share based Own redemption Other and other
premium payments shares reserve reserves reserves
Company £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2016 4,831 (414) (309) 10 89 4,207
Employee share option scheme:
value of services provided – 23 ––– 23
Movement in respect of employee share scheme – (112) 132 –– 20
At 31 December 2016 4,831 (503) (177) 10 89 4,250
Capital Fair value 
Share Share based Own redemption Other and other
premium payments shares reserve reserves reserves
Company £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2015 4,831 (6) (787) 10 89 4,137
Movement in respect of employee share scheme – (408) 478 –– 70
At 31 December 2015 4,831 (414) (309) 10 89 4,207
Share premium – The balance on the share premium reserve represents the amounts received in excess of the nominal value of
the ordinary shares.
Share based payments – The balance on the share based payments reserve represents the value of services provided in relation
to employee share ownership schemes.
Own shares – Own shares represents Company shares held in the Employee Share Ownership Plan (ESOP) to meet the future
requirements of employee share-based payment arrangements.
Capital redemption reserve – The balance on the capital redemption reserve represents the aggregate nominal value of all the
ordinary shares repurchased and cancelled. 24. Group retirement benefit obligations
The amounts recognised in the statement of financial position are determined as follows:
2016 2015
£’000 £’000
United Kingdom 18,106 11,958
United Kingdom
The obligation outstanding of £18,106,000 (2015: £11,958,000) includes £990,000 (2015: £986,000) payable to David Rugg by
Christie Group plc, and £17,116,000 (2015: £10,972,000) relating to pension benefits payable to members of the Christie Group
Pension and Assurance Scheme and the Venners Retirement Benefits Scheme.
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.
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:
2016 2015
£’000 £’000
Present value of obligations 71,430 58,106
Fair value of plan assets (53,324) (46,148)
Liability in the statement of financial position 18,106 11,958
The principal actuarial assumptions used were as follows:
2016 2015
% %
Discount rate 2.80 4.00
Inflation rate 3.30 3.00
Future salary increases 1.00-2.00 3.00-3.10
Future pension increases 2.30-3.50 2.20-3.40
Assumptions regarding future mortality experience are set based on advice from published statistics and experience.
The average life expectancy in years of a pensioner retiring at age 65 is as follows:
2016 2015
Years Years
Male 21.9-22.3 21.9-22.5
Female 23.9 23.8-24.1
Notes to the consolidated financial statements continued
74 Christie Group Annual Report 2016 Christie Group Annual Report 2016 75
24. Group retirement benefit obligations continued
The movement in the defined benefit obligation is as follows:
2016 2015
£’000 £’000
At 1 January 58,106 57,606
Annuity policies assigned to individuals (1,201) –
Interest cost 2,227 2,264
Current service cost 587 657
Past service cost (1,328) –
Benefits paid (1,676) (3,388)
Actuarial losses on assumption changes 14,998 1,145
Actuarial (gains)/losses on experience (283) (178)
At 31 December 71,430 58,106
Attributable to:
Present value of funded obligations 53,324 46,148
Present value of unfunded obligations 18,106 11,958
71,430 58,106
The movement in the fair value of plan assets is as follows:
2016 2015
£’000 £’000
At 1 January 46,148 43,636
Annuity policies assigned to individuals (1,201) –
Return on plan assets less interest income 6,393 1,148
Net interest income 1,795 1,753
Employee Contributions 160 165
Employer Contributions 1,387 1,303
Benefits paid (1,627) (3,352)
Actuarial gains 269 1,495
At 31 December 53,324 46,148 24. Group retirement benefit obligations continued
The amounts recognised in the income statement and statement of comprehensive income are as follows:
2016 2015
£’000 £’000
Current service cost 587 657
Total included in employee benefit expenses 587 657
Past service costs (1,328) –
Total included in exceptional items (1,328) –
Net interest cost 432 511
Total included in finance costs 432 511
Actuarial losses/(gains) 8,054 (1,676)
Total included in other comprehensive (losses)/income 8,054 (1,676)
Plan assets are comprised as follows:
2016 2015
Quoted* Unquoted Total Quoted* Unquoted Total
£’000 £’000 £’000 £’000 £’000 £’000
Equity – 39,973 39,973 – 32,089 32,089
Debt – 7,883 7,883 – 7,237 7,237
Property** – 2,694 2,694 – 2,439 2,439
Other – 2,774 2,774 – 4,383 4,383
– 53,324 53,324 – 46,148 46,148
*   Plan assets are held in unit trusts.
** Property assets include Whitefriars House, a leasehold property owned by Carmelite Property Ltd (see note 31).
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.
Notes to the consolidated financial statements continued
76 Christie Group Annual Report 2016 24. Group retirement benefit obligations continued
Inflation risk – Some of the Group’s pension obligations are linked to inflation, and higher inflation will lead to higher liabilities.
However, for most such liabilities there are inflation cap mechanisms in place which significantly reduce this risk. The majority of
the plan’s assets are not directly affected by inflation although may be correlated to the impacts that inflation may have on macro
economic factors, such as increases in interest rates which might be used if monetary policy were employed to reduce inflation.
Life expectancy – The majority of the plans’ obligations are to provide benefits for the life of the member, so increases in life
expectancy will result in an increase in the plans’ liabilities. This is particularly significant in the UK plan, where inflationary
increases result in higher sensitivity to changes in life expectancy.
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
Impact on defined benefit obligation
Change in Increase in Decrease in 
assumption assumption assumption
Discount rate 0.50% (7.4)% 8.1%
Salary growth rate 0.50% 0.0% (0.5)%
Pension growth rate 0.25% 1.0% (1.0)%
Increase by 1 year Decrease by 1 year 
in assumption in assumption
Life expectancy 2.8% (2.8)%
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. Salary growth assumption sensitivity recognises the
enactment of appropriate indexation caps on future pensionable salary increases.
Expected contributions to UK post retirement benefit schemes for the year ending 31 December 2017 are £1,363,000.
The weighted average duration of the defined benefit obligation is 18.7 years (2015: 17.6 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 2016 £’000 £’000 £’000 £’000 £’000
Pension benefits 1,332 2,515 5,705 109,669 119,221
Christie Group Annual Report 2016 77 Notes to the consolidated financial statements continued
78 Christie Group Annual Report 2016
24. Group retirement benefit obligations continued
Company
The movement in the liability recognised in the Company statement of financial position for the Group scheme is as follows:
2016 2015
£’000 £’000
Beginning of the year (1,202) (1,238)
Income included in income statement * (65) (80)
Employer Contributions 82 80
Pension paid 49 36
Actuarial (losses)/ gains (229) –
At 31 December (1,365) (1,202)
*This figure includes an exceptional item (see note 5).
The amounts recognised by the Company in relation to the Christie Group defined benefit scheme has been allocated on the
basis of actuary data.
25. Trade and other payables
Group Company
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Current
Trade payables 1,485 1,861 199 540
Amounts owed to group undertakings – – 4,907 3,563
Other taxes and social security 2,709 2,285 872 653
Other creditors 795 704 287 315
Accruals 3,287 3,854 266 379
Deferred income 607 348 – –
8,883 9,052 6,531 5,450
Group Company
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Non-current
Accruals 249 – – –
249 – – –
The carrying value of all amounts shown above corresponds to their fair value. Christie Group Annual Report 2016 79
25. Trade and other payables continued
The carrying amounts of trade and other payables are denominated in the following currencies:
Group Company
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Sterling 7,769 8,077 6,531 5,450
Euros 1,187 902 – –
Canadian Dollars 168 57 – –
Swiss Francs 8 15 – –
Czech Korunas – 1 – –
9,132 9,052 6,531 5,450
26. Borrowings
Group Company
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Non-current
Finance lease liabilities 1 7 – –
1 7 – –
Current
Bank overdrafts 4,570 3,604 4,570 3,593
Invoice finance (secured against debtors) 1,048 677 – –
Finance lease liabilities 6 7 – –
5,624 4,288 4,570 3,593
Total borrowings 5,625 4,295 4,570 3,593
The Group is not subject to any contractual repricing.
The carrying amounts of current borrowings approximate to their fair value. 27. Provisions
Vacant leasehold Long-term benefits 
provisions due to employees Dilapidations Total
£’000 £’000 £’000 £’000
At 1 January 2016 – 1,756 151 1,907
Charged to the income statement
– Additional provision – 116 96 212
– Provision released – (41) (29) (70)
Utilised during the year – (1,008) (13) (1,021)
At 31 December 2016 – 823 205 1,028
Vacant leasehold Long-term benefits 
provisions due to employees Dilapidations Total
£’000 £’000 £’000 £’000
At 1 January 2015 37 1,991 263 2,291
Charged to the income statement
– Additional provision – 128 66 194
– Provision released (37) (189) (86) (312)
Utilised during the year – (174) (92) (266)
At 31 December 2015 – 1,756 151 1,907
Analysis of total provisions:
2016 2015
£’000 £’000
Non-current 167 155
Current 861 1,752
1,028 1,907
a. Long-term benefits due to employees
Provisions for long-term benefits to employees do not comprise of any incentives in excess of one year’s duration. These are
determined in line with the projected unit credit method.
b. Dilapidations
Provision is held in respect of dilapidations arising on leasehold premises over the length of the lease in accordance with the
lease terms.
The non-current liabilities are estimated to be payable over periods from one to fifteen years.
c. Vacant leasehold provisions
Provisions are held for rental costs and related premises charges on leasehold commitments for excess or unutilised space,
net of expected income from anticipated sub-lease arrangements. All provisions are carried at present value after applying an
appropriate discount rate.
Notes to the consolidated financial statements continued
80 Christie Group Annual Report 2016 Christie Group Annual Report 2016 81
28. Notes to the cash flow statement
Cash generated from/(used in) operations
Group Company
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Profit for the year after tax 1,289 2,547 1,082 472
Adjustments for:
– Taxation 516 614 32 82
– Finance costs 111 91 172 149
– Interest received – – (268) (273)
– Dividends received – – (1,350) –
– Past service costs (1,328) – (30) –
– Depreciation 480 371 – –
– Amortisation of intangible assets 277 205 – –
– Impairment of investments in subsidiaries – – 43 41
– (Profit)/loss on sale of property, plant and equipment (10) (6) – –
– Foreign currency translation 18 (55) (1) –
– (Decrease)/increase in provisions (879) (384) – –
– Share option charge 238 184 23 1
– Movement in retirement benefit obligation (578) (336) (37) (36)
– Decrease in non-current other receivables – 14 – 8,102
Changes in working capital (excluding the effects
of exchange differences on consolidation):
– Increase in inventories (23) (4) – –
– Increase in trade and other receivables (1,203) (970) (2,543) (9,144)
– Increase in trade and other payables 76 410 1,084 1,126
Cash (used in)/generated from operations (1,016) 2,681 (1,793) 520 29. Financial assets & liabilities
The carrying value of financial assets and liabilities, which are principally denominated in Sterling, Euros, Canadian dollars,
Swiss Francs or Czech Korunas were as follows:
Group Company
2016 2015 2016 2015
Assets £’000 £’000 £’000 £’000
Available-for-sale financial assets 635 635 635 635
Trade and other receivables 11,149 9,975 14,569 11,044
Cash and cash equivalents 1,637 3,621 5 5
13,421 14,231 15,209 11,684
Group Company
2016 2015 2016 2015
Liabilities £’000 £’000 £’000 £’000
Retirement benefit obligations 18,106 11,958 1,365 1,202
Provisions 1,028 1,907 – –
Trade and other payables 8,525 8,704 6,531 5,450
Borrowings 5,625 4,295 4,570 3,593
33,284 26,864 12,466 10,245
30. Commitments
a. Operating lease commitments
At 31 December 2016 the Group has lease agreements in respect of properties, vehicles, plant and equipment, for which the
payments extend over a number of years.
2016 2015
Vehicles and Vehicles and 
Property equipment Property equipment
£’000 £’000 £’000 £’000
Commitments under non-cancellable
operating leases due:
Within one year 1,303 744 1,066 515
Within two to five years 4,194 1,154 3,342 630
After five years 9,033 – 7,128 –
14,530 1,898 11,536 1,145
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.
Notes to the consolidated financial statements continued
82 Christie Group Annual Report 2016 31. Related-party transactions
Group
There is no controlling interest in the Group’s shares.
The Group Executive Directors are considered to be the persons who have the authority and responsibility for planning, directing
and controlling the Group. Details of the remuneration of the Group Executive Directors is included in the Directors’
remuneration report on page 35, along with details of remuneration for Non-executive Directors.
Key management are those persons having authority and responsibility for planning, directing and controlling the activities of
the Group. In the opinion of the board, the company’s key management comprises the directors and information regarding their
emoluments stated in accordance with IFRS is set out below:
2016 2015
£’000 £’000
Directors’ remuneration per Directors’ report 1,810 1,659
Employers’ NI 235 211
Total remuneration 2,045 1,870
2016 2015
£’000 £’000
Dividends paid to Directors 384 384
The Income Statement charge in respect of share options held by directors is £46,000 (2015: £48,000).
Company
Transactions with Group undertakings:
2016 2015
£’000 £’000
Provision of services 5,780 6,079
Purchase of services 1,089 876
Sales and purchases to group undertakings were carried out on commercial terms and conditions.
Year end balances arising from sales and provision of services to Group undertakings are disclosed in notes 21 and 25.
See note 21 for provisions against amounts due from Group undertakings.
During the period rentals of £287,000 (2015: £325,000) 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.
32. Post balance sheet events
Following the year end, the Board of Christie Group plc agreed to amend the repayment terms of amounts loaned to Vennersys Ltd,
which at 31 December 2016 amounted to £1,100,000, converting all amounts payable to be due no earlier than twelve months from
the date of signing these accounts. There are no other changes to the terms and conditions of the loan and all amounts loaned to
Vennersys Ltd remain interest bearing.
Christie Group Annual Report 2016 83 Consolidated income statement
2012
2016 2015 2014 2013 (Restated)
£’000 £’000 £’000 £’000 £’000
Revenue 64,488 63,743 61,011 54,154 56,087
Operating profit before exceptional items 1,020 3,763 3,706 1,567 1,404
Exceptional items 1,328 –– (442) –
Finance costs (543) (602) (347) (584) (333)
Profit on ordinary activities before tax 1,805 3,161 3,359 541 1,071
Taxation (516) (614) (1,142) (351) (386)
Profit on ordinary activities after tax 1,289 2,547 2,217 190 685
Non-controlling interest 116 165 238 51 40
Profit attributable to equity holders of the parent 1,405 2,712 2,455 241 725
Earnings per share
– basic 5.35p 9.73p 9.34p 0.81p 2.89p
Dividends per ordinary share (payable in respect of the year) 2.50p 2.50p 2.25p 1.50p 1.00p
Consolidated statement of financial position
2012
2016 2015 2014 2013 (Restated)
£’000 £’000 £’000 £’000 £’000
Non-current assets 9,508 8,216 8,247 7,001 7,663
Current assets 15,249 15,679 14,873 12,756 12,162
Non-current liabilities (417) (162) (258) (561) (734)
Current liabilities (15,520) (15,092) (15,625) (14,491) (13,629)
8,820 8,641 7,237 4,705 5,462
Retirement benefit obligations (18,106) (11,958) (13,970) (4,796) (10,000)
Net liabilities (9,286) (3,317) (6,733) (91) (4,538)
Five-year record
84 Christie Group Annual Report 2016 Shareholder information
Christie Group Annual Report 2016 85
Company information
Investor and shareholder-related information can 
be found on our website at: www.christiegroup.com
Online copy
An electronic version of this annual report is available
on our website in the Investors/Reports section at:
www.christiegroup.com/cgroup/en/investors/reports
Board of directors
Philip Gwyn Chairman
David Rugg Chief Executive
Dan Prickett Chief Financial Officer
Chris Day Executive Director
Paul Harding Executive Director
Tony Chambers Senior Non-executive Director
Pommy Sarwal Non-executive Director
Secretary
Dan Prickett FCA
Registered office
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
Registered number
01471939 
Nominated adviser and broker
Panmure Gordon (UK) Limited
Principal solicitors
Royds
SNR Denton
Auditors
Nexia Smith & Williamson Audit
Financial calendar 
Annual General Meeting
Whitefriars House Wednesday
6 Carmelite Street 14 June 2017
London EC4Y 0BS at 10.30am
Announcements
Half-year results for 2017 September 2017
Preliminary full-year results for 2017 April 2018
Final dividend 2016
Ex-dividend 7 June 2017
Record date 9 June 2017
Payment date 7 July 2017
Dates are correct at the time of printing, but are subject
to change.
Registrars 
All administrative enquiries relating to shareholdings and
requests to receive corporate documents by e-mail should,
in the first instance, be directed to:
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
0871 664 0300 from the UK and +44 (0) 371 664 0300 from
overseas. (Calls cost 12 pence per minute plus network
extras. Calls outside the United Kingdom will be charged
at the applicable international rate. Lines are open from
9am to 5:30pm Mon – Fri, excluding public holidays in
England and Wales).
shareholderenquiries@capita.co.uk
Shareholders who receive duplicate sets of company mailings
because they have multiple accounts should write to Capita
Asset Services to have their accounts amalgamated. 86 Christie Group Annual Report 2016
Shareholder information continued
Voting online and the shareholder portal –
www.signalshares.com
You will need your investor code, which can be found on your
share certificate(s) to register for the shareholder portal. 
Once you have registered, you can immediately:
•Cast your proxy vote online.
•Elect to receive shareholder communications electronically.
And, after you have activated your account, you can benefit
from a number of other online services:
•View your holding balance and indicative share price
and valuation.
•View transactions on your holding and dividend payments
you have received.
•Update your address or register a bank mandate instruction
to have dividends paid directly to your bank account.
•Access a wide range of shareholder information including
downloadable forms.
If you need any help with voting online, please contact the 
Capita Asset Services Shareholders Helpline, either:
•by phone on 0871 664 0300 from the UK and +44 (0) 371 664
0300 from overseas. (Calls cost 12 pence per minute plus
network extras. Calls outside the United Kingdom will be
charged at the applicable international rate. Lines are open
from 9am to 5:30pm Mon – Fri, excluding public holidays
in England and Wales) OR
•by e-mail at shareholderenquiries@capita.co.uk
ShareGift
ShareGift is a charity share donation scheme for shareholders
who may wish to dispose of a small number of shares
where the market value makes it uneconomic to sell them
on a commission basis. The scheme is administered by
the Orr Mackintosh Foundation. For further information,
please contact the foundation: 020 7930 3737.
www.sharegift.org/donate-shares
Unauthorised brokers (‘boiler room’ scams)
Shareholders are advised to be wary of any unsolicited advice,
offers to buy shares at a discount or offers of free company
reports. These are typically from overseas based ‘brokers’
who target UK shareholders offering to sell them what often
turns out to be worthless or high risk shares in US or UK
investments. These are commonly known as ‘boiler rooms’. 
If you receive any unsolicited investment advice:
•Make sure you get the correct name of the person 
and organisation.
•Check that they are properly authorised by the FCA before
getting involved. You can check at: www.register .fca.org.uk
•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 2016 87
Directory
Christie Group plc
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 207 227 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) 207 227 0700
E: enquiries@christie.com
W: www.christie.com
Austria – Vienna
Stallburggasse 2/3a
1010 Vienna
T: +43 (0) 18 90 53 570
E: vienna@christie.com
Finland – Helsinki
Technopolis Ruoholahti 2
Energiakuja 3
00180 Helsinki
T: +358 (0) 9 41 37 85 00
E: helsinki@christie.com
France – Bordeaux
Cours du 30 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) 3020 00960
E: berlin@christie.com
Germany – Frankfurt
Hochstraβe 17
60313 Frankfurt
T: +49 (0) 6990 74 570
E: frankfurt@christie.com
Germany – Munich
Pfisterstraße 6
80331 Munich
T: +49 (0) 892 00 00 070
E: munich@christie.com
Ireland – Dublin
The Merrion Buildings
20 Merrion Street Upper
Dublin 2
T: +353 (0) 1 618 2000
E: dublin@christie.com
Poland – Warsaw
Warsaw Trade Tower
Dago Centrum, 36. Pietro
UI. Chłodna 51
00-867 Warsaw
T: + 48(0) 501 522 913
E: warsaw@christie.com
Spain – Barcelona
Paseo de Gracia 11
Escalera B, 4° 3ª
08007 Barcelona
T: +34 93 34 361 61
E: barcelona@christie.com
Spain – Madrid
Regus Colón
Paseo de la Castellana 18, 7º planta
28046 Madrid
T: +34 91 794 26 40
E: madrid@christie.com
Sweden – Stockholm
Nybrogatan 34
Box 5216
102 45 Stockholm
T: +46 70 558 98 93
E: stockholm@christie.com
OTHER UNITED 
KINGDOM OFFICES
Birmingham
13th Floor Bank House
8 Cherry Street
Birmingham B2 5AL
T: +44 (0) 121 456 1222
E: birmingham@christie.com
Bristol
Embassy House
Queens Avenue
Clifton
Bristol BS8 1SB
T: +44 (0) 117 946 8500
E: bristol@christie.com
Cardiff
Brunel House
2 Fitzalan Road
Cardiff CF24 0EB
T: +44 (0) 29 2002 3123
E: cardiff@christie.com
Edinburgh
Miller House
6th Floor
18 George Street
Edinburgh EH2 2QU
T: +44 (0) 131 557 6666
E: edinburgh@christie.com
Exeter
Kings Wharf
The Quay
Exeter EX2 4AN
T: +44 (0) 1392 285 600
E: exeter@christie.com
Glasgow
4th Floor, 46 Gordon Street
Glasgow G1 3PU
T: +44 (0) 141 352 7300
E: glasgow@christie.com
Ipswich
Hyde Park House
Crown Street
Ipswich IP1 3LG
T: +44 (0) 1473 256 588
E: ipswich@christie.com
Leeds
Aquis House
12 Greek Street
Leeds LS1 5RU
T: +44 (0) 113 389 2700
E: leeds@christie.com 88 Christie Group Annual Report 2016
Directory continued
London
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 208 370 3100
E: london@christie.com
Maidstone
Vaughan Chambers
4 Tonbridge Road
Maidstone ME16 8RP
T: +44 (0) 1622 656 000
E: maidstone@christie.com
Manchester
2nd Floor, Acresfield
St Ann's Square
Manchester M2 7HA
T: +44 (0) 161 833 3311
E: manchester@christie.com
Newcastle Upon Tyne
Shakespeare House
18 Shakespeare Street
Newcastle upon Tyne NE1 6AQ
T: +44 (0) 191 222 1740
E: newcastle@christie.com
Christie Finance
The addresses are the same as
Christie & Co in each case:
Head Office
T: +44 (0)207 227 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 285 600
E: exeter@christiefinance.com
Glasgow
T: +44 (0) 141 352 7300
E: glasgow@christiefinance.com
Ipswich
T: +44 (0) 1473 256 588
E: ipswich@christiefinance.com
Leeds
T: +44 (0) 113 389 2700
E: leeds@christiefinance.com
London
T: +44 (0) 207 227 0745
E: london@christiefinance.com
Maidstone
T: +44 (0) 1622 656 000
E: maidstone@christiefinance.com
Manchester
T: +44 (0) 161 833 6902
E: manchester@christiefinance.com
Newcastle
T: +44 (0) 191 222 1740
E: newcastle@christiefinance.com
Nottingham
T: +44 (0) 115 945 4712
E: nottingham@christiefinance.com
Winchester
T: +44 (0) 1962 844 455
E: winchester@christiefinance.com
Christie Insurance
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 207 448 8820
E: enquiries@christieinsurance.com
W: www.christieinsurance.com
Brierly Hill
Admiral House
Waterfront East
Brierly Hill
West Midlands DY5 1XG
T: +44 (0) 207 444 0030
E: enquiries@christieinsurance.com
Orridge
Suite A
Equity House
Market Street
Harlow CM17 0AH
T: +44 (0) 1279 775 600
E: contact@orridge.co.uk
W: www.orridge.co.uk
Aldridge
Centre House
Court Parade
Aldridge WS9 8LT
T: +44 (0) 1922 472 000
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
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 350 500
E: info@pinders.co.uk
W: www.pinders.co.uk
Venners
Essex House
Astra Centre
Edinburgh Way
Harlow CM20 2BN
T: +44 (0) 1279 620 820
E: enquiries@venners.co.uk
W: www.venners.co.uk
Vennersys
Pinder House
249 Upper Third Street
Milton Keynes MK9 1DS
T: +44 (0) 1908 350 650
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 (0) 118 402 1650
E: reading@christie.com
Winchester
Star Lane House
Staple Gardens
Winchester SO23 8SR
T: +44 (0) 1962 844 455
E: winchester@christie.com These include surveying, valuation, agency, consultancy, finance,
insurance, stock control and business software solutions. 
Our focus on a limited number of sectors gives us an unrivalled
market awareness in each of these areas.
The results: a greater understanding of our clients’  operations
and a heightened ability to help them improve efficiency,
enhance trading profits and increase the value of their
businesses. In these ways, and through our innovative use of
technology, we have built a reputation for making a significant
contribution to our clients’ commercial success.
Professional Business Services
The expertise offered by Christie& Co, Christie Finance and 
Christie Insurance covers all aspects of valuing, buying, selling,
developing, financing and insuring a wide variety of businesses. 
Its scope is complemented by the comprehensive appraisal and
project management services available from Pinders.
Stock & Inventory Systems & Services
Orridge and Venners are the leading specialists in stock control
and inventory management services. Orridge specialises in 
all fields of retail, Venners focuses on the hospitality sector 
and Vennersys provides software and systems to the leisure 
and hospitality sectors.
Christie Group provides a
portfolio of over 70 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 Diversified knowledge
14 Vision & Insight
17 Divisional review
26 Financial review
27 KPIs
28 Board of directors
29 Strategic report
30 Directors’ report
31 Corporate governance
34 Remuneration report
36 Statement of directors’ 
responsibilities
37 Independent auditor’s report
38 Consolidated income statement
39 Consolidated statement of
comprehensive income
40 Consolidated statement of changes
in shareholders’ equity
41 Consolidated statement 
of financial position
42 Consolidated statement 
of cash flows
43 Company statement of changes 
in shareholders’ equity
44 Company statement of 
financial position
45 Company statement of cash flows
46 Notes to the consolidated 
financial statements
84 Five-year record
85 Shareholder information
87 Directory
Contents
Designed and produced by fourth qua r ter
The paper used in this document contains
materials sourced from responsibly
managed and sustainable commercial
forests, certified in accordance with the
FSC
®
(Forest Stewardship Council). Christie Group 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
Christie Group plc ANNUAL REPORT 2016
Client centric 
insight
Annual Report 2016