Annual Report 2013
THE DIGITAL RENAISSANCE
Creating business
service opportunities
These include surveying, valuation, agency, consultancy, finance,
insurance, stock control and business software solutions. 
Our focus on a limited number of sectors gives us an unrivalled
market awareness in each of these areas.
The results: a greater understanding of our clients’  operations
and a heightened ability to help them improve efficiency,
enhance trading profits and increase the value of their
businesses. In these ways, and through our innovative use of
technology, we have built a reputation for making a significant
contribution to our clients’ commercial success.
Professional Business Services
The expertise offered by Christie+ Co, Christie Finance and 
Christie Insurance covers all aspects of valuing, buying, selling,
developing, financing and insuring a wide variety of businesses. 
Its scope is complemented by the comprehensive appraisal and
project management services available from Pinders.
Stock & Inventory Systems & Services
Orridge and Venners are the leading specialists in stock control
and inventory management services. Orridge specialises in 
all fields of retail, Venners focuses on the hospitality sector 
and Vennersys provides software and systems to the leisure 
and hospitality sectors.
Christie Group provides a
portfolio of over 40 professional
business services for the
leisure, retail and care sectors.
...with the digital
revolution
1 Highlights of the year
2 Chairman’s statement
6 Chief Executive’s review
10 Digital transformation
12 Creating business service opportunities
14 Divisional review
26 Financial review
27 KPIs
28 Board of directors
28 Company information
29 Strategic report
30 Directors’ report
31 Corporate governance
34 Remuneration report
36 Statement of directors’ 
responsibilities
37 Independent auditor’s report
38 Consolidated statement of
comprehensive income
40 Consolidated statement of changes
in shareholders’ equity
41 Consolidated statement 
of financial position
42 Consolidated statement 
of cash flows
43 Company statement of changes 
in shareholders’ equity
44 Company statement of 
financial position
45 Company statement of cash flows
46 Notes to the consolidated 
financial statements
80 Five-year record
81 Shareholder information
83 Directory
Contents
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 2013 Annual Report 2013
THE DIGITAL RENAISSANCE
Creating business
service opportunities
These include surveying, valuation, agency, consultancy, finance,
insurance, stock control and business software solutions. 
Our focus on a limited number of sectors gives us an unrivalled
market awareness in each of these areas.
The results: a greater understanding of our clients’  operations
and a heightened ability to help them improve efficiency,
enhance trading profits and increase the value of their
businesses. In these ways, and through our innovative use of
technology, we have built a reputation for making a significant
contribution to our clients’ commercial success.
Professional Business Services
The expertise offered by Christie+ Co, Christie Finance and 
Christie Insurance covers all aspects of valuing, buying, selling,
developing, financing and insuring a wide variety of businesses. 
Its scope is complemented by the comprehensive appraisal and
project management services available from Pinders.
Stock & Inventory Systems & Services
Orridge and Venners are the leading specialists in stock control
and inventory management services. Orridge specialises in 
all fields of retail, Venners focuses on the hospitality sector 
and Vennersys provides software and systems to the leisure 
and hospitality sectors.
Christie Group provides a
portfolio of over 40 professional
business services for the
leisure, retail and care sectors.
...with the digital
revolution
1 Highlights of the year
2 Chairman’s statement
6 Chief Executive’s review
10 Digital transformation
12 Creating business service opportunities
14 Divisional review
26 Financial review
27 KPIs
28 Board of directors
28 Company information
29 Strategic report
30 Directors’ report
31 Corporate governance
34 Remuneration report
36 Statement of directors’ 
responsibilities
37 Independent auditor’s report
38 Consolidated statement of
comprehensive income
40 Consolidated statement of changes
in shareholders’ equity
41 Consolidated statement 
of financial position
42 Consolidated statement 
of cash flows
43 Company statement of changes 
in shareholders’ equity
44 Company statement of 
financial position
45 Company statement of cash flows
46 Notes to the consolidated 
financial statements
80 Five-year record
81 Shareholder information
83 Directory
Contents
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 2013 U N I T E D K I N G D O M
G E R M A N Y
BARCELONA
RENNES
LYON
PARIS
DUBLIN
TORONTO
BERLIN
WARSAW
MUNICH
VIENNA
FRANKFURT
BONN
BORDEAUX
HELSINKI
BRUSSELS
LONDON
MARSEILLE
C E N T R A L 
& E A S T E R N 
E U R O P E
B E N E L U X
I R E L A N D
T H E N O R D I C R E G I O N , 
R U S S I A & T H E 
B A L T I C S T A T E S
C A N A D A
I B E R I A
F R A N C E
WINCHESTER
LLANTRISANT
CARDIFF
EXETER
HARLOW
MILTON KEYNES
MAIDSTONE
BRISTOL
NOTTINGHAM
IPSWICH
BIRMINGHAM
ALDRIDGE
MANCHESTER
NEWCASTLE UPON TYNE
LEEDS
EDINBURGH
GLASGOW
Where we are
Offices
43 offices across the UK and Continental Europe, and in Canada.
Employees
Employing over 2,800 professional and specialist staff.
Professional Business Services
Christie + Co
Christie + Co is a leading specialist firm providing business intelligence 
in the hospitality, leisure, care and retail sectors. A market leader in its
sectors, it employs the largest teams of sector specialists in the UK
providing professional agency and advisory services.
www.christie.com     www.christiecorporate.com
Christie Finance
Christie Finance has over 30 years’ experience in financing businesses 
in the hospitality, leisure, care and retail sectors. Christie Finance prides 
itself on its speed of response to client opportunities and its strong
relationships with finance providers.
www.christiefinance.com
Christie Insurance
With over 30 years’ experience arranging business insurance in the 
hospitality, leisure, care and retail sectors, Christie Insurance is a leading
company in its markets. It delivers and exceeds clients’ expectations 
in terms of the cost of their insurance and the breath of its cover .
www.christieinsurance.com
Pinders
Pinders is the UK's leading specialist business appraisal, valuation 
and consultancy company, providing professional services to the
licensed, leisure, retail and care sectors, and also the commercial 
and corporate business sectors. Pinders staff use business analysis 
and surveying skills to look at the detail of businesses to arrive at 
accurate assessments of their trading potential and value.
www.pinders.co.uk    www.pinderpack.com
Stock & Inventory Systems & Services
Orridge
Orridge is Europe’s longest established stocktaking business and 
specialises in all fields of retail stocktaking including high street,
warehousing and factory operations. Orridge prides itself on the speed 
with which it supplies high-quality management information to its clients.
www.orridge.co.uk www.orridge.eu
Venners
The leading supplier of stocktaking, inventory, consultancy services and 
related stock management systems to the hospitality industry. Venners is 
the largest and longest established stock audit company in the sector in the 
UK and is growing in mainland Europe.
www.venners.co.uk
Vennersys
Vennersys operates in the UK and North America and delivers turnkey 
EPoS and ticketing systems to visitor attractions such as historic houses 
and estates, museums, zoos, safari parks, aquaria and cinemas. It has 
over 20 years’ experience delivering purpose-designed solutions for clients’
ticketing, admissions, EPoS and food and beverage sales requirements.
www.vennersys.co.uk www.vennersys.ca
Designed and produced by fourthquarter
The paper used in this document contains
materials sourced from responsibly
managed and sustainable commercial
forests, certified in accordance with the
FSC
®
(Forest Stewardship Council).
Our brands U N I T E D K I N G D O M
G E R M A N Y
BARCELONA
RENNES
LYON
PARIS
DUBLIN
TORONTO
BERLIN
WARSAW
MUNICH
VIENNA
FRANKFURT
BONN
BORDEAUX
HELSINKI
BRUSSELS
LONDON
MARSEILLE
C E N T R A L 
& E A S T E R N 
E U R O P E
B E N E L U X
I R E L A N D
T H E N O R D I C R E G I O N , 
R U S S I A & T H E 
B A L T I C S T A T E S
C A N A D A
I B E R I A
F R A N C E
WINCHESTER
LLANTRISANT
CARDIFF
EXETER
HARLOW
MILTON KEYNES
MAIDSTONE
BRISTOL
NOTTINGHAM
IPSWICH
BIRMINGHAM
ALDRIDGE
MANCHESTER
NEWCASTLE UPON TYNE
LEEDS
EDINBURGH
GLASGOW
Where we are
Offices
43 offices across the UK and Continental Europe, and in Canada.
Employees
Employing over 2,800 professional and specialist staff.
Professional Business Services
Christie + Co
Christie + Co is a leading specialist firm providing business intelligence 
in the hospitality, leisure, care and retail sectors. A market leader in its
sectors, it employs the largest teams of sector specialists in the UK
providing professional agency and advisory services.
www.christie.com     www.christiecorporate.com
Christie Finance
Christie Finance has over 30 years’ experience in financing businesses 
in the hospitality, leisure, care and retail sectors. Christie Finance prides 
itself on its speed of response to client opportunities and its strong
relationships with finance providers.
www.christiefinance.com
Christie Insurance
With over 30 years’ experience arranging business insurance in the 
hospitality, leisure, care and retail sectors, Christie Insurance is a leading
company in its markets. It delivers and exceeds clients’ expectations 
in terms of the cost of their insurance and the breath of its cover .
www.christieinsurance.com
Pinders
Pinders is the UK's leading specialist business appraisal, valuation 
and consultancy company, providing professional services to the
licensed, leisure, retail and care sectors, and also the commercial 
and corporate business sectors. Pinders staff use business analysis 
and surveying skills to look at the detail of businesses to arrive at 
accurate assessments of their trading potential and value.
www.pinders.co.uk    www.pinderpack.com
Stock & Inventory Systems & Services
Orridge
Orridge is Europe’s longest established stocktaking business and 
specialises in all fields of retail stocktaking including high street,
warehousing and factory operations. Orridge prides itself on the speed 
with which it supplies high-quality management information to its clients.
www.orridge.co.uk www.orridge.eu
Venners
The leading supplier of stocktaking, inventory, consultancy services and 
related stock management systems to the hospitality industry. Venners is 
the largest and longest established stock audit company in the sector in the 
UK and is growing in mainland Europe.
www.venners.co.uk
Vennersys
Vennersys operates in the UK and North America and delivers turnkey 
EPoS and ticketing systems to visitor attractions such as historic houses 
and estates, museums, zoos, safari parks, aquaria and cinemas. It has 
over 20 years’ experience delivering purpose-designed solutions for clients’
ticketing, admissions, EPoS and food and beverage sales requirements.
www.vennersys.co.uk www.vennersys.ca
Designed and produced by fourthquarter
The paper used in this document contains
materials sourced from responsibly
managed and sustainable commercial
forests, certified in accordance with the
FSC
®
(Forest Stewardship Council).
Our brands Christie Group Annual Report 2013 1
Highlights of the year
• Revenue for the year of £54.2m (2012: £56.1m)
• Revenue in the second half of £28.5m, an 11% increase on first half
revenue (£25.7m)
• Second half operating profit before exceptional items of £1.8m (2012: £0.2m)
• Full year operating profit before exceptional items of £1.6m (2012: £1.4m)
• Earnings per share increased to 0.82p (2012: loss of 0.33p)
• Increased final dividend proposed of 1.0p (2012: 0.5p per share)
• 2014 began with strong pipeline of future projects 
• New Christie + Co offices opened in Cardiff and Bordeaux
• Christie + Co awarded ‘UK’s most active agent’ in the Leisure and Hotels
category by the Estates Gazette for the fourth year in a row
• Orridge expands further in mainland Europe through the acquisition of
its German franchisee
• Christie Group recognised by the London Stock Exchange as one of
‘1,000 companies to Inspire Britain’ 2 Christie Group Annual Report 2013
“I am pleased to report our second consecutive
increase in full year operating profit from continuing
operations and before exceptional items of £1.6m
(2012: £1.4m), a 12% increase on the previous year .” 
Our second half performance was encouraging, with a strong
second half operating profit of £1.8m. 
A full year normalised operating profit of £1.6m represents an improved 2.9%
operating profit return (2012: 2.5%) from continuing operations, derived from
revenue of £54.2m (2012: £56.1m). Our second half revenue from continuing
operations was £28.5m (2012: £25.9m), in contrast to £25.7m (2012: £30.2m) in
the six months to June. As we reported in September, we incurred exceptional
costs in the first half of £0.4m (2012: £nil), providing us with a more efficient
business for the remainder of 2013 and beyond.
In November, this progress and dynamism were recognised when Christie
Group were named as one of “1,000 companies to Inspire Britain” in a report
compiled for the London Stock Exchange. This is a pleasing endorsement of
our achievements.
Stock & Inventory Systems & Services
After a start to the year which had seen first half revenue contract year-on-
year, we saw a strong recovery in the second half resulting in full year revenue
of £25.9m, a 1% increase on the previous year (2012: £25.7m). Improvements 
in productivity and efficiency resulted in an impressive 49% improvement in
operating profit to £1.1m (2012: £0.7m). 
Orridge, our retail stocktaking operation, continued its progress in the UK and
Europe, winning new business which included Morrisons, Claire’s Accessories
and Guess. 
On 1 September, we acquired a 75% shareholding in our German stocktaking
franchisee, now operating as Orridge Inventory Services. We are already
encouraged by commitments from new clients for additional business later 
in 2014. 
Our hospitality stocktaking business Venners, operating in both the UK and
Europe, continued its organic growth, illustrated by a 9% increase in the
number of assignments undertaken year-on-year . This success continues to 
be founded on a market-leading offering across a range of services, enabling
us to win new clients in the year such as Arena Leisure, Bowlplex, Merlin Inns,
Lindley Catering and Silverstone. After opening our first branch outside the 
UK, our work in Ireland continues to expand in what is proving a fruitful
territory for us.
Chairman’s statement
“With a strategy and
platform for growth, 
we are well placed 
for the future.” Christie Group Annual Report 2013 3
“1 ,000 companies to Inspire Britain”: With a strategy and platform for 
growth in our established areas of expertise, an increase in contracted work and
mandated assignments and minimal gearing, we are well placed for the future. 
In November, this progress and dynamism were recognised when Christie Group
were named as one of “1,000 companies to Inspire Britain” in a report compiled for
the London Stock Exchange. This is a pleasing endorsement of our achievements. 4 Christie Group Annual Report 2013
Professional Business Services
We adopted a new regional structure for our transactional
business last April. This has proved effective in making
specialist staff available across all regions of the UK as well
as centrally. Our pipelines of deals in progress finished the
year over 20% stronger than a year ago, providing us with
encouragement as to the volume of transactions we can
look forward to completing in 2014.
Throughout 2013 we were able to demonstrate our ability 
to successfully complete the disposal of prime assets for
prices exceeding expectations, such as the Menzies Hotels
portfolio, The Metropolitan by COMO hotel on Old Park Lane
and the disposal of six high value pubs, including five
freeholds, on behalf of Convivial London Pubs. Each of these
were reported as a recent sales instruction in my Interim
statement. The speed with which Christie + Co completed
the Convivial disposals highlighted the demand for 
freehold pubs, particularly in London. 
Similarly, our corporate teams went into 2014 with more
signed mandates than ever before, which bodes well for 
M&A completions this year .
In Europe, we find the market for privately owned businesses
in France subdued because of the uncertainty regarding the
Capital Gains Tax charges there. Conversely there appears
renewed interest in other Mediterranean countries where
asset prices remain at attractive levels.
For the fourth year in succession, Christie + Co has been
judged the UK’s most active agent in the Leisure and Hotels
category by the Estates Gazette. 
At this time, potentially 19,000 bank swaps mis selling cases
have been identified, of which half have so far been
investigated. Our expectation is of a pick-up in re-banking
applications through Christie Finance following the banks’
payments of compensation. This will, in turn, trigger an
increase in bank-led valuation instructions.
“Orridge, our retail
stocktaking operation,
continued its progress
in the UK and Europe.”
Chairman’s statement continued
REVENUE BY DIVISION  
 
2013 2012
Professional
Business Services 52% 54%
Stock & Inventory
Systems & Services
 
48%
52% 48% 54% 46%
46%
201 3 2012 2
  REVENUE BY SECTOR
2013 2012
Leisure
49% 48%
15%
35%
49%
16%
36%
48%
Retail 35% 36%
Care
 
15% 16%
  
  
  
 
201 3 2012 Christie Group Annual Report 2013 5
In our first full year following the acquisition in 2012 of
pharmacy specialist Orridge Business Sales, we achieved the
sale of pharmacy businesses at the rate of one per week.
Orridge Business Sales is now fully integrated into Christie + Co.
Outlook
The year started well in the UK for revenue generation where we
currently enjoy a cost base lower than the corresponding period
last year . The continental recovery lags behind the UK and is
uneven but we are seeing encouraging signs in the Germanic
region and parts of the Mediterranean, most notably Spain.
With a strategy and platform for growth in our established
areas of expertise, an increase in contracted work and
mandated assignments and minimal gearing, we are well
placed for the future.
I would like to thank all of my colleagues who worked for our
Group companies last year for their energy and expertise,
applied for the benefit of our clients.
Your board recommend an increased final dividend of 1.0p
per share (2012: 0.5p) for the year in addition to the 0.5p per
share (2012: 0.5p) interim dividend. If approved, the dividend
will be paid on 4 July 2014 to those shareholders on the
register on 6 June 2014.
Philip Gwyn
Chairman
28 March 2014
“Our corporate teams went into
2014 with more signed mandates
than ever before, which bodes well
for M&A completions this year .” 6 Christie Group Annual Report 2013
After a challenging first half the Group performed well in 
the second half of the year . We have increased profitability
and enhanced the flexibility of our business.
An agile, resilient organisation 
Christie Group’s ability to adapt has been central to our continuing prosperity. 
Our Group has faced challenging market environments every year since 2008. 
And every year, we have demonstrated our ability to rise to each new challenge.
Through our innovative responses we have forged an agile organisation.
In 2013, there were, finally, clear signs that the UK is back on a path to growth.
We have the capabilities and the resources to take advantage of improving
economic conditions. With positive sentiment flowing back into the economy, 
we are well placed to benefit.
Our own performance mirrored the economic environment. The year began
slowly, but our business gathered momentum in the second half of the year . 
We entered 2014 with a strong pipeline of future projects. 
Our business structure has always served us well. Revenue is split evenly between
transaction-related services and services that enhance operational efficiency.
Professional Businesses Services (PBS) profitability is more reliant on market
conditions. This is complemented by the relatively stable earnings generated 
by our Stock & Inventory Systems and Services (SISS) businesses. It makes for 
a balanced, broadly based organisation with proven defensive qualities.
Adapting to changing market conditions
Christie Group provides specialist, in-depth, business intelligence in the retail, care
and leisure sectors. Our services relate to the entire lifecycle of a business – from
initial acquisition, through day-to-day operations, all the way to an eventual sale. 
Our ability to bring experience and expertise to bear on particular business issues
has long been a defining characteristic for the Group. Christie companies are
renowned for their in-depth expertise.
We make it our mission to deliver the highest level of service to each and every
customer . We continue to look closely at ways to improve and adapt our operations. 
Technology continues to shift market topologies. As information becomes
increasingly commoditised there is a growing understanding that it is depth not
“Christie Group today 
is more focused, flexible 
and resilient than ever .”
Chief Executive’s review
“Our consultancy services
that leverage our sector-
specific expertise are
growing our corporate
client base.” Christie Group Annual Report 2013 7
Our business structure has always served us well. Revenue is split 
evenly between transaction-related services and services that enhance operational
efficiency. Professional Businesses Services (PBS) profitability is more reliant on
market conditions. This is complemented by the relatively stable earnings generated
by our Stock & Inventory Systems and Services (SISS) businesses. It makes for 
a balanced, broadly based organisation with proven defensive qualities. 8 Christie Group Annual Report 2013
breadth of expertise that is the major market differentiator .
Our customers want detailed, highly specific advice. This plays
to our strengths. 
Restructuring UK operations
So that we can continue to serve our customers we continue
to pay close attention to our cost base. Having streamlined
our stocktaking businesses in 2012, we focused in 2013 on
our Professional Business Services division. In particular, 
we took a strategic decision to regionalise Christie & Co’s 
UK operations. Its fourteen offices are now managed from
London and five regions. 
This restructuring reduced costs and improved the
scalability of the business. We incurred some one-off
costs from this in the first half of the year, but by the second
half, profitability was much improved. The Group also
benefitted from the increased momentum in the economy
as the year progressed.
Removing boundaries
The decision to regionalise Christie & Co is part of a broader-
based initiative to remove boundaries internally. By developing
boundary-less operations supported by technology we are
improving service provision. Our people are encouraged to
share knowledge and assignments across territories and
between businesses. By sharing resources we are able to
field relevant professionals and respond to customers’
specific requirements more directly. 
Operating in the digital space
At Group level, we are investing in high quality systems to
support information exchange. We adopt technologies that
improve operational flexibility. As part of this process we are
working to locate the Group’s intellectual property centrally
and make it accessible to those in the field. 
Developing and adopting common standards across the
Group has had numerous benefits. Codifying many of our core
activities has helped us to clarify business objectives and the
resources we need to deliver them effectively. It is making it
easier to develop partnerships and work with franchisees. 
The work is also revealing new sources of revenue. We are
developing new types of service that extract valuable
information from this centralised data. 
For instance, anonymised and aggregated data from our
valuation business is helping banking clients assess their
credit risk to specific kinds of business. By benchmarking 
the profitability of a sector or business type they are better
able to anticipate borrowers’ revenue patterns.
Consultancy services
Consultancy services that leverage our sector-specific
expertise are becoming more important, especially for our
growing list of corporate clients.
Our expertise is widely acknowledged. In a recent portfolio
sale, eleven of the twelve private equity bidders asked us to
act for them. It is indicative of the way the Group is perceived
in the professional market.
We advise private equity houses on the dynamics of specific
categories of business within their debt and asset portfolios.
We help property investors to appreciate the likely earnings
streams of their commercial tenants. Our advice is informing
their strategic and portfolio management decisions. 
International operations
It takes time to establish operations capable of delivering 
the high level of service that is our hallmark. Internationally,
our approach has been to grow scale cautiously in line with
increasing demand. 
This year we extended our footprint in France with an
additional office in Bordeaux. 
In September, our stocktaking business Orridge took control
of its German franchisee. This acquisition gives us direct
access to territories within the German sphere of influence,
including Switzerland, Italy, Croatia, Montenegro, Poland and
CEE nations. With our strong footprint in France, Spain and
the Benelux region we are now well placed to deliver a
comprehensive service to pan-European retailers.
Chief Executive’s review continued
“Focused on excellence of service
delivery, our stocktaking (SISS) division
recorded a 49% profit increase” Christie Group Annual Report 2013 9
Financial flexibility
Our supportive shareholder base is a key strength for the
business. It allows us to operate with a high degree of
flexibility. We funded the German acquisition through a share
placement amounting to 5 per cent of the equity. This is the
first extension in our capital base for 25 years and it was
heartening to discover the level of investor support for the
business. This placement crystallised the fact that there is
significant untapped demand for larger tranches of Christie
equity than normally available. 
Professional Business Services 
The slowdown at the end of 2012 continued into 2013 and led
to tough trading conditions for Professional Business Services
during the first half of the year . We took this opportunity to
reorganise the business along regional lines. In the second
half, PBS rapidly gained momentum. It ended 2013 strongly
with a good pipeline of future deals.
Our newly created Medical Sector division performed strongly.
Christie & Co managed 55 pharmacy sales during the year .
It was easily the most active participant in the UK market.
The return of entrepreneurial owner/operator was a feature of
the year under review. Private investors have held back from
buying businesses in previous years, but there is now a
perception that there is good value to be found. The market
was bolstered by positive equity as a strong recovery in the
housing market took hold. 
As the swaps compensation scheme gathers pace, there will
be numerous owners of businesses who had been struggling
to meet their obligations who may now take the opportunity 
to sell their companies. Fortunately there is now sufficient
pent-up demand to absorb this additional supply. The result
may well be that volumes increase without falling valuations. 
This is likely to benefit our businesses in 2014. 
It may well be that in years to come investors will look back with
fondness on the current period. The combination of low interest
rates, availability, relatively low prices and sensible valuation
makes this a very attractive time to invest in a business. 
Stock & Inventory Systems & Services 
Our stocktaking and auditing businesses performed steadily
delivering stable earnings across the year . Both businesses
continue to focus on service excellence and close control 
of costs.
Orridge continues to build on its status as the UK’s premier
stocktaking provider in retail and pharmacy sectors. It is
gaining traction with UK supermarkets and extending its
European footprint. Venners produced another strong set 
of results, with earnings growth led by strong performance 
of its stock audit function. 
Looking ahead
We increased our profitability in 2013 and are focused on
profitable growth. We have made a good start, with a strong
pipeline of business at the end of the year . 
Christie Group today is more focused, flexible and resilient
than ever . We have grown our ability to operate internationally
and at scale. Our expertise and operational capabilities are
recognised in an increasingly professionalised market. 
We have made continued progress towards achieving our
strategic goal of rebuilding profits to the levels seen before
the credit crunch. We enter 2014 as a fitter organisation,
more attuned to the changing needs of today’s markets. 
The economic picture appears to be improving, but whatever
the prospects, with our strong track record, extensive and
growing client list, and more flexible business model, we can
face the future with confidence. 
David Rugg
Chief Executive
28 March 2014
“In the second half, PBS rapidly
gained momentum. It ended 2013
with a good pipeline of future deals.” Digital transformation...
10 Christie Group Annual Report 2013
Building digital bridges 
We’ve always tailored our services to customers. With
online metrics we can find out what they need even more
effectively. On social media platforms, like Twitter and
LinkedIn, we’re engaging with topical concerns. Online
marketing is extending our reach. We’re identifying
potential customers online, devising targeted offerings
and linking them back to our websites. 
Connecting with 
each customer
Practical solutions for 
real business problems 
Much of what Christie
companies offer comes first
from the coalface. We
accumulate a wealth of
specialist knowledge in the
field. In a major initiative
across the Group, we are
using technology to capture
and systematise all that
expertise centrally so we can
make it available more readily
to our people on the ground. 
In-depth 
knowledge 
on the 
ground
Reducing costs and improving
responsiveness 
Our customers determine 
who we are and what we can 
do. We’ve adopted technologies
that enhance business 
flexibility and scalability. We’re
reallocating resources to lower
fixed costs and focus more on
customer service and income
generation. It’s reducing costs,
but even more importantly, it’s
helping us become a more
responsive, agile business. 
Flexibility and
scalability
We’re in the third stage of the digital revolution.
Communities have already absorbed and embraced digital
technologies. They are now transforming their behaviour .
Today’s individuals are informed, interconnected and
always online. In digital markets, they are buying new
kinds of service, from different places and in novel ways.
We embrace innovative technologies and we’re adapting
our services accordingly. Strength in depth in the retail, 
leisure and care sectors 
When information is ubiquitous it isn’t 
so much what you know, what matters
most is context. We’re sector specialists
and our customers rely on us for 
in-depth, market knowledge. Because
we understand our markets so well we
can offer detailed, relevant advice and
solve practical problems with well-
designed products. Our service is
informed, in-depth and indispensable.
Depth and 
breadth of
experience
Blending energy and experience
Our top people are veterans in their sectors.
They bring years of experience to the table.
They know what it takes to perform in any
economic climate. But in digital markets new
challenges are continually emerging and
younger heads can sometimes be wiser .
Christie Group teams blend youthful energy
with wisdom and experience. Today’s leaders
are schooling – and learning from –
tomorrow’s top managers.
Bringing on the
new generation
Using technology to deliver
joined-up service 
The scope of our activities gives
us more rounded insights into the
dynamics of particular businesses
and sectors. Whether they are
looking to improve, develop, invest
in, acquire or dispose of their
business we place clients at the
centre. We’ve organised our own
businesses to get them the best
access to the most capable teams.
Our guiding principle is to give
customers the support they need,
where they need it, wherever they
are in the business cycle. 
Boundary-less
operations
Christie Group Annual Report 2013 11 ...creating business
service opportunities
Health and Safety Alerts
CASE STUDY: Venners
With the widespread take-up of online apps giving scores on the doors 
and user reviews, customers are better informed and more discerning.
Restaurants, pubs and hotels want a more proactive service. Venners’ Health
and Safety Alerts combine H&S and stocktaking in a single, cost-effective
package. Key areas such as fire, food, and health and safety compliance are
monitored continually throughout the year during stocktaking visits. Clients
can protect their business reputation affordably and without disruption.
Foxburrow Grange, Colchester
CASE STUDY: Pinders
This 66-bed specialist nursing and dementia care home is
equipped to hotel standards and benefits from landscaped
gardens with sensory planting. Pinders was responsible for
all project management services: overseeing the tendering
process, appointing contractors and providing assistance
with CQC registration.
The Gay Hussar
CASE STUDY: Christie + Co
One of London most iconic restaurants, long
favoured by the political left, was put to market by
Christie + Co late in 2013. The Gay Hussar restaurant
has provided the finest Hungarian cuisine and wines
since 1953. Welsh firebrand MP Aneurin Bevan was
an early devotee. Christie + Co’s marketing ensured
prominent coverage on radio and in the national
press, resulting in dozens of enquiries within 24
hours and a sale by the end of the year .
12 Christie Group Annual Report 2013
Go Outdoors
CASE STUDY: Orridge
GO Outdoors is bringing the great
outdoors inside. It offers equipment for
camping, walking, cycling and fishing 
as well as adventure sports like skiing,
mountaineering and kayaking – all under
one roof. With 45 Superstores across 
the UK, it is the UK's Biggest Outdoor
Retailer . This dynamic company, which
had previously used two stocktaking
companies, has now outsourced all 
its stocktaking to Orridge, citing its
meticulous approach, client attention 
and cost-effectiveness. Taking care of business
CASE STUDY: Christie Insurance
Christie Insurance has a significant portfolio
of clients in the care sector . There is an
ongoing requirement for minibuses to 
meet service users transport requirements.
Recognising this, the company negotiated
access to a specialist minibus insurance
scheme underwritten by QBE Insurance
Group. We are now providing this cost-
effective insurance solution for our clients.
The largest fleet insured to date consists 
of 44 vehicles.
Manor Farm House 
Care Home
CASE STUDY: Christie Finance
In one of many instances of cross-company
collaboration this year, Christie Finance
helped a first-time buyer in the purchase of
Manor Farm House Care Home. Pinders
valued the business and Christie + Co
handled the sale. Christie Finance was able 
to arrange the funding on our client’s behalf
utilising the Funding for Lending scheme. 
We negotiated 15-year debt on a 67 per cent
loan-to-value deal, a remarkable transaction
for a first-time buyer . It’s indicative of our role
in helping to redefine market norms.
Blenheim Palace 
CASE STUDY: Vennersys
The 18th-century country house Blenheim Palace hosts events from
triathlons to jousting in its 200-acre grounds. They already used VENPoS
for admissions and retail sales. To support innovation and deliver an even
better customer experience, they asked us to implement a fully integrated
e-commerce system, encompassing fast-track entry to events, multi-
channel marketing and portable computing. Working collaboratively, 
we developed VENPoS Online – giving Blenheim Palace a competitive 
edge and strengthening the capability of our own VENPoS tool.
Christie Group Annual Report 2013 13
Pubs n’ Bars UK
CASE STUDY: Christie + Co
Distress disposals continue to feature
prominently in the pub sector . In 2013,
administrators Grant Thornton approached
Christie + Co to manage the disposal of 31
Pubs n Bars sites, a mixture of freeholds with
vacant possession, long leaseholds, tenanted
investment opportunities and managed
houses. Thirteen were in London, others
spread around the country, in places like
Loughborough, Brighton and the Rhondda.
Christie + Co had deals agreed on every 
one of them by the end of the year .
Metropolitan by COMO Hotel
CASE STUDY: Christie + Co 
There was strong interest when Canada Life
commissioned Christie + Co to manage the sale 
of its freehold investment in the majority of The
Metropolitan by COMO hotel. This kind of marquee
freehold property is rarely available to the market.
We negotiated the sale to an investor for well in
excess of the £40 million asking price within a
month. A prime piece of London real estate, the
hotel abuts Park Lane and Piccadilly and houses
the Colony Club Casino and Nobu Restaurant. 14 Christie Group Annual Report 2013
Divisional review
Professional Business Services
Christie + Co Christie + Co acts regionally, nationally and internationally and is an
effective strategic partner in acquisitive and restructuring programmes. We aim to
be market leaders in the retail, hospitality, leisure and care sectors by offering a full
range of agency and advisory services to all our clients. We maximise cross-selling
opportunities by integrating technology with high-quality market intelligence.
The story of 2013 was one of growing momentum. Christie +
Co performed creditably in difficult economic conditions.
The year began slowly and this, coupled with one-off
restructuring costs in the second quarter, contributed to a
subdued first half performance. However, Q3 profitability was
much improved and by the end of the year fee income was
growing rapidly. We exited 2013 with a strong pipeline of
future business. 
In April, we decided to restructure the business and reduce
our cost base. We also took this opportunity to regionalise our
operations. Our fourteen UK offices are now led from London
and five regions. This has generated significant bottom-line
improvements; more importantly. it is bringing our sector
specialist expertise closer to customers. 
Market liquidity is being helped by a noticeable upturn in
the number of first-time and lifestyle business buyers.
These kinds of transactions remain important for us, but
increasingly we are working closely with the corporate
sector . We advised banks on debt restructuring disposals.
We conducted vendor due diligence for leading hedge funds
and private equity houses.
We won the EGi UK deals award in the leisure and hotels
category for the fourth year running and also scooped all but
two of the regional awards, underlining our pre-eminence in
this sector . The fast-track sale of the Menzies Hotels portfolio
to The Topland Group for more than the £80 million asking
price was just one of a number of successful transactions 
in this complex marketplace this year . 
In the pub sector, we had agreed deals on almost all of the 103
Bramwell Pub Company leasehold interests within a fortnight of
our appointment by administrators Zolfo Cooper . For Convivial
Pub company, our sale of six marquee London freehold pubs
achieved well above the £16.9 million guide price. 
Our acquisition of Orridge Business Sales in 2012 made us the
UK’s leading specialist pharmacy advisor and a market leader
in the medical sector . This year, we focused on building on
our advisory and valuation experience in the dentistry market
and developing a consultancy and full services proposition. 
Christie + Co returned to Wales after more than two decades.
The new Cardiff office will service the increasing demand for
specialist property consultancy in the principality. 
International markets were mixed as the recession continues
to bite in Europe. We enjoyed some important successes 
in Germany. A change in tax legislation led to a precipitous
drop in French sales and Spain continues to be challenging.
Overall, though, realistic opportunities are emerging across
the continent. 
We continue to connect with clients through our digital
presence. Our online advertising drives users to our websites.
These have been updated to improve the customer experience
and search engine rankings. During 2013 our web traffic hit
the one million mark. 
While the recovery is slow, the outlook is positive. We continue
to innovate, and to attract and develop talented people. 
Our expertise and track record of best-in-class deal-making
ensure we’re well placed to meet the needs of clients in 
the new commercial landscape.  Queens Portfolio, Germany Christie + Co’s established operations 
in Frankfurt, Munich and Berlin are benefitting from the continuing strength 
of the German hotel sector . On exclusive instruction Christie + Co sold a 
portfolio of twenty branded hotels in Germany to the Israeli hotel company 
Fattal Hotels and an international investor consortium. The portfolio 
comprises approximately 3,600 rooms and offers a profitable trading profile 
with good prospects for further growth.
“Market liquidity is being helped by a
noticeable upturn in the number of
first-time and lifestyle business buyers
and increasingly we are working
closely with the corporate sector .”
Chris Day
Managing Director, Christie + Co 
and a Christie Group Director
Christie Group Annual Report 2013 15 16 Christie Group Annual Report 2013
Divisional review
Professional Business Services
Christie Finance
In 2013, Christie Finance restructured its broker team into five
regional hubs, covering London, Bristol, Birmingham, Leeds
and Glasgow. Our primary aim was to create a more cohesive
group and provide more opportunities to share expertise and
best practice. Our reputation for putting together
comprehensive and compelling funding propositions is built
on this knowledge, and is a decisive factor for clients in
choosing to use our services. 
Towards the end of 2013 we added a sixth hub. This has a 
UK-wide remit and focuses on the medical sector . Arranging
finance in this sector calls for specialist knowledge. These
clients have specific requirements on issues ranging from
commercial mortgages to invoice discounting and factoring.
We have quickly built up a strong pipeline of business. 
Our diverse client list runs the gamut – from sole
practitioners to multi-site dental businesses.
Private and regional operators continue to form the core of
our business. However, as Christie + Co increasingly acts for
larger corporates, Christie Finance is increasingly engaging
with private equity companies and negotiating debt and 
equity structures in the larger corporate hotel sector .
Christie Finance has been successfully engaging with UK
challenger banks looking to build market share in our
specialist sectors. 
We continue to take advantage of all available funding
avenues. In 2013, we completed transactions by securing
funding backed by initiatives such as the Enterprise Finance
Guarantee Scheme (EFGS) and the Funding for Lending
Scheme (FLS). We are encouraged by the announcement 
of the Bank of England in November that from 2014 FLS 
will focus entirely on lending to businesses.
Christie Insurance
Our new decentralised operation saw our support centre
relocated to South Wales early in 2013. This reduced our cost
base with no impact on the quality of service received by the
customer . Indeed, customer satisfaction and client retention
remain high.
Through this centre - managed from our London office –
we benefit from sector knowledge, skills and tenacity to place
business quickly and efficiently. This was demonstrated by the
successful placing of cover for a group of seven hotels within
a week. In another case, a reduction in premium and wider
policy cover was secured for a client who had been quoted
a 77 per cent increase on existing terms.
Generally, underwriting capacity in the care sector has
contracted this year . Some insurers, most notably Ecclesiastical
Insurance Company, have withdrawn from the market because
of the increasing frequency and severity of claims. We had
foreseen this outcome. As a result of restricting placements
to insurers and the demonstration of long-term commitment,
we experience a limited impact on our business.
We are now benefitting from Christie + Co clients being
approached earlier in the sales process. As a consequence,
the conversion of referrals into preferred advisor
appointments has increased.
In the coming year we will continue to build our sector
knowledge, which has consistently been shown to be a key
factor in achieving success. We will also identify where
services and products can be more effectively cross-sold,
such as through the development of a motor fleet
proposition for clients in the care and hotel sectors.
Christie Finance Christie Finance achieves market-leading finance packages for our clients through
detailed understanding of our specialist sectors. We work closely with Christie Group companies to
identify financing requirements and piece together detailed financing proposals, often backed by
intergroup valuations, which are widely considered to be the best in the market. We charge client fees
for a premium service and restrict our reliance on bank commissions.
Christie Insurance Christie Insurance focuses on the same sectors as Christie + Co. Through our strong
relationships with insurers we are ideally placed to assist Christie + Co and Christie Finance clients
seeking a highly personalised and added-value service to obtain insurance cover across our sectors. “Our reputation for
putting together
compelling funding
propositions is a
decisive factor for
clients in choosing 
to use our services.”
Nick Baker
Director, Christie Finance
The Cliff Hotel & Spa Christie + Co marketed The Cliff Hotel & Spa 
in 2013 and Pinders valued the assets. Situated on the West Wales coast 
the complex boasts a health spa, a nine-hole golf course and three beaches, 
all set in 25 acres of grounds. The purchaser, the owner of the neighbouring 
hotel, has plans to develop the space for the wedding trade. Christie Finance
negotiated £2.8 million debt finance package, equivalent to 67 percent 
of the underlying business.
Christie Group Annual Report 2013 17 18 Christie Group Annual Report 2013
The productivity improvements identified and initiated in 2012
have benefited Pinders this year . We generated additional
revenue while reducing our cost base and this resulted in a
return to profitability by the second half of 2013. The volume
of appraisal and valuation reports increased and overall fee
income was significantly higher than in 2012. 
Highlights included a strong performance in the Retail and
Catering division, which saw an 11 per cent increase in fee
income, and an 11 per cent rise in instructions handled by the
Healthcare and Education division. 
Pinders maintains a high profile in healthcare and promotes
best practice through the prestigious Healthcare Design
Awards, which recognise outstanding, care-related
developments. The 2013 event again attracted leading sponsors
and was attended by over 500 people from across the sector . 
In terms of referrals, bank lenders are increasingly seeking high
quality valuers that can respond at a national level. Pinders’
ability to provide consistent, reliable service contributed to an 
18 per cent rise in fee income from banks this year . 
We are well represented on banking panels and continue to
attract good volumes of business from all the major bank
lenders. In 2013, we extended our panel agreement with
Barclays and its referral instructions to us more than doubled.
Whilst the broking community remains a very important
source of business, instructions from brokers now account for
less than 20 per cent of total volume with a correspondingly
higher proportion of instructions from lenders.
In 2013, monthly operational costs were £25,000 lower than in
2012. This was achieved without affecting front-line capabilities.
We have rationalised Head Office resources and increased our
use of technology. As a result, 70 per cent of our people were
operating in a fee earning capacity this year, the highest
proportion for a decade. 
We continue to refine and improve our bespoke report
production and are investing in automation to improve service
quality and reduce turnaround time. 
Pinders has responded to challenging economic circumstances
by sharpening our operational efficiency and attuning our
service to changing patterns of demand. These efforts were
rewarded with tangible performance improvements as the
year progressed. We ended 2013 on a positive note, with the
strongest pipeline of future business since 2008.
Divisional review
Professional Business Services
Pinders Pinders’ RICS-qualified surveyors provide reporting for businesses in 
five broad sectors: healthcare and education, licensed trade, retail and catering,
leisure and hospitality, services and manufacturing. Our reporting services fall 
into six main categories: appraisal and valuation, consultancy, dispute resolution,
building surveying, project management, and business recovery.
An unmissable event in the
healthcare sector; the Pinders
Healthcare Design Awards has
been raising money for charitable
causes for over a decade Christie Group Annual Report 2013 19
“We generated additional revenue 
while reducing our cost base 
and this resulted in a return to
profitability in 2013.”
Justin Cain
Managing Director, Pinders
Financial health checks: The £5.7 million Windrush Health Centre at the
Witney Hospital complex combines several GP practices on a single site. The lender
agreed to finance this new-build project after a business valuation from Pinders,
which was informed by our in-depth knowledge of the white coat sector . They then
engaged us to provide project monitoring services. Our involvement here allowed
the bank to control overall exposure and release funding tranches at the right time.
The success of this project has led to further collaborations at other locations. 20 Christie Group Annual Report 2013
Divisional review
Stock & Inventory Systems & Services
Orridge Orridge will continue to grow its business organically in the United
Kingdom. We continue to build on our leading market position in the retail 
and pharmacy sectors and our reputation for consistent, high-quality service.
Orridge is a leading stocktaking company in the UK with
strong international coverage. Our offices in Brussels and
Bonn coordinate our European business. In the UK we target
the retail and pharmacy sectors. We conduct stocktaking
services for supermarket chains and undertake counts in
warehouses and distribution centres. Our services assist
companies in realising large-scale supply chain efficiencies.
Historically, the cyclical nature of our business has tended 
to result in better performance in the first half than in the
second half of the year . It is a measure of the progress we are
making that in 2013 Orridge’s performance remained strong
throughout the year . 
Our focus on service excellence informs our approach to
delivery. Our clients appreciate the combination of speed,
accuracy and flexibility we bring to the stocktaking process.
They get detailed, relevant reporting with minimal disruption.
Retail stocktaking activity grew significantly. Morrisons,
Claire’s Accessories, and LK Bennett were among a number
of high-profile client additions. We welcomed menswear
retailer Greenwoods, and clothing and accessories specialist
Guess, as new clients. We have a strong portfolio of multi-site
retailers – Wickes, Calvin Klein, Poundland, Swarovski to
name a few – who recognise the value of outsourcing their
stocktaking services to Orridge.
Ancillary services are making an increasingly important
contribution to overall profitability. We are extending our
services to provide a complete supply chain service. 
We provide on-shelf availability management information 
and a range of other stocktaking services that improve
management planning. 
Our European business took a major step forward in
September 2013 with the acquisition of our German
franchise. This extends our client base in Europe. 
The German business has a strong pipeline of future deals,
including the largest number of trials of any part of the
Orridge Group. 
The European market is worth an estimated £1 billion. 
This includes significant untapped demand from pan-
European retailers for a Europe-wide stocktaking service.
With operations in Brussels and now German-speaking
countries too we are well placed to deliver this. 
Our in-house IT department has been adapting our
proprietary software for use by employees in the field. 
We have standardised our systems to simplify multiple
language applications and already have French and German
language portals. With the enabling technology in place, 
we are actively pursuing strategic acquisitions and franchise
opportunities in other European centres.
Orridge has built much of its success on the innovative use 
of technology. Our technology has allowed us to develop
seamless operational solutions.
As the business grows we are promoting from within and
attracting professionals with specialist skills at all levels. 
We have a coherent succession plan in place to ensure we
retain a strong senior management team.
Our target markets are expanding both in the UK and in
Europe. The increasing emphasis on real-time metrics in all
areas of business can only help us. In a market that remains
extremely price-sensitive, we are adding value through a
combination of expertise, service excellence and innovation. Christie Group Annual Report 2013 21
Whittard of Chelsea has been a favoured destination for fine coffee roasts 
and specialist tea blends since Victorian times. Today, this thriving company 
has 60 UK stores, a flourishing e-commerce business and franchise operations 
in 30 international markets. In 2013, Whittard switched its stocktaking services 
to Orridge. Orridge’s accurate, rapid counts, and its ability to accommodate
last minute scheduling changes are bringing Whittard more timely 
management information.
“In a market that remains extremely
price sensitive, we are adding value
through a combination of expertise,
service excellence and innovation.”
Paul Harding Managing Director, Orridge 
and a Christie Group Director 22 Christie Group Annual Report 2013
Divisional review
Stock & Inventory Systems & Services
Venners With over 120 years of history in the hospitality industry, Venners has no
interest in diversifying sectors. We have a powerful brand in the hospitality sector,
where we are seen, not as an external supplier, but as a core sector participant.
We act as a one-stop shop for improving hospitality business profits and controls. 
This was an excellent year for Venners, led by strong
performance in our stock audit business, where like-for-like
turnover increased markedly. In the business as a whole, both
turnover and profitability advanced significantly. Profit margins
returned to levels we have not seen for a considerable period.
Turnover from the Compliance Audit department grew
marginally. Also pleasing was the first recorded profit in our
health and safety business and a small contribution from
Event Profit & Control (EPC). 
Key structural changes during the year included the formation
of new divisions focusing on compliance and health and safety,
and the incorporation of EPC into our Stock Audit division.
We did not enter any new sectors in 2013, preferring instead
to develop our consultancy offer, where we see considerable
potential value. Our newly established Consultancy division
will launch a suite of higher-margin food products in 2014.
Attracting customers to premium services may be
challenging, but early indications are encouraging.
Innovation in training and recruitment has enabled us to
respond more flexibly to clients’ needs and add capacity as
required, while retaining the expertise that is our hallmark.
We’ve moved key personnel from daily contract to salaried
positions, and introduced more seven-day contracts so that
we can deploy staff at short notice, even at weekends, quickly
and cost-effectively. 
We opened our first branch outside the UK – in Ireland – this
year . It has already made a positive contribution. On the
mainland, new stock audit clients included Arena Leisure,
Bowlplex, Brakespear, Greene King – Belhaven, Merlin Inns,
Punch, Praesepe and Principal Hayley. In compliance we
began working with Lindley Catering (now Centerplate) and
the YHA; in health and safety, Banana Tree and Beds and
Bars; and in EPC, Silverstone.
In Europe, we have secured ongoing work for Intercontinental
Hotels in Paris and Frankfurt, and across the Beds and Bars
estate in Germany, Czech Republic, France, Belgium and the
Netherlands.
Venners has always been a technology-driven business. 
Our Next Generation operational platform will radically extend
our capabilities. The new system, on schedule for phased
introduction in 2014, will enable real-time data exchange
between customers, our offices and operatives in the field.
We launched our Verifier software product in 2013. The
application, which simplifies bespoke data reporting, has
been well received by customers. 
Our website is the hub and the focus for digital marketing. 
We have made significant progress with the integration of 
web metrics into our targeted marketing campaigns. 
Our inclusive management style is helping us develop the
business collegiately. We are opening up strategy and
business boards to staff, extending leadership coaching
across all tiers of management and empowering managers 
in the field.
We face 2014 with great confidence. We are trading well,
maintaining our standards, selling strongly and recruiting
quickly. We are working hard to ensure that all sectors 
of the business make a positive contribution next year . 
Our additional capabilities and strong, realistic pipeline
should help us deliver continued success in 2014. Christie Group Annual Report 2013 23
Ratcheting up performance: When a major group of four-star, 
branded hotels faced rising stock deficits and underperformance in parts of its 
63-strong estate it appointed Venners to address these issues. We introduced 
a structured programme that took account of the group’s limited budget. 
We supported the ten worst performers with monthly stock audits and regular
training days highlighting areas for improvement. Within a year, their margins
had improved and stocks were in surplus. Every one of the targeted hotels has 
now improved its position; several rank among the group’s best performers. 
“Our newly established
Consultancy division will launch
a suite of higher-margin food
products in 2014.”
Trevor Heyburn
Managing Director, Venners 24 Christie Group Annual Report 2013
Divisional review
Stock & Inventory Systems & Services
Vennersys In the UK, we are developing new business opportunities and defending
our strong positioning in the visitor attractions sector . We are strengthening our
online offering and extending out-of-hours support. In Canada, where we supply
the leading cinema ticketing system Vista, the merger of major operators created
the opportunity to streamline support services. 
We deliver online ticketing, specialist transaction and 
e-commerce systems to the UK leisure and visitor attraction
market, where our proprietary software VENPoS is recognised
as a sector-leading product. In Canada we market the 
cinema ticketing system, Vista. 
Our focus this year was on developing VENPoS Online as 
a standalone product and on realising the full potential of
VENPoS as an integrated, interactive system for the leisure
sector . VENPoS Online will launch in the first quarter on 2014
and is expected to generate attractive online revenues. 
A major upgrade of the VENPoS system is currently
underway. Its product launch is scheduled for end 2014. 
The new VENPoS will increase our market reach and revenue
and confirm our status at the leading edge of leisure 
sector technology. 
This year we launched VENPoS CRM Campaign. This
powerful e-marketing tool brings together everything clients
need to run successful email and SMS campaigns, from
customisable templates to performance statistics.
A PayPal module installed this year is already bringing
results. We’re also enabling social media integration, timed
and phone-based ticketing, online reporting, encryption
capability and more. 
In our wider programme of innovation, we’re introducing
interactive technologies such as a common core framework
for EPoS, kiosk, PDA and tablet; and preparing for next
generation functionality with tools including RFID wristbands
and smartphone coupons.
We remain committed to our existing sectors of historic
houses, museums and heritage sites, family entertainment
centres, and safari parks, zoos and aquariums. We gather
market intelligence through electronic mailshots to leisure
industry sites in the UK – some 9,000 in total. We believe
around half would benefit from our ticketing management
systems, and are targeting our marketing accordingly.
Costs were reviewed throughout Vennersys in 2013. In the UK,
we streamlined our management structure. 
Highlights this year include work with Dudley Zoo. The
system’s flexibility makes it ideal for managing the zoo’s
complex of shops, cafes and restaurants efficiently and
profitably. Our relationship with European operators Aspro
Group continues to develop. We rolled out extended
functionality at their Blue Planet Aquarium and Deep Sea
World sites this year .
Existing VENPoS user Blenheim Palace implemented a fully
integrated e-commerce system enabling fast-track entry to
events, cross-channel marketing and portable computing
solutions. By working collaboratively on the system we helped
our client provide high-quality customer experience and
supported our own VENPoS development.
For the roller-skating venue CurveMotion we have developed
a single system that manages everything from online booking
to child security simply and cost effectively. The bespoke
VENPoS system integrates wristband scanning, birthday card
reminders and other enhancements.
Canadian revenues were affected when the leading cinema
network Empire Theatres, a longstanding Vista client, was
sold and split between Cineplex Entertainment and Landmark
Cinemas. With the transfer of the network to these two
entities we have been able to introduce operating efficiencies
without compromising service. 
Adapting to the current and future needs of the leisure
industry is where Vennersys excels. We shall continue to
serve Vista clients and we look forward to realising the
potential of the next generation VENPoS with both new and
existing clients in 2014. Christie Group Annual Report 2013 25
“Adapting to the current
and future needs of the
leisure industry is where
Vennersys excels. We
look forward to realising
the potential of the 
next generation.”
Paul Harding Managing Director,
Orridge and  a Christie Group Director
Our proprietary software VENPoS is recognised as a sector-
leading product: A major upgrade of the VENPoS system is currently 
underway. Its product launch is scheduled for end 2014. The new VENPoS will
increase our market reach and revenue and confirm our status at the leading 
edge of leisure sector technology.  26 Christie Group Annual Report 2013
Financial review
Operating profit before exceptional items 
of £1.6m (2012: £1.4m) reflects the much
improved second half performance of the
Group, as both improved second half revenues
and a more efficient cost base combined to
drive profitability. 
This improved efficiency was achieved from a first half
reorganisation of the PBS division – which resulted in £0.4m 
of exceptional, non-recurring expenditure.
Financing costs remain well controlled
The cost of servicing the Group’s working capital financing
facilities – bank overdrafts and invoice financing facilities –
remains modest at £0.1m (2012: £0.1m). Operating profit
before exceptional items of £1.6m effectively represents an
interest cover ratio of 13:1. Net debt at the year end stood at
£2.7m (2012: £2.1m), with all banking facilities successfully
renewed during the year and appropriate facility levels in
place to support our trading expectations for 2014.
As a result of changes in accounting standards relating to final
salary pension schemes, we are required for the first time in
2013 to recognise the imputed costs of financing the final
salary pension scheme liabilities. These are effectively non-
cash charges being offset by pre tax actuarial gains for those
same pension schemes of £4.8m, and are expected to reduce
as the pension scheme deficits fall further .
Taxation
A full explanation of the tax charge for the year is set out in
note 10 of the accounts. We continue to experience a higher
non-cash deferred tax charge than underlying profitability
would otherwise infer, as decreases in the enacted rate of
corporation tax have required us to devalue our opening
deferred tax assets by 2%.
Pension schemes
The latter part of 2013 saw the Group begin to implement the
new compulsory workplace pensions arrangements. ‘Auto
enrolment’ commenced for some Group companies in October
2013 and will be introduced on a phased basis through to 2017.
These new compulsory pension requirements supplement a
number of existing pension schemes already operated across
the group and ensure the Group is fully compliant with the
latest legislation in this respect. After an extensive review, the
Board do not anticipate the additional costs of providing these
benefits to be material.
As reported last year, we adopted the revised accounting
standards on 1 January 2013 relating to defined benefit
pension scheme. The effect was an initial restatement of our
opening balance sheet to recognise an opening pension deficit
of £10m which has more than halved during the year as
corporate bond rates, used to derive the present value of the
scheme liabilities, have improved and asset returns exceeded
prudent assumptions adopted by the Board. While by no
means certain, it is notable to observe that a repeat of that
experience in 2014 would, were it to occur, eliminate the
pension deficit of £4.8m.
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. Christie Group Annual Report 2013 27
KPIs
Stock & 
Professional Inventory
Business Systems &
Group Services Services
Revenue growth
2013 on 2012 (3.4%) (6.9%) 0.6%
2012 on 2011 5.4 % 11.2% (0.8%)
2011 on 2010 9.0% 3.3% 15.7%
Productivity – staff costs
(before exceptionals) 
per £1,000 of revenue
2013 675 605 683
2012 687 618 701
2011 704 644 701
Operating profit/(loss)
before exceptional 
items as % of revenue
2013 2.9% 3.3% 4.3%
2012 2.4% 1.9% 3.0%
2011 1.4% (0.2%) 2.5%
* The Key Performance Indicators shown above are based on continuing
activities only.
** Group figures are inclusive of PBS & SISS divisions, and after the deduction
of central management costs (see note 6).
Full year revenue from continuing operations reduced during
the year, due to the slow start in the first half of 2013 for the
Professional Business Services division. However, the second
half of 2013 saw a strong recovery, with H2 PBS revenues of
£15.3m comparing well to the first half revenue for the division
of £13.2m. This represented a 16% half-on-half increase and
signalled a return to growth for the division.
Despite this full year reduction in PBS revenues, the reduction
in operating costs achieved in the first half of 2013 meant that
productivity increased once more, and operating profit as a
percentage of revenues improved to 3.3% (2012: 1.9%).
The SISS division achieved modest growth in the year but, like
PBS, productivity and profit margins both improved markedly,
with a 4.3% operating profit return on income highlighting the
improved efficiency of our business models.
Dan Prickett
Chief Financial Officer
28 March 2014
“ A repeat of our 2013
experience would eliminate
the pension deficit in 2014.”
Christie Group Annual Report 2013 27 28 Christie Group Annual Report 2013
Board of directors
Philip Gwyn
Chairman
Philip is a barrister and
merchant banker by training.
He is responsible for Group
strategy and planning. Philip is
a non-executive director of
Alumasc plc and a director of a
number of private companies,
including Chairman of Hybrid
Air Vehicles.
David Rugg
Chief Executive
David is responsible for the
day-to-day operation and
development of the Group, 
in which capacity he has 
been responsible for the
identification and integration
of its principal subsidiary
business acquisitions. David
either chairs or sits on the
boards or management
boards of Christie Group
trading companies.
Dan Prickett
Chief Financial Officer
Dan joined Christie Group in
December 2007, prior to
becoming Chief Financial
Officer in 2010. He has
responsibility for all financial
and company accounting
matters, as well as financial
public relations. Dan, a
Chartered Accountant, has
previously worked for Grant
Thornton, MacIntyre Hudson
and Inchcape Retail. 
Chris Day
Executive Director
Chris joined Christie + Co in
1985 and, having worked in the
Manchester, Birmingham and
London offices, was appointed
managing director in 1993. 
He has overall responsibility
for all Christie + Co’s specialist
transactional and advisory
activities. Chris has overseen
the successful expansion of
Christie + Co into an
international firm, which
currently has offices
throughout Europe.
Paul Harding
Executive Director
Paul has worked for Orridge for
over 25 years. When Christie
Group acquired Orridge in
December 2002 Paul was Sales
Director . He was appointed as
Managing Director in 2004 
and, since then, has been
responsible for developing the
company into a profitable pan-
European retail stocktaking
business. Paul has also been 
a Director of Vennersys 
since 2008.
Tony Chambers
Senior Non-executive Director
Tony was previously head of
banking and director of Robert
Fleming, a director of Save and
Prosper Group and chairman
of Gartmore High Income. 
Tony chairs the Remuneration
Committee and is also a
member of both the Audit and
Nomination Committees.
Pommy Sarwal
Non-executive Director
Pommy, a former corporate
finance partner at Deloitte, 
is currently Deputy Chairman
of Hybrid Air Vehicles 
and Chairman of Master
Ropemakers. He is also a Non-
executive Director of Chatham
Historic Dockyard and Hyde
Housing Association and, until
recently, was a member of the
board of both the Port of
London Authority and British
Waterways. Pommy chairs 
the Audit Committee and is a
member of the Nomination and
Remuneration Committees. He
is also Chairman of Venners.
Company information
Secretary
Dan Prickett FCA
Registered office
Whitefriars House
6 Carmalite Street
London EC4Y 0BS
Registered number
1471939 
VAT number
358 526526
Nominated adviser 
and broker
Charles Stanley Securities
Principal solicitors
Royds
SNR Denton
Auditors
Nexia Smith &
Williamson Audit
Registrars
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham 
Kent BR3 4TU The Directors present their Strategic Report on the group for
the year ended 31 December 2013.
Review of the business 
Principal activities and business review: 
Christie Group plc is the parent undertaking of a group of
companies covering a range of related activities. These fall
into two divisions – Professional Business Services and Stock
& Inventory Systems & Services. Professional Business
Services principally covers business valuation, consultancy
and agency, mortgage and insurance services, and business
appraisal. Stock & Inventory Systems & Services covers stock
audit and counting, compliance and food safety audits,
inventory preparation and valuation, hospitality and cinema
software. A description of the Group’s activities and a detailed
business review of the year and future developments are
given in the Chairman’s Statement. In addition the Group’s
main Key Performance Indicators are explained in the
Financial Review on page 26 and the risks and
uncertainties are shown below.
Risks and uncertainties:
We operate in a world with a heightened awareness of risk.
In growing and developing our businesses we have made a
conscious decision to try and minimise unrewarded risk.
We have done this in the following ways:
1. We are growing a European business in order that we are
less dependent on the success or otherwise of one
country’s economy.
2. We service three sectors; leisure, care and retail, so that
we are not dependent solely on the fortunes of one sector .
3. We offer a spread of services across our two divisions,
for example, transactional, advisory and support.
4. We have a spread of work which deliberately covers both
corporate and private clients.
That stated, whilst we have endeavoured to reduce risks, we
are not immune to movements in the global economy or
changes in the economic or legislative environments in the
countries in which we do business. In addition, such things as
the psychological effect of natural disasters, terrorist attacks,
banking crises, currency crises and changes in behaviour
pattern due to environmental based legislation can all impact
our businesses in unexpected ways. All of our activities rely
on the recruitment and retention of skilled individuals. Each
of our divisions, though, face certain risks that are unique to
the services they provide and they are categorised under the
divisional headings below.
The following can adversely affect our markets and businesses:
Professional Business Services (PBS)
• changes in interest rates;
• lack of bank liquidity and more conservative lending
criteria;
• a slow down in the residential housing market;
• collapse or fragmentation of the Euro Currency (also
applicable to SISS); and
• dismemberment of the European Union (also applicable
to SISS).
Stock & Inventory Systems & Services (SISS)
• changes in employee legislation, in particular the
Working Time Directive;
• increase in transport costs; 
• trends towards a cashless society; and
• economic slowdown and technology changes affecting
the retail and hospitality sectors.
The above list of risks is meant to highlight, in addition to any
noted elsewhere in this report, those we consider relevant
today and is not intended to be an exhaustive list of risks
facing the businesses.
Key Performance Indicators:
For an analysis of key performance indicators see Financial
Review on page 26.
Review of strategy and business model
For a review of the Group’s strategy see the Chairman’s
statement on page 2, for a review of the Group’s business
model see the Chief Executive’s review on page 6.
This report was approved by the board on 28 March 2014.
D R Prickett
Company Secretary
65 Carter Lane
London EC4V 5HF
Registered No. 1471939
Strategic report
for the year ended 31 December 2013
Christie Group Annual Report 2013 29 The Directors present their report and the audited financial
statements for the year ended 31 December 2013.
Results and dividends
The results for the year are set out in the consolidated
statement of comprehensive income on pages 38 and 39.
The Directors recommend the payment of a final dividend of
1.0p (2012: 0.5p) per share which together with the interim
dividend of 0.5p (2012: 0.5p) per share, makes a total of 1.5p
(2012: 1.0p) per share totalling £265,000 (2012: £251,000) for the
year . The profit for the year from continuing operations before
tax and before other comprehensive income was £541,000
(2012: £1,071,000) and the profit attributable to equity holders
of the Company for the financial year, after taxation and
including other comprehensive income, was £3,914,000
(2012: £4,911,000 losses). 
Future developments
For information on future developments see the Chairman’s
Statement on page 2 and the Chief Executive’s Review on page 6.
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 employees regardless of
nationality, ethnic origin, age, sex or sexual orientation
and continues to be supportive of the employment and
advancement of disabled persons.
Acquisition of own shares
During the year the Company funded the purchase of 77,000
(2012: 131,000) of its own ordinary shares, through an
Employee Share Ownership Trust, for a consideration of
£55,000 (2012: £86,000), to enable it to meet awards under its
SAYE and other share schemes. During the year the Company
also sold 79,000 (2012: 461,000) of its own ordinary shares,
through an Employee Share Ownership Trust, for a
consideration of £73,000 (2012: £1,021,000). The total holding of
the Employee Share Ownership Trust as at 31 December 2013
was 151,000 shares (2012: 153,000 shares), which represents
0.57% (2012: 0.60%) of the current issued share capital. 
Health, safety and the environment
The Directors consider the health, safety and environmental
protection aspects of the business to be of great importance,
as the prevention of personal injury, the avoidance of damage
to health and the protection of the environment are important
business and social responsibilities. Management practices
within the Group are designed to ensure so far as is
reasonably practicable, the health, safety and welfare at work
of employees, contractors and visitors and the implementation
of environmentally aware and friendly policies.
Going concern
After making enquiries, the Directors consider that the Group
has adequate resources to continue in operational existence
for the foreseeable future. For this reason they continue to
adopt the going concern basis in preparing the financial
statements, which appear on pages 38 to 80.
Auditors 
In accordance with Section 489 of the Companies Act 2006,
a resolution proposing that Nexia Smith & Williamson be
re-appointed as auditors of the Company will be put to the
Annual General Meeting.
Disclosure of Information to Auditors
Directors of the Group have confirmed that in fulfilling their
duties as a director:
• so far as they are each aware, there was no relevant audit
information of which the auditors were unaware; and
• they have taken all reasonable steps that a director ought
to have taken to make himself or herself aware of any
relevant audit information and to establish that the Group’s
auditors were aware of that information.
This information is given and should be interpreted in
accordance with the provision of s.418 of the Companies
Act 2006. 
This report was approved by the board on 28 March 2014.
D R Prickett
Company Secretary
65 Carter Lane
London EC4V 5HF
Registered No. 1471939
Directors’ report
for the year ended 31 December 2013
30 Christie Group Annual Report 2013 Christie Group Annual Report 2013 31
The Directors are committed to delivering high standards of
corporate governance to the Company’s shareholders and
other stakeholders including employees, suppliers and the
wider community. The Board of Directors operates within the
framework described below.
The Board
The Board sets the Company’s strategic aims and ensures that
necessary resources are in place in order for the Company to
meet its objectives. All members of the Board take collective
responsibility for the performance of the Company and all
decisions are taken in the interests of the Company. 
Whilst the Board has delegated the normal operational
management of the Company to the Executive Directors and
other senior management there are detailed specific matters
subject to decision by the Board of Directors. These include
acquisitions and disposals, joint ventures and investments
and projects of a capital nature. The Non-executive Directors
have a particular responsibility to challenge constructively the
strategy proposed by the Chairman and Executive Directors;
to scrutinise and challenge performance; to ensure
appropriate remuneration and to ensure that succession
planning arrangements are in place in relation to Executive
Directors and other senior members of the management
team. The Chairman holds informal meetings with individual
Non-executive Directors without the executives present. The
senior Non-executive Director also discusses matters with
other Non-executive Directors without the Chairman being
present. The senior executives enjoy open access to the Non-
executive Directors with or without the Chairman being
present. In short the Directors talk to each other .
The Board is responsible for ensuring that a sound system of
internal control exists to safeguard shareholders’ interests
and the Group’s assets. It is responsible for the regular review
of the effectiveness of the systems of internal control. Internal
controls are designed to manage rather than eliminate risk
and therefore even the most effective system cannot provide
assurance that each and every risk, present and future, has
been addressed. The key features of the system that operated
during the year are described below.
Organisational structure and control environment
The Board of Directors meets at least five times a year to
review the performance of the Group. It seeks to foster a
strong ethical climate across the Group. There are clearly
defined lines of responsibility and delegation of authority from
the Board to the operating subsidiaries. The Directors of each
trading subsidiary meet on a monthly basis with normally at
least two members of the Group Board in attendance.
Internal control
The key procedures which the Directors have established with
a view to providing effective internal control are as follows:
• Regular Board meetings to consider the schedule of
matters reserved for Directors’ consideration;
• A risk management process (see below);
• An established organisational structure with clearly defined
lines of responsibility and delegation of authority;
• Appointment of staff of the necessary calibre to fulfil their
allotted responsibilities;
• Comprehensive budgets, forecasts and business plans
approved by the Board, reviewed on a regular basis, with
performance monitored against them and explanations
obtained for material variances (see page 32);
• An Audit Committee of the Board, comprising Non-
executive Directors, which considers significant financial
control matters as appropriate; and
• Documented whistle-blowing policies and procedures.
During 2012 the Board agreed to implement a formal Internal
Audit function and in doing so appointed an Internal Auditor .
The Internal Auditor is mandated to perform their duties
under direct authority from the Group Chief Executive to
examine all areas of compliance across the Group as may be
considered appropriate or necessary including regulatory,
financial and operational requirements. They are required
to report to the Audit Committee at each meeting of the
Committee, setting out the findings of any investigations
undertaken and to agree their work programme for the
subsequent period up to the next scheduled meeting of the
Audit Committee.
Risk management
The Board has the primary responsibility for identifying the
major risks facing the Group. The Board has adopted a
schedule of matters which are required to be brought to it for
decision, thus ensuring that it maintains full and effective
control over appropriate strategic, financial, organisational
and compliance issues. The Board has identified a number
of key areas which are subject to regular reporting to the
Board. The policies include defined procedures for seeking
and obtaining approval for major transactions and
organisational changes.
Risk reviews carried out by each subsidiary are updated
annually as part of an ongoing risk assessment process. The
focus of the reviews is to identify the circumstances, both
internally and externally, where risks might affect the Group’s
ability to achieve its business objectives. An overall risk
assessment for the Group is prepared. The management of
each subsidiary periodically reports to the Board any new
risks. In addition to risk assessment, the Board believes that
the management structure within the Group facilitates free
and rapid communication across the subsidiaries and
between the Group Board and those subsidiaries and
consequently allows a consistent approach to managing
risks. Certain key functions are centralised, enabling the
Group to address risks to the business present in those
functions quickly and efficiently.
Corporate governance Financial planning, budgeting and monitoring
The Group operates a planning and budgeting system with an
annual Budget approved by the Board. There is a financial
reporting system which compares results with the budget and
the previous year on a monthly basis to identify any variances
from approved plans. Rolling cash flow forecasts form part of
the reporting system. The Group remains alert to react to
other business opportunities as they arise.
Non-executive Directors
The Non-executive Directors do not have service agreements
and have no automatic right of re-appointment. They are
regarded by the Board as bringing experience to the Board
from their fields of business and finance, and ensure that all
matters of strategy, performance, progress and standards are
debated thoroughly. The senior Non-executive Director is
Tony Chambers.
The table below shows the extent to which each of the
Non-executive Directors complies with objective tests on
independence:
Tony Pommy
Question Chambers Sarwal
Has been an employee of the Company
or Group within the last five years? No No
Has, or had within the last three years,
a material business relationship with
the Company either directly, or as a
partner, shareholder, Director or senior
employee of a body that has such a
relationship with the Company? No No
Has received or receives additional
remuneration from the Company apart
from directors’ fees, participates in the
Company’s share option or performance
-related pay scheme, or is a member of
the Company’s pension scheme? No No
Has close family ties with any of the
Company’s Directors, senior employees
or advisers? No No
Holds cross-directorships or has significant
links with other Directors through
involvement in other companies or bodies? No Yes
Represents or is a significant shareholder? No No
Has served on the Board for more than
nine years from the date of their first election? Yes No
The Non-executive Directors are considered by the Board to
be independent in character and judgement and have no
relationships or any circumstances that are likely to affect
their judgement as Directors of the Company.
Tony Chambers was appointed to the Board on 24 February
2004 and, with effect from 24 February 2013 has therefore
served for more than nine years from the date of his initial
election. 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 Joint Chairman with
Philip Gwyn. 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.
Audit Committee
The Audit Committee meets no less than twice a year with the
auditors in attendance. It also assists the Board in observing
its responsibility for ensuring that the Group’s accounting
systems provide accurate and timely information and that the
Group’s published financial statements represent a true and
fair reflection of the Group’s financial position and its
performance in the period under review. The committee also
ensures that internal controls and appropriate accounting
policies are in place, reviews the scope and results of the
audits, the independence and objectivity of the auditors and
establishes that an effective system of internal financial
control is maintained.
The Committee has primary responsibility for making a
recommendation on the appointment or re-appointment of
the external auditors. In order to maintain the independence
of the external auditors, the Board has determined guidelines
as to what non-audit services can be provided by the
Company’s external auditors and the approval processes
related to them. Under those policies, work of a consultancy
nature will not be offered to the external auditors unless
there are clear efficiencies and value added benefits to
the Company. Additionally the auditors confirm their
independence in writing each year . The committee also
monitors the level of non-audit fees paid to the external
auditors. The Audit Committee consists of Tony Chambers
and Pommy Sarwal as Chairman.
Corporate governance continued
32 Christie Group Annual Report 2013 Christie Group Annual Report 2013 33
Remuneration Committee
The Remuneration Committee meets no less than twice a
year and is responsible for determining main Board Directors’
and subsidiary company managing directors’ remuneration
together with the terms and conditions of their service
contracts. It has access to relevant comparable information
in respect of similar businesses. The committee is also
responsible for the allocation of options under the Company’s
executive share option scheme. The committee also
maintains a watching brief over the general employment
terms and pay structures, existing or proposed, for the
subsidiary trading companies. The Remuneration Committee
consists of the Non-executive Directors with Tony Chambers
as Chairman.
Nomination Committee
The Nomination Committee meets as required to select
and propose suitable candidates for the approval of the
Board to fill vacancies or new positions and to make
recommendations to the Board on its composition.
The Nomination Committee consists of the Non-executive
Directors and Philip Gwyn as Chairman.
Risks and uncertainties
See Strategic Report on page 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
2013. 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 2013.
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 2013 Christie Group Annual Report 2013 35
PART 2. Directors’ Emoluments 
Salary, Long Term 
Commissions Share 
& Fees Schemes Bonus Benefits Pensions 2013 2012
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Philip Gwyn 150 –– 22 21 193 192
David Rugg 350 – 20 51 – 421 397
Chris Day 300 – 10 18 29 357 353
Dan Prickett 140 – 22 10 4 176 145
Paul Harding 200 – 35 16 17 268 287
Tony Chambers 25 –– –– 25 25
Pommy Sarwal 50 –– –– 50 50
1,215 – 87 117 71 1,490 1,449
At the year end the highest paid Director had accrued benefits
under company pension schemes as set out below:
2013 2012
£’000 £’000
Defined benefit scheme:
Accrued pension at end of year 218 209
The highest paid director did not exercise any share options
during the year . 
Directors’ pension entitlements
The Company contributed £21,000 (2012: £21,000) for Philip
Gwyn to a self-administered pension fund. David Rugg and
Chris Day are members of the Christie Group plc Pension &
Assurance Scheme managed by Hanover Pensions Limited.
Paul Harding and Dan Prickett both receive employer
contributions as members of the Company defined
contribution scheme.
Directors’ interests
Details of the Directors’ interests in the ordinary shares of
the Company are set out below:
31 Mar 2014 31 Dec 2013 31 Dec 2012
Philip Gwyn 11,515,961 11,515,961 10,967,582
David Rugg 2,778,446 2,778,446 2,596,860
Chris Day 686,713 686,713 606,068
Paul Harding 212,870 212,870 202,733
Tony Chambers 131,975 131,975 125,690
Pommy Sarwal – ––
Dan Prickett – ––
In addition to interests shown above the following directors
hold share options under company share option schemes:
Dan Prickett holds 100,000 share options, granted in May
2009, September 2009 and October 2013 exercisable between
May 2012 and October 2023.
Paul Harding holds 125,000 share options, granted in May
2009 and October 2013 exercisable between May 2012 and
October 2023.
Chris Day holds 50,000 share options, granted in May 2009
exercisable between May 2012 and May 2019.
Share options 
During the year none of the Executive Directors were awarded
share options under long term incentive schemes (2012: nil).
The market price of the shares at 31 December 2013 was 80.5p
(31 December 2012: 60.0p) and the range during the year was
46.5p to 83.5p (year to 31 December 2012: 45.5p to 77.5p). The directors are responsible for preparing the Strategic
Report and 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;
• 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 responsibility under AIM rules.
Statement of directors’ responsibilities
36 Christie Group Annual Report 2013 Christie Group Annual Report 2013 37
We have audited the financial statements of Christie Group PLC
for the year ended 31 December 2013 which comprise the
Consolidated Income Statement, Consolidated Statement of
Comprehensive Income, the Consolidated and Parent Company
Statements of Financial Position, the Consolidated and Parent
Company Statement of Cash Flows, the Consolidated and
Parent Company Statements of Changes in Shareholders’
Equity and the related notes 1 to 35. The financial reporting
framework that has been applied in their preparation is
applicable law and International Financial Reporting Standards
(IFRSs) as adopted by the European Union and, as regards the
parent company financial statements, as applied in accordance
with the provisions of the Companies Act 2006.
This report is made solely to the company’s members, as a
body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so
that we might state to the company’s members those matters
we are required to state to them in an auditor’s report and for
no other purpose. To the fullest extent permitted by law, we
do not accept or assume responsibility to anyone other than
the company and the company’s members as a body, for our
audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Directors’ Responsibilities
Statement set out on page 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/apb/scope/private.cfm.
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 2013 and of the group’s profit for the year
then ended;
• the group financial statements have been properly prepared
in accordance with IFRSs as adopted by the European Union; 
• the parent company financial statements have been
properly prepared in accordance with IFRSs as adopted by
the European Union and as applied in accordance with the
provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance
with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report
and Directors’ Report for the financial year for which the
financial statements are prepared is consistent with the
financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters
where the Companies Act 2006 requires us to report to you if,
in our opinion:
• adequate accounting records have not been kept by the
parent company, or returns adequate for our audit have
not been received from branches not visited by us; or
• the parent company financial statements are not in
agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified
by law are not made; or
• we have not received all the information and explanations
we require for our audit.
Sancho Simmonds
Senior Statutory Auditor, for and on behalf of
Nexia Smith & Williamson
Statutory Auditor
Chartered Accountants
25 Moorgate
London
EC2R 6AY
28 March 2014
Independent auditor’s report
To the members of Christie Group plc Consolidated statement of comprehensive income
For the year ended 31 December 2013
38 Christie Group Annual Report 2013
2012 
2013 Total
Total (*Restated)
Note £’000 £’000
Continuing operations:
Revenue 6 54,154 56,087
Employee benefit expenses 7 (36,121) (38,471)
18,033 17,616
Depreciation and amortisation 6 (564) (548)
Impairment (charge)/credit 22 (53) 14
Other operating expenses (15,849) (15,678)
Operating profit before exceptional items 1,567 1,404
Exceptional items** (442) –
Operating profit after exceptional items 1,125 1,404
Finance costs 8 (120) (97)
Finance income 8 4 1
Pension scheme finance costs 8 (468) (237)
Total finance costs 8 (584) (333)
Profit before tax from continuing operations 9 541 1,071
Taxation 10 (351) (386)
Profit for the year after tax from continuing operations 190 685
Discontinued operations:
Loss for the period from discontinued operations 12 (29) (808)
Profit/(loss) for the period after tax 161 (123)
Profit/(loss) for the period after tax attributable to:
Equity shareholders of the parent 212 (83)
Non-Controlling interest (51) (40)
161 (123)
Earnings per share attributable to equity holders – pence
Profit/(loss) attributable to the equity holders of the Company
– Basic 13 0.82 (0.33)
– Fully diluted 13 0.80 (0.33)
Profit from continuing operations attributable to the equity holders of the Company
– Basic 13 0.93 2.89
– Fully diluted 13 0.91 2.86
* Certain amounts shown here do not correspond to the annual consolidated financial statements as at 31 December 2012. The restatement relates entirely to the
adoption of changes to the accounting standard IAS 19 “Employee Benefits”, further detail is provided in Note 2.
** Exceptional costs for the year to 31 December 2013 relate to the restructuring of operations. Items previously disclosed as exceptional items for the year ended
31 December 2012 have now been disclosed as discontinued operations (Note 12). Christie Group Annual Report 2013 39
Consolidated statement of comprehensive income continued
For the year ended 31 December 2013
Year ended 
Year ended 31 December 2012
31 December 2013 (*Restated)
£’000 £’000
Profit/(loss) for the period after tax 161 (123)
Other comprehensive (losses)/income:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations 46 3
Net other comprehensive (losses)/income to be reclassified
to profit or loss in subsequent periods 46 3
Items that will not be reclassified to profit or loss:
Actuarial gains/(losses) on defined benefit plans * 4,839 (6,274)
Income tax effect (1,183) 1,443
Net other comprehensive income/(losses) not being reclassified
to profit or loss in subsequent periods 3,656 (4,831)
Other comprehensive income/(losses) for the period, net of tax 3,702 (4,828)
Total comprehensive income/(losses) for the period 3,863 (4,951)
Total comprehensive income/(losses) attributable to:
Equity shareholders of the parent 3,914 (4,911)
Non-Controlling interest (51) (40)
3,863 (4,951)
* Certain amounts shown here do not correspond to the annual consolidated financial statements as at 31 December 2012. The restatement relates entirely to the
adoption of changes to the accounting standard IAS 19 “Employee Benefits”, further detail is provided in Note 2. 40 Christie Group Annual Report 2013
Consolidated statement of changes in shareholders’ equity
As at 31 December 2013
Attributable to the Equity Holders of the Company
Fair value 
and other Cumulative Non-
Share reserves translation Retained controlling Total 
capital (Note 24) reserve earnings interest equity 
For the year ended 31 December 2012 £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 January 2012* 505 3,685 454 (3,927) (35) 682
Loss for the year after tax* ––– (83) (40) (123)
Other comprehensive losses for the year after tax* ––– (4,831) – (4,831)
Exchange differences on translating foreign operations ––3 ––3
Total comprehensive income/(losses) for the period ––3 (4,914) (40) (4,951)
Movement in respect of employee share scheme – 935 – (1,021) – (86)
Employee share option scheme:
– value of services provided – 68 ––– 68
Dividends paid ––– (251) – (251)
Balance at 31 December 2012* 505 4,688 457 (10,113) (75) (4,538)
Attributable to the Equity Holders of the Company
Fair value 
and other Cumulative Non-
Share reserves translation Retained controlling Total 
capital (Note 24) reserve earnings interest equity 
For the year ended 31 December 2013 £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 January 2013 505 4,688 457 (10,113) (75) (4,538)
Profit /(loss) for the year after tax ––– 212 (51) 161
Other comprehensive income for the year after tax ––– 3,656 – 3,656
Exchange differences on translating foreign operations –– 46 –– 46
Total comprehensive (losses)/income for the period –– 46 3,868 (51) 3,863
Transfer of non-controlling interest on liquidation ––– (75) 75 –
Movement in respect of employee share scheme – 19 – (23) – (4)
Employee share option scheme:
– value of services provided – 61 ––– 61
Proceeds from shares issued 26 758 ––– 784
Dividends paid ––– (257) – (257)
Balance at 31 December 2013 531 5,526 503 (6,600) (51) (91)
* Certain amounts shown here do not correspond to the annual consolidated financial statements as at 31 December 2012. The restatement relates entirely to the
adoption of changes to the accounting standard IAS 19 “Employee Benefits”, further detail is provided in Note 2. Christie Group Annual Report 2013 41
2012 2011
2013 (*Restated) (*Restated)
Note £’000 £’000 £’000
Assets
Non-current assets
Intangible assets – Goodwill 14 1,793 1,011 1,011
Intangible assets – Other 15 507 403 145
Property, plant and equipment 16 1,088 1,232 606
Deferred tax assets 17 2,628 4,401 3,518
Available-for-sale financial assets 18a 485 300 300
Other receivables 19 500 316 904
7,001 7,663 6,484
Current assets
Inventories 20 – 11
Trade and other receivables 22 10,819 10,670 11,225
Current tax assets 190 177 72
Cash and cash equivalents 21 1,747 1,314 1,059
12,756 12,162 12,357
Total assets 19,757 19,825 18,841
Equity
Share capital 23 531 505 505
Fair value and other reserves 24 5,526 4,688 3,685
Cumulative translation reserve 503 457 454
Retained earnings 24 (6,600) (10,113) (3,927)
(40) (4,463) 717
Non-controlling interest 34 (51) (75) (35)
Total equity (91) (4,538) 682
Liabilities
Non-current liabilities
Retirement benefit obligations 25 4,796 10,000 4,292
Provisions 28 561 734 554
5,357 10,734 4,846
Current liabilities
Trade and other payables 26 8,365 8,047 8,262
Borrowings 27 4,483 3,440 3,091
Provisions 28 1,643 2,142 1,960
14,491 13,629 13,313
Total liabilities 19,848 24,363 18,159
Total equity and liabilities 19,757 19,825 18,841
* Certain amounts shown here do not correspond to the annual consolidated financial statements as at 31 December 2012. The restatement relates entirely to the
adoption of changes to the accounting standard IAS 19 “Employee Benefits”, further detail is provided in Note 2.
These consolidated financial statements have been approved for issue by the Board of Directors on 28 March 2014.
D B Rugg D R Prickett
Chief Executive Chief Financial Officer
Consolidated statement of financial position
At 31 December 2013 42 Christie Group Annual Report 2013
2013 2012
Note £’000 £’000
Cash flow from operating activities
Cash (used in)/generated from operations 29 (355) 1,422
Interest paid (120) (116)
Tax received 225 72
Net cash (used in)/generated from operating activities (250) 1,378
Cash flow from investing activities
Acquisition of subsidiary (140) (4)
Purchase of property, plant and equipment (PPE) (297) (1,072)
Proceeds from sale of PPE 13 13
Intangible asset expenditure – software (267) (146)
Investment in available-for-sale asset (185) –
Interest received 4 1
Net cash used in investing activities (872) (1,208)
Cash flow from financing activities
Proceeds from issuance of share capital 784 – 
Proceeds from/(repayments of) invoice finance 18 (435)
Dividends paid (257) (251)
Net cash generated from/(used in) financing activities 545 (686)
Net decrease in cash (577) (516)
Cash and cash equivalents at beginning of year (1,538) (1,009)
Exchange losses on euro bank accounts (15) (13)
Cash and cash equivalents at end of year 21 (2,130) (1,538)
Consolidated statement of cash flows 
For the year ended 31 December 2013 Company statement of changes in shareholders’ equity 
As at 31 December 2013
Christie Group Annual Report 2013 43
Attributable to the Equity Holders of the Company
Fair value and 
other reserves Retained Total 
Share capital (Note 24) earnings equity
For the year ended 31 December 2012 £’000 £’000 £’000 £’000
Balance at 1 January 2012* 505 3,100 3,216 6,821
Total comprehensive losses for the period* –– (649) (649)
Movement in respect of employee share scheme – 935 (1,021) (86)
Dividends paid –– (251) (251)
Balance at 31 December 2012* 505 4,035 1,295 5,835
Attributable to the Equity Holders of the Company
Fair value and 
other reserves Retained Total 
Share capital (Note 24) earnings equity
For the year ended 31 December 2013 £’000 £’000 £’000 £’000
Balance at 1 January 2013 505 4,035 1,295 5,835
Total comprehensive losses for the period –– (186) (186)
Movement in respect of employee share scheme – 12 (23) (11)
Proceeds from shares issued 26 758 – 784
Dividends paid –– (257) (257)
Balance at 31 December 2013 531 4,805 829 6,165
* Certain amounts shown here do not correspond to the annual consolidated financial statements as at 31 December 2012. The restatement relates entirely to the
adoption of changes to the accounting standard IAS 19 “Employee Benefits”, further detail is provided in Note 2. 2012 2011
2013 (*Restated) (*Restated)
Note £’000 £’000 £’000
Assets
Non-current assets
Investments in subsidiaries 18 2,563 2,563 2,563
Deferred tax assets 17 301 443 700
Available-for-sale financial assets 18a 485 300 300
Other receivables 19 9,098 7,960 7,175
12,447 11,266 10,738
Current assets
Trade and other receivables 22 3,006 2,699 2,958
Current tax assets 190 177 72
Cash and cash equivalents 21 5 21
3,201 2,878 3,031
Total assets 15,648 14,144 13,769
Equity
Share capital 23 531 505 505
Fair value and other reserves 24 4,805 4,035 3,100
Retained earnings 24 829 1,295 3,216
Total equity 6,165 5,835 6,821
Liabilities
Non-current liabilities
Retirement benefit obligations 25 336 779 580
336 779 580
Current liabilities
Trade and other payables 26 5,528 4,715 4,451
Borrowings 27 3,619 2,815 1,917
9,147 7,530 6,368
Total liabilities 9,483 8,309 6,948
Total equity and liabilities 15,648 14,144 13,769
* Certain amounts shown here do not correspond to the annual consolidated financial statements as at 31 December 2012. The restatement relates entirely to the
adoption of changes to the accounting standard IAS 19 “Employee Benefits”, further detail is provided in Note 2.
These Company financial statements have been approved for issue by the Board of Directors on 28 March 2014.
D B Rugg D R Prickett
Chief Executive Chief Financial Officer
Company statement of financial position 
As at 31 December 2013
44 Christie Group Annual Report 2013 Christie Group Annual Report 2013 45
Company statement of cash flows 
For the year ended 31 December 2013
2013 2012
Note £’000 £’000
Cash flow from operating activities
Cash used in operations 29 (1,341) (782)
Interest paid (191) (162)
Tax received 99 72
Net cash used in operating activities (1,433) (872)
Cash flow from investing activities
Interest received 290 226
Investment in available-for-sale financial asset (185) –
Net cash generated from investing activities 106 226
Cash flow from financing activities
Dividends paid (257) (251)
Proceeds from issuance of share capital 784 –
Net cash generated from/(used in) financing activities 527 (251)
Net decrease in cash (801) (897)
Cash and cash equivalents at beginning of year (2,813) (1,916)
Cash and cash equivalents at end of year (3,614) (2,813) Notes to the consolidated financial statements
46 Christie Group Annual Report 2013
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 2013
The principal accounting policies adopted in the preparation
of these 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
The following standards have been adopted by the group
for the first time for the financial year beginning on or after
1 January 2013 and have a material impact on the group:
Amendment to IAS 1, ‘Financial statement presentation’
regarding other comprehensive income. The main change
resulting from these amendments is a requirement for entities
to group items presented in ‘other comprehensive income’
(OCI) on the basis of whether they are potentially reclassifiable
to profit or loss subsequently (reclassification adjustments).
IAS 19, ‘Employee benefits’ was revised in June 2011. The
changes on the group’s accounting policies has been as follows:
to immediately recognise all past service costs; and to replace
interest cost and expected return on plan assets with a net
interest amount that is calculated by applying the discount
rate to the net defined benefit liability (asset). Within the
Consolidated Statement of Financial Position, the unrecognised
actuarial losses recognised up to 31 December 2012 on the
removal of the corridor amounted to £8,387,000. Within the
Consolidated Income Statement the following additional
amounts were recognised under the IAS 19 restatement: an
additional IAS 19 credit of £40,000 disclosed within employee
benefit expenses, £237,000 pension scheme finance costs.
Within the Consolidated Statement of Comprehensive Income
actuarial losses of £6,274,000 were recognised in 2012. Within
the Company Statement of Financial Position, the unrecognised
actuarial losses up to 31 December 2012 amounted to £722,000.
Within the Company Income Statement the following additional
amounts were recognised under the IAS 19 restatement: an
additional IAS 19 credit of £22,000 disclosed within employee
benefit expenses, £23,000 pension scheme finance costs.
Within the Company Statement of Comprehensive Income
actuarial losses of £428,000 were recognised in 2012.
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 2014 or later periods and have not been early adopted.
It is anticipated that none of these new standards, interpretations
and amendments currently in issue at the time of preparing
the financial statements will have a material effect on the
consolidated financial statements of the Group or Company. 
2.2 Consolidation
The Consolidated financial statements include the results of
Christie Group plc and all its subsidiary undertakings on the
basis of their financial statements to 31 December 2013. The
results of businesses acquired or disposed of are included
from or to the date of acquisition or disposal.
A subsidiary is an entity controlled, directly or indirectly, by
Christie Group plc. The Group controls an entity when the
Group is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect
those returns through its power over the entity. Subsidiaries
are fully consolidated from the date on which control is
transferred to the Group. They are deconsolidated from the date that control ceases. See business combinations section
for acquisitions and disposals in the year (Note 34).
When the Group disposes of a subsidiary any gains/losses
recognised at the date of disposal are taken to the income
statement.
Non controlling interests
Total comprehensive income within a subsidiary is
attributed to the non-controlling interest even if that results
in a deficit balance. 
2.3 Foreign currency translation
Functional and presentation currency 
Items included in the financial statements of each of the
Group’s entities are measured using the currency of the
primary economic environment in which the entity operates
(‘the functional currency’). The consolidated financial
statements are presented in sterling, which is the Group’s
and Company’s functional and presentation currency. 
Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from
the translation at year-end exchange rates of monetary
assets and liabilities denominated in foreign currencies are
recognised in the income statement.
Group companies
The results and financial position of all the group entities
(none of which has the currency of a hyperinflationary
economy) that have a functional currency different from the
presentation currency are translated into the presentation
currency as follows:
a) assets and liabilities for each statement of financial
position presented are translated at the closing rate at the
date of that statement of financial position;
b) income and expenses for each income statement are
translated at average exchange rates; and
c) all resulting exchange differences are recognised as
a separate component of equity, the cumulative
translation reserve.
On consolidation, exchange differences arising from the
translation of the net investment in foreign entities, are taken
to shareholders’ equity. When a foreign operation is sold, such
exchange differences are recognised in the income statement
as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition
of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the closing rate.
2.4 Revenue recognition
Revenue comprises the fair value of the consideration
received or receivable for the sale of goods and services
provided in the ordinary course of the Group’s activities.
Revenue derived from the Group’s principal activities (which
is shown exclusive of applicable sales taxes or equivalents)
is recognised as follows:
Agency, consultancy and valuations
Net agency fees are recognised as income on exchange of
contracts at which point the Group becomes contractually
entitled to its agency fee. Consultancy income is recognised
in the accounting period in which the service is rendered,
assessed on the basis of actual service provided as a
proportion of the total services provided. In respect of
valuations, turnover is recognised once the property or
business has been inspected. Appraisal income is recognised
in the accounting period in which the service is rendered,
assessed on the basis of actual service provided as a
proportion of the total services to be provided. 
Business mortgage broking
Fee income is taken either when a loan offer is secured or
when the loan is drawn down.
Insurance broking
Insurance brokerage is accounted for when the insurance
policy commences.
Software
Hardware revenues are recognised on installation or as
otherwise specified in the terms of the contract. Software
revenues are recognised on delivery or as otherwise specified in
the terms of the contract. Revenues on maintenance contracts
are recognised over the period of the contracts. Revenue in
respect of services, such as implementation, training and
consultancy, are recognised when the services are performed.
Stock & inventory services
Fees are recognised on completion of the visit to client’s
premises.
Other income is recognised as follows:
Interest income
Interest income is recognised on a time-proportion basis
using the effective interest method. 
Dividend income
Dividend income is recognised when the right to receive
payment is established.
2.5 Exceptional items
Exceptional items are disclosed separately in the financial
statements where it is necessary to do so to provide further
Christie Group Annual Report 2013 47
2. Summary of significant accounting policies continued 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’. 
Client Instructions 
Client instructions (instructions to act as agents for clients
wishing to purchase or dispose of business assets),
recognised on the acquisition of a subsidiary, are stated at fair
value as at the date of acquisition, net of amortisation and any
provision for impairment. Amortisation is calculated to write
down the costs of instructions on a consistent basis to the
recognition of the associated revenues, up to a maximum
expected life of two years.
Other
Intangible fixed assets such as software are stated at cost,
net of amortisation and any provision for impairment.
Amortisation is calculated to write down the cost of all
intangible fixed assets to their estimated residual value by
equal annual instalments over their expected useful
economic lives. The expected useful lives are between
one and five years.
2.8 Property, plant and equipment 
Tangible fixed assets are stated at cost, net of depreciation
and provision for any impairment. Depreciation is calculated
to write down the cost of all tangible fixed assets to estimated
residual value by equal annual instalments over their
expected useful lives as follows:
Leasehold property Lease term
Fixtures, fittings and equipment 5 – 10 years
Computer equipment 2 – 3 years
Motor vehicles 4 years
The assets’ residual values and useful lives are reviewed, and
adjusted if appropriate, at each statement of financial position
date. An asset’s carrying amount is written down immediately
to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing
the disposal proceeds with the carrying amount and are
included in the income statement.
2.9 Leases
Leases where the lessor retains a significant portion of the
risks and rewards of ownership are classified as operating
leases. Rentals under operating leases (net of any incentives
received) are charged to the income statement on a straight-
line basis over the period of the lease.
2.10 Impairment of assets
Non-current assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is
recognised for the amount by which the asset’s carrying value
exceeds its recoverable amount. The recoverable amount is the
higher of an asset’s fair value less costs to sell and value in
use. Value in use is based on the present value of the future
cash flows relating to the asset, and is determined over periods
which are deemed to appropriately reflect the minimum
expected period that the cash generating unit will operate for .
For the purposes of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable
cash flows (cash generating units), and their carrying value
assessed against management’s projection of the present
value of cashflows arising over a projected period of 10 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
Notes to the consolidated financial statements continued
48 Christie Group Annual Report 2013
2. Summary of significant accounting policies continued money and the risks specific to the asset for which the future
cash flow estimates have not been adjusted.
2.11 Investments
The Group classifies its investments depending on the
purpose for which the investments were acquired.
Management determines the classification of its investments
on purchase and re-evaluates this designation at every
reporting date. Fixed asset investments in subsidiaries are
shown at cost less any provision for impairment.
Available-for-sale financial assets
Available-for-sale financial assets are non-derivatives that are
either designated in this category or not classified in any of the
other categories. They are included in non-current assets
unless management intends to dispose of the investment
within 12 months of the Statement of Financial Position date.
Purchases and sales of investments held as available for
sale financial assets are recognised on trade date, the date
on which the Group commits to purchase or sell the asset.
Investments are initially recognised at fair value plus
transaction costs for all financial assets not carried at fair
value through profit or loss. 
The fair values of quoted investments are based on current
bid prices. If the market for a financial asset is not active (and
for unlisted securities), the Group establishes fair value by
using valuation techniques. For investments in equity
instruments and unlisted securities that do not have a quoted
market price in an active market and whose fair value can not
be reliably measured these are valued at cost. 
The Group assesses at each statement of financial position date
whether there is objective evidence that a financial asset or a
group of financial assets is impaired. In the case of equity
securities classified as available-for-sale, a significant or
prolonged decline in the fair value of the security below its cost is
considered in determining whether the securities are impaired. 
2.12 Inventories 
Inventories held for resale are valued at the lower of cost and
net realisable value.
2.13 Trade receivables
Trade receivables are recognised initially at fair value and
subsequently measured at amortised cost using the effective
interest method, less provision for impairment. A provision for
impairment of trade receivables is established when there is
objective evidence that the Group will not be able to collect all
amounts due according to the original terms of receivables.
The amount of the provision is the difference between the
asset’s carrying amount and the present value of estimated
future cash flows. The amount of the provision is recognised
in the income statement.
2.14 Cash and cash equivalents
Cash and cash equivalents are recognised initially at fair value
and subsequently measured at amortised cost. Cash and
cash equivalents comprise cash in hand, deposits held on call
with banks, other short-term, highly liquid investments with
original maturities of three months or less, and bank
overdrafts. Bank overdrafts are included within borrowings in
current liabilities on the statement of financial position.
2.15 Borrowings
Borrowings are recognised initially at fair value. Borrowings
are subsequently stated at amortised cost; any difference
between proceeds and the redemption value is recognised
in the income statement over the period of the borrowings
using the effective interest method.
Borrowings are classified as current liabilities unless the
Group has an unconditional right to defer settlement of
the liability for at least 12 months after the statement of
financial position date. 
2.16 Taxation including deferred tax 
Tax on company profits is provided for at the current rate
applicable in each of the relevant territories. 
Deferred tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements. However, if the deferred tax arises from
initial recognition of an asset or liability in a transaction
other than a business combination that at the time of the
transaction affects neither accounting nor taxable profit or
loss, it is not accounted for . Deferred tax is determined using
tax rates (and laws) that have been enacted or substantively
enacted by the statement of financial position date and are
expected to apply when the related deferred tax asset is
realised or the deferred tax liability is settled. 
Deferred tax assets are recognised to the extent that it is
probable that future taxable profit will be available against
which the temporary differences can be utilised. This is
reviewed annually.
2.17 Share capital and share premium
Ordinary shares are classified as equity.
Where any Group company or the Employee Share Ownership
Plan (ESOP) trust purchases the Company’s equity share
capital (own shares), the consideration paid, including any
directly attributable incremental costs (net of taxes), is
deducted from equity attributable to the Company’s equity
holders until the shares are cancelled, reissued or disposed of.
Where such shares are subsequently sold or reissued, any
consideration received, net of any directly attributable
incremental transaction costs and the related tax effects, is
included in equity attributable to the Company’s equity holders. 
Christie Group Annual Report 2013 49
2. Summary of significant accounting policies continued 2.18 Dividend distribution
Dividend distribution to the Company’s shareholders is
recognised as a liability in the Group’s financial statements
in the period in which the dividends are approved by the
Company’s shareholders. In respect of interim dividends,
which are paid prior to approval by the Company’s
shareholders they are recognised on payment.
2.19 Invoice finance
Trade receivables are subject to an invoice finance facility
whereby an advance is received based upon and secured
upon trade receivables. The carrying value is stated at the
fair value of the amount repayable at the date of the
statement of financial position.
2.20 Employee benefits
Pension obligations
The Group has both defined benefit and defined contribution
schemes. A defined benefit scheme is a pension scheme that
defines the amount of pension benefit that an employee will
receive on retirement, usually dependent on one or more
factors such as age, years of service and remuneration.
A defined contribution scheme is a pension scheme under
which the Group pays fixed contributions into a separate
entity. The schemes are generally funded through payments
to insurance companies or trustee-administered funds,
determined by periodic actuarial calculations.
Pension obligations – Defined benefit schemes
The liability recognised in the statement of financial position in
respect of defined benefit pension schemes is the present value
of the defined benefit obligation at the statement of financial
position date less the fair value of scheme assets. The defined
benefit obligation is calculated annually by independent actuaries
using the projected unit credit method. The present value of the
defined benefit obligation is determined by discounting the
estimated future cash outflows using interest rates of high-
quality corporate bonds that are denominated in the currency in
which the benefits will be paid, and that have terms to maturity
approximating to the terms of the related pension liability. 
Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are
charged or credited to equity in other comprehensive
income in the period in which they arise.
Past-service costs are recognised immediately in the
income statement.
Pension obligations – Defined contribution scheme
Group companies contribute towards a personal pension scheme
for their participating employees. These employees are currently
entitled to such contributions after a qualifying period has
elapsed. Payments to the scheme are charged as an employee
benefit expense as they fall due. The Group has no further
payment obligations once the contributions have been paid.
Share based compensation
The fair value of employee share option schemes, including
Save As You Earn (SAYE) schemes, is measured by a Black-
Scholes pricing model. Further details are set out in Note
23a. In accordance with IFRS 2 ‘Share-based Payments’
the resulting cost is charged to the income statement over
the vesting period of the options. The value of the charge
is adjusted to reflect expected and actual levels of
options vesting.
No expense was recognised in respect of share options
granted before 7 November 2002 and those which had vested
before 1 January 2005. 
For share options granted after 7 November 2002 and vested
after 1 January 2005 the Group operates an equity-settled,
long term incentive plan designed to align management
interests with those of shareholders. The fair value of the
employee’s services received in exchange for the grant of the
options is recognised as an expense. The total amount to be
expensed over the vesting period is determined by reference
to the fair value of the options granted, excluding the impact
of any non-market vesting conditions (for example,
profitability and sales growth targets). Non-market vesting
conditions are included in assumptions about the number of
options that are expected to become exercisable. At each
statement of financial position date, the entity revises its
estimates of the number of options that are expected to
become exercisable. It recognises the impact of the revision
of original estimates, if any, in the income statement, and
a corresponding adjustment to equity. 
Commissions and bonus plans
The Group recognises a liability and an expense for
commissions and bonuses, based on formula driven
calculations. The Group recognises a provision where
contractually obliged or where there is a past practice
that has created a constructive obligation.
2.21 Provisions
Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation. Where
the Group expects some or all of a provision to be reimbursed,
for example, under an insurance contract, the reimbursement
is recognised as a separate asset but only when the
reimbursement is virtually certain. The expense relating to any
provision is presented in the income statement net of any
reimbursement. If the effect of the time value of money is
material, provisions are discounted using a current pre-tax rate
that reflects, where appropriate, the risks specific to the liability.
Where discounting is used, the increase in the provision due to
the passage of time is recognised as a finance cost.
Notes to the consolidated financial statements continued
50 Christie Group Annual Report 2013
2. Summary of significant accounting policies continued The Group uses a limited number of financial instruments,
comprising cash, short-term deposits, bank loans and
overdrafts and various items such as trade receivables and
payables, which arise directly from operations. The Group
does not trade in financial instruments.
3.1 Financial risk factors
The Group’s activities expose it to a variety of financial risks:
market risk (including currency risk, and interest rate risk),
credit risk, liquidity risk and cash flow interest rate risk.
The Group’s overall risk management programme focuses
on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the Group’s
financial performance. 
a) Market risk
Foreign exchange risk
The Group operates internationally and is exposed to foreign
exchange risk arising from various currency exposures,
primarily with respect to the Euro. Foreign exchange risk arises
from future commercial transactions, recognised assets and
liabilities and net investments in foreign operations.
The Group has certain investments in foreign operations, whose
net assets are exposed to foreign currency translation risk.
At 31 December 2013, 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 £50,000 higher
(2012: £42,000 higher) mainly as a result of foreign exchange
gains/losses on translation of Euro denominated trade
receivables, cash and cash equivalents, and trade payables.
Applying the same variables to foreign exchange differences
recognised directly in equity the effect would be a reduction
in equity of £40,000 (2012: £42,000).
b) Credit risk
The Group has no significant concentrations of credit risk
and has policies in place to ensure that sales are made to
customers with an appropriate credit history.
c) Liquidity risk
Prudent liquidity risk management implies maintaining
sufficient cash and available funding through an adequate
amount of committed credit facilities. The Group uses an
invoice financing arrangement in a group undertaking to
mitigate liquidity risk. The Group ensures it has adequate cover
through the availability of bank overdraft and loan facilities. 
At 31 December 2013 total borrowings by the Group
amounted to £4,483,000 (2012: £3,440,000), with additional
available unutilised credit facilities at 31 December 2013 of
£927,000 (2012: £1,150,000).
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 2013 were £1,747,000 (2012: £1,314,000).
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 2013, assuming all other variables
remained equal but interest rates were 1% higher or lower
throughout the year, the impact on post tax losses would be
a maximum increase or decrease of £5,000 (2012: £4,000).
3.2 Capital risk management
The Group’s objectives when managing capital are to
safeguard the Group’s ability to continue as a going concern
in order to provide returns for shareholders and benefits for
other stakeholders and to maintain a capital structure
appropriate for its growth plans.
In order to maintain or adjust the capital structure, the Group
may adjust the amount of dividends paid to shareholders or
alter debt levels.
Christie Group Annual Report 2013 51
Estimates and judgements are continually evaluated and are
based on historical experience and other factors, including
expectations of future events that are believed to be
reasonable under the circumstances.
4.1 Critical accounting estimates and assumptions
The Group makes estimates and assumptions concerning the
future. The resulting accounting estimates will by definition,
seldom equal the related actual results. The estimates and
assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities
within the next financial year are discussed below.
a) Estimated impairment of goodwill
Goodwill is subject to an impairment review both annually and
when there are indications that the carrying value may not be
recoverable, in accordance with the accounting policy stated in
Note 2.7. The recoverable amounts of cash-generating units have
been determined based on value-in-use calculations. These
calculations require the use of estimates as set out in Note 14.
4. Critical accounting estimates and judgements
3. Financial risk management 6. Segment information
The Group is organised into two main operating segments: Professional Business Services and Stock & Inventory Systems & Services.
The segment results for continuing operations for the year ended 31 December 2013 are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
Total gross segment sales 28,404 25,854 2,473 56,731
Inter-segment sales (104) – (2,473) (2,577)
Revenue 28,300 25,854 – 54,154
Operating profit/(loss) before exceptional items 936 1,100 (469) 1,567
Exceptional items (442) –– (442)
Operating (loss)/profit after exceptional items 494 1,100 (469) 1,125
Net finance (costs)/credit (455) (128) (1) (584)
Profit before tax 541
Taxation (351)
Profit for the year after tax 190
Notes to the consolidated financial statements continued
52 Christie Group Annual Report 2013
b) Retirement benefit obligations
The assumptions used to measure the expense and liabilities
related to the Group’s two defined benefit pension plans are
reviewed annually by professionally qualified, independent
actuaries, trustees and management as appropriate.
Management base their assumptions on their understanding
and interpretation of applicable scheme rules which prevail at
the statement of financial position date. The measurement of
the expense for a period requires judgement with respect to
the following matters, among others:
• the probable long-term rate of increase in pensionable pay;
• the discount rate; and
• the estimated life expectancy of participating members.
The assumptions used by the Group, as stated in Note 25,
may differ materially from actual results, and these
differences may result in a significant impact on the amount
of pension expense recorded in future periods. In accordance
with IAS 19, the Group recognises all actuarial gains and
losses immediately in other comprehensive income. 
c) Deferred taxation
Deferred tax assets are recognised to the extent that the
Group believes it is probable that future taxable profit will be
available against which temporary timing differences and
losses from previous periods can be utilised. Management
judgement is required to determine the amount of deferred
tax assets that can be recognised, based upon the likely
timing and the level of future taxable profits together with
future tax planning strategies. 
4. Critical accounting estimates and judgements continued
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 loss after
tax of £473,000 (2012: £319,000 (*Restated)). It had other
comprehensive income of £287,000 (2012: £330,000 losses
(*Restated)). It had dividends paid of £257,000 making total
comprehensive losses for the year of £443,000.
5. Loss of the parent company Christie Group Annual Report 2013 53
6. Segment information continued
The segment results for continuing operations for the year ended 31 December 2012 are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
Total gross segment sales 30,490 25,701 2,340 58,531
Inter-segment sales (104) – (2,340) (2,444)
Revenue 30,386 25,701 – 56,087
Operating profit 606 740 58 1,404
Net finance (costs)/credit (313) (33) 13 (333)
Profit before tax 1,071
Taxation (386)
Profit for the year after tax 685
Other segment items included in the income statements for continuing operations for the years ended 31 December 2013 and
2012 are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
31 December 2013
Depreciation and amortisation 284 278 2 564
Impairment of trade receivables 17 36 – 53
31 December 2012
Depreciation and amortisation 265 280 3 548
Impairment of trade receivables 2 (16) – (14)
The segment assets and liabilities at 31 December 2013 and capital expenditure for the year then ended are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
Assets 7,691 6,162 3,086 16,939
Deferred tax assets 2,628
Current tax assets 190
19,757
Liabilities 8,747 5,091 1,527 15,365
Borrowings 4,483
19,848
Capital expenditure 116 448 – 564 Notes to the consolidated financial statements continued
54 Christie Group Annual Report 2013
6. Segment information continued
The segment assets and liabilities at 31 December 2012 and capital expenditure for the year are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
Assets 7,970 4,851 2,426 15,247
Deferred tax assets 4,401
Current tax assets 177
19,825
Liabilities 13,354 5,608 1,961 20,923
Borrowings 3,440
24,363
Capital expenditure 1,060 413 1 1,474
Segment assets consist primarily of property, plant and equipment, intangible assets, inventories, receivables and operating cash.
They exclude taxation.
Segment liabilities comprise operating liabilities. They exclude items such as taxation and corporate borrowings.
Capital expenditure comprises additions to property, plant and equipment and intangible assets.
The Group manages its operating segments on a global basis. The UK is the home country of the parent. The Group’s revenue
is mainly generated in Europe. 
Revenue for continuing operations is allocated below based on the entity’s country of domicile.
2013 2012
£’000 £’000
Revenue
Europe 53,607 55,393
Rest of the World 547 694
54,154 56,087
Total segment assets are allocated based on where the assets are located.
2013 2012
£’000 £’000
Total segment assets
Europe 16,778 15,115
Rest of the World 161 132
16,939 15,247
Capital expenditure is allocated based on where the assets are located.
2013 2012
£’000 £’000
Capital expenditure
Europe 564 1,469
Rest of World – 5
564 1,474 6. Segment information continued
2013 2012
£’000 £’000
Analysis of revenue by category
Sale of goods 235 278
Revenue from services 53,919 55,809
54,154 56,087
7. Employee benefit expenses
2013 2012
Staff costs for the Group during the year £’000 £’000
Salaries and short term employee benefits 33,923 35,829
Other benefits 1,073 1,260
Post employment benefits 1,182 945
Other long-term benefits (112) 369
Cost of employee share scheme 55 68
36,121 38,471
Average actual number of people (including executive directors) employed
2013 2012
by the Group during the year was Number Number
Operational 2,598 1,558
Administration and support staff 242 250
2,840 1,808
Average full time equivalent number of people (including executive directors)
2013 2012
employed by the Group during the year was Number Number
Operational 854 876
Administration and support staff 242 250
1,096 1,126
8. Finance costs
2012
2013 (*Restated)
£’000 £’000
Interest payable on bank loans and overdrafts 103 80
Other interest payable 17 17
Pension scheme finance costs 468 237
Total finance costs for continuing operations 588 334
Bank interest receivable (4) (1)
Total finance credit for continuing operations (4) (1)
Net finance costs for continuing operations 584 333
Christie Group Annual Report 2013 55 Notes to the consolidated financial statements continued
56 Christie Group Annual Report 2013
9. Profit/(loss) before tax
Group
2013 2012
£’000 £’000
Profit before tax is stated after charging/(crediting):
Depreciation of property, plant and equipment
– owned assets 411 432
Amortisation of intangible fixed assets 153 116
Profit on sale of property, plant and equipment (18) (11)
Operating lease charges
– buildings 1,235 1,436
– other 708 704
Impairment of trade receivables (see note 22) 53 (19)
Vacant leasehold provisions – 36
Repairs and maintenance expenditure on property, plant and equipment 108 314
Loss/(gain) on foreign exchange (including Company gain £nil (2012: gain £nil)) 22 8
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
2013 2012 2013 2012
£’000 £’000 £’000 £’000
Audit services
– audit of the parent company and
consolidated financial statements 17 17 17 17
– audit of the subsidiary company financial statements 106 93 – –
Total audit fees 123 110 17 17
Pension scheme fees 13 11 – –
Other services pursuant to legislation – 4 – –
Other services
– other services 8 8 8 8
10. Taxation
2012
2013 (*Restated)
£’000 £’000
Current tax
UK Corporation tax at 20.0% (2012: 24.5%) 237 177
Total current tax credit 237 177
Deferred tax
Origination and reversal of timing differences (373) (316)
Impact of change in the UK corporation tax rate (215) (247)
Total deferred tax charge (588) (563)
Tax charge on profit/(loss) on ordinary activities (351) (386) Christie Group Annual Report 2013 57
10. Taxation continued
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the standard rate of corporation
tax in the UK of 20.0% as follows:
Tax on profit on ordinary activities 
2012
2013 (*Restated)
£’000 £’000
Profit on ordinary activities before tax 512 263
Profit on ordinary activities at standard rate of UK corporation tax of 20.0% (2012: 24.5%) (102) (64)
Effects of:
– income not subject to tax – 73
– expenses not deductible for tax purposes (259) (148)
– tax losses for which no deferred tax asset has been previously recognised 225 –
Re-measurement of deferred tax asset due to changes in the UK corporation tax rate (215) (247)
Total tax charge (351) (386)
During the year, as a result of the change in the UK corporation tax rate, the opening deferred tax balances have been re-measured.
Deferred tax assets recognised at 1 January 2013 which had been measured at 23% at 31 December 2012 have been re-measured
using the enacted rate that applied at 31 December 2013 (21%). 
11. Dividends
A dividend in respect of the year ended 31 December 2013 of 1.0p per share, amounting to a total dividend of £265,000, is to be
proposed at the Annual General Meeting on 18 June 2014. These financial statements do not reflect this proposed dividend.
12. Discontinued operation
On 31 January 2013, Christie + Co FZ LLC, a 95% owned subsidiary of Christie Group plc, ceased trading following the Board’s decision
to voluntarily liquidate the operation. The operations of Christie + Co FZ LLC have been classified as a discontinued operation.
The results of Christie + Co FZ LLC are as follows:
31 December 2013 31 December 2012
£’000 £’000
Revenue 9 57
Employee benefit expenses – (584)
9 (527)
Impairment credit – 5
Other operating expenses (38) (267)
Operating loss (29) (789)
Finance costs – (19)
Loss from discontinued operations (29) (808)
Total comprehensive losses from discontinued operations (29) (808) Notes to the consolidated financial statements continued
58 Christie Group Annual Report 2013
13. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year, which excludes the shares held in the Employee Share Ownership
Plan (ESOP) trust.
31 December 2012
31 December 2013 (*Restated)
£’000 £’000
Profit from continuing operations attributable to equity holders of the Company 241 685
Loss from discontinued operations attributable to equity holders of the Company (29) (768)
Profit/(loss) from total operations attributable to equity holders of the Company 212 (83)
31 December 2013 31 December 2012
Thousands Thousands
Weighted average number of ordinary shares in issue 25,889 25,091
Adjustment for share options 466 245
Weighted average number of ordinary shares for diluted earnings per share 26,355 25,336
31 December 2012
31 December 2013 (*Restated)
Pence Pence
Basic earnings per share
Continuing operations 0.93 2.89
Discontinued operations (0.11) (3.22)
Total operations 0.82 (0.33)
Fully diluted earnings per share
Continuing operations 0.91 2.86
Discontinued operations (0.11) (3.19)
Total operations 0.80 (0.33)
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares. The Company has only one category of dilutive potential ordinary shares: share options. 
The calculation is performed for the share options to determine the number of shares that could have been acquired at fair
value (determined as the average annual market share price of the Company’s shares) based on the monetary value of the
subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the
number of shares that would have been issued assuming the exercise of the share options.
14. Intangible assets – goodwill
Total
Group £’000
Cost
At 1 January 2013 1,011
Additions (Note 34a) 801
Foreign currency translation effects (19)
At 31 December 2013 1,793
Total
Group £’000
Cost
At 1 January 2012 and 31 December 2012 1,011 Christie Group Annual Report 2013 59
14. Intangible assets – goodwill continued
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 2013 are as follows:
Professional Stock & Inventory 
Business Services Systems & Services
£’000 £’000
Goodwill 178 1,615
During the year, the acquired goodwill was tested for impairment in accordance with IAS 36 on the basis of the relevant CGUs.
Following the impairment tests there has been no change to the carrying values. The recoverable amount of a CGU is determined
based on value-in-use calculations. These calculations use cash flow projections based on current business plans. The key
assumptions for the value-in-use calculations are those regarding revenue growth rates, discount rates and long-term growth rates
over a period of 10 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 5.0 5.0
Long-term growth rates 2.5 2.5
15. Intangible assets – other
Client instructions Software Total
Group £’000 £’000 £’000
Cost
At 1 January 2013 256 474 730
Acquisition of subsidiary (note 34) – 18 18
Additions – 267 267
Disposals (256) (76) (332)
At 31 December 2013 – 683 683
Accumulated amortisation and impairment
At 1 January 2013 115 212 327
Charge for the year 109 44 153
Disposals (224) (76) (300)
Foreign currency translation effects – (4) (4)
At 31 December 2013 – 176 176
Net book amount at 31 December 2013 – 507 507 15. Intangible assets – other continued
Client instructions Software Total
Group £’000 £’000 £’000
Cost
At 1 January 2012 – 338 338
Acquisition of subsidiary (note 34) 256 – 256
Additions – 146 146
Disposals – (10) (10)
Foreign currency translation effects –––
At 31 December 2012 256 474 730
Accumulated amortisation and impairment
At 1 January 2012 – 193 193
Charge for the year 86 30 116
Revaluation 29 – 29
Disposals – (10) (10)
Foreign currency translation effects – (1) (1)
At 31 December 2012 115 212 327
Net book amount at 31 December 2012 141 262 403
16. Property, plant and equipment
Fixtures, fittings, 
Short leasehold computer equipment 
property and motor vehicles Total
Group £’000 £’000 £’000
Cost
At 1 January 2013 303 3,710 4,013
Acquisition of subsidiary – 15 15
Additions – 297 297
Disposals – (577) (577)
Foreign currency translation effects – (25) (25)
At 31 December 2013 303 3,420 3,723
Accumulated depreciation
At 1 January 2013 303 2,478 2,781
Charge for the year – 411 411
Disposals – (559) (559)
Foreign currency translation effects –22
At 31 December 2013 303 2,332 2,635
Net book amount at 31 December 2013 – 1,088 1,088
Notes to the consolidated financial statements continued
60 Christie Group Annual Report 2013 Christie Group Annual Report 2013 61
16. Property, plant and equipment continued
Fixtures, fittings, 
Short leasehold computer equipment 
property and motor vehicles Total
Group £’000 £’000 £’000
Cost
At 1 January 2012 303 2,798 3,101
Additions – 1,072 1,072
Disposals – (146) (146)
Foreign currency translation effects – (14) (14)
At 31 December 2012 303 3,710 4,013
Accumulated depreciation
At 1 January 2012 303 2,192 2,495
Charge for the year – 432 432
Disposals – (135) (135)
Foreign currency translation effects – (11) (11)
At 31 December 2012 303 2,478 2,781
Net book amount at 31 December 2012 – 1,232 1,232
17. Deferred tax
Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax
assets where it is probable that these assets will be recovered. 
The movements in deferred tax assets (prior to the offsetting of balances within the same jurisdiction as permitted by IAS 12)
during the year are shown below. Deferred tax assets and liabilities are only offset where there is a legally enforceable right of
offset and there is an intention to settle the balances net.
Group Company
2012 2012
2013 (*Restated) 2013 (*Restated)
£’000 £’000 £’000 £’000
Deferred tax assets comprises:
Decelerated capital allowances 507 744 – –
Losses not yet utilised 651 726 230 251
Short-term timing differences 463 631 – 13
Deferred tax asset 1,621 2,101 230 264
Deferred tax asset on pension 1,007 2,300 71 179
At 31 December 2,628 4,401 301 443
Movements in the deferred tax asset:
Group Company
2012 2012
2013 (*Restated) 2013 (*Restated)
£’000 £’000 £’000 £’000
At 1 January 4,401 3,518 443 700
(Charged)/credited to statement of
comprehensive income (1,773) 883 (142) (257)
At 31 December 2,628 4,401 301 443 Notes to the consolidated financial statements continued
62 Christie Group Annual Report 2013
17. Deferred tax
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 £651,000 (2012: £726,000) relating to losses not yet utilised is
derived from unutilised tax losses of £3,100,000 (2012: £3,156,000). 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 £114,000 (2012: £117,000) in respect of losses amounting to £489,000
(2012: £489,000) that can be carried forward against future taxable income as the realisation of the benefit cannot be assessed
as probable as at 31 December 2013.
UK deferred tax assets have been recognised at the UK corporation tax rate of 21% effective from 1 April 2014.
The UK government has announced future changes to the Corporation tax rate. These changes will result in a decrease in the
standard rate of corporation tax to 21% in April 2014 and a further 1% reduction in April 2015 to a standard rate of 20%. As at
31 December 2013 the substantively enacted rate for the tax year ending April 2015 is 21% and in accordance with applicable
accounting standards the deferred tax asset has been calculated using this rate. The effect of the substantially enacted rate
change on the deferred tax asset of the Group would be a reduction of up to £125,000 (Company: £13,000).
18. Investments in subsidiaries
Total
Company £’000
Cost
At 1 January 2013 and 31 December 2013 6,149
Provision for impairment
At 1 January 2013 and 31 December 2013 3,586
Net book amount at 31 December 2013 2,563
Total
Company £’000
Cost
At 1 January 2012 and 31 December 2012 6,149
Provision for impairment
At 1 January 2012 and 31 December 2012 3,586
Net book amount at 31 December 2012 2,563 18. Investments in subsidiaries continued
Subsidiary undertakings
At 31 December 2013 the principal subsidiaries were as follows:
Company Country of incorporation Ownership Nature of business
Christie, Owen & Davies Ltd
(trading as Christie + Co)* UK 100% Business valuers, surveyors and agents
Orridge Business Sales Ltd UK 100% Business valuers and agents
Christie + Co SAS* France 100% Business valuers, surveyors and agents
Christie + Co GmbH* Germany 100% Business valuers, surveyors and agents
Christie, Owen & Davies SL* Spain 100% Business valuers, surveyors and agents
Christie + Co Oy* Finland 100% Business valuers, surveyors and agents
Christie + Co Austria* Austria 100% Business valuers, surveyors and agents
Christie Business Property
Advisers (Ireland) Ltd* Republic of Ireland 100% Business valuers, surveyors and agents
Pinders Professional &
Consultancy Services Ltd UK 100% Business appraisers
RCC Business Mortgage Brokers Ltd
(trading as Christie Finance) UK 100% Business mortgage brokers
RCC Insurance Brokers Ltd*
(trading as Christie Insurance) UK 100% Insurance brokers
Orridge & Co Ltd UK 100% Stocktaking and inventory management services
Orridge Inventory Services GmbH* Germany 75% Stocktaking and inventory management services
Inventory Services Austria GmbH* Austria 75% Stocktaking and inventory management services
Inventory Services Suisse GmbH* Switzerland 75% Stocktaking and inventory management services
Inventory Services Slovakia s.r .o* Slovakia 75% Stocktaking and inventory management services
Inventory Services Czech Republic s.r .o* Czech Republic 75% Stocktaking and inventory management services
Inventory Services Iberia SL* Spain 75% Stocktaking and inventory management services
Ridgecop Limited* UK 100% Stocktaking and inventory management services 
Venners Ltd UK 100% Licensed stock and inventory auditors and valuers
Venners Systems & Services Ltd
(trading as Vennersys) UK 100% EPoS, head office systems and merchandise control
Vennersys Corp* (trading as Vennersys) Canada 100% EPoS, head office systems and merchandise control
* The Company directly or indirectly owns ordinary share capital of each of the above companies. Those designated with an asterisk represent indirect ownership.
Christie Group Annual Report 2013 63 18. Investments in subsidiaries continued
18a. Available-for-sale financial assets
Group Company
2013 2012 2013 2012
Non-current assets £’000 £’000 £’000 £’000
Cost
At 1 January 300 300 300 300
Additions 185 – 185 –
At 31 December 485 300 485 300
The available-for-sale financial assets are all denominated in sterling.
The available-for-sale financial asset represents an unquoted investment held at cost. The fair value of the asset cannot be
measured reliably as it is an unquoted equity investment. The asset is classified as a non-current available-for-sale asset by
virtue of its non-classification in any other asset category. There are no current plans to dispose of the asset and as such the
directors believe it appropriate to carry the asset at the lower of cost and fair value.
19. Other receivables
Group Company
2013 2012 2013 2012
Non-current assets £’000 £’000 £’000 £’000
Amounts due from group undertakings – – 9,167 8,199
Less: Provision for impairment of amounts due 
from group undertakings – – (569) (555)
Other debtors 500 316 500 316
Other receivables 500 316 9,098 7,960
The Company’s non-current other receivables are denominated in sterling.
Amounts due from group undertakings represent loans due from subsidiaries which are repayable after more than one year .
Other debtors represent loans in respect of the Group’s share schemes repayable after more than one year, none of which are impaired.
20. Inventories
Group
2013 2012
£’000 £’000
Finished goods and goods for resale – 1
Notes to the consolidated financial statements continued
64 Christie Group Annual Report 2013 Christie Group Annual Report 2013 65
21. Cash and cash equivalents
Group Company
2013 2012 2013 2012
£’000 £’000 £’000 £’000
Cash at bank and in hand 1,747 1,314 5 2
Cash, cash equivalents and bank overdrafts include the following for the purposes of the cashflow statement:
Group Company
2013 2012 2013 2012
£’000 £’000 £’000 £’000
Cash and cash equivalents 1,747 1,314 5 2
Bank overdrafts (note 27) (3,877) (2,852) (3,619) (2,815)
(2,130) (1,538) (3,614) (2,813)
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 2013 the ultimate parent undertaking had utilised bank overdrafts to the value of
£3,619,000 (2012: £2,815,000). 
22. Trade and other receivables
Group Company
2013 2012 2013 2012
£’000 £’000 £’000 £’000
Trade receivables 7,257 7,168 – 2
Less: Provision for impairment of receivables (775) (788) – –
Amounts owed by group undertakings – – 2,305 2,207
Other debtors 2,003 1,385 594 261
Prepayments and accrued income 2,334 2,905 107 229
10,819 10,670 3,006 2,699
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
2013 2012
£’000 £’000
Provision at 1 January 788 929
Amounts provided in previous period not utilised (418) (535)
Provided in the period 471 516
Impairment of receivables recognised in the Consolidated Income Statement* 53 (19)
Amounts written off in the year (66) (122)
Foreign currency translation effects – –
Provision at 31 December 775 788
* Included within this amount is £nil (2012: £5,000) relating to discontinued operations.
Amounts are written off when there is no expectation of recovering additional cash. 22. Trade and other receivables continued
The following summary details trade receivables that are not overdue (where payment terms have not been exceeded) as well
as an analysis of overdue amounts and related provisions.
Group
2013 2012
£’000 £’000
Not overdue 3,536 3,428
Amounts past due:
< 1 month 1,808 1,838
1 – 3 months 1,011 861
3 – 6 months 340 482
6 – 12 months 232 177
> 1 year 330 382
Provision for impairment of trade receivables (775) (788)
Amounts past due but not impaired 2,946 2,952
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
2013 2012 2013 2012
£’000 £’000 £’000 £’000
Sterling 9,539 9,528 3,006 2,699
Euros 1,148 1,066 – –
Canadian Dollars 107 49 – –
United Arab Emirates Dirhams – 27 – –
Swiss Francs 16 – – –
Czech Korunas 9 – – –
10,819 10,670 3,006 2,699
23. Share capital
2013 2012
Ordinary shares of 2p each Number £’000 Number £’000
Allotted and fully paid:
At 1 January 25,263,551 505 25,263,551 505
Issue of shares 1,263,178 26 ––
At 31 December 26,526,729 531 25,263,551 505
The Company has one class of ordinary shares which carry no right to fixed income.
The Company placed 1,263,178 new 2p Ordinary shares during the period. The shares were placed at 62p per share,
raising a total of £784,000.
Investment in own shares
The Group has established an Employee Share Ownership Plan (ESOP) trust in order to meet its future contingent obligations
under the Group’s share option schemes. The ESOP purchases shares in the market for distribution at a later date in accordance
with the terms of the Group’s share option schemes. The rights to dividends on the shares held have been waived. 
Notes to the consolidated financial statements continued
66 Christie Group Annual Report 2013 Christie Group Annual Report 2013 67
23. Share capital continued
At 31 December 2013 the total payments by the Company to the ESOP to finance the purchase of ordinary shares was £2,067,000
(2012: £2,028,000). This figure is inclusive of shares purchased and subsequently issued to satisfy employee share awards.
The market value at 31 December 2013 of the ordinary shares held in the ESOP was £121,000 (2012: £92,000). The investment
in own shares represents 151,000 shares (2012: 153,000) with a nominal value of 2p each.
23a. Share based payments 
Certain employees hold options to subscribe for shares in the Company at prices ranging from 39.5p to 251.5p under share
option schemes for the period from April 2005 – October 2013.
The remaining options outstanding under approved schemes (unapproved options marked*) at 31 December are shown below:
Number of shares
2013 2012 Option exercise price Date granted Option exercise period
– 35,000 47.5p Apr 2003 Apr 2006 – Apr 2013
– 12,000 46.5p Jun 2003 Jun 2006 – Jun 2013
3,000 3,000 100.0p Apr 2005 Apr 2008 – Apr 2015
3,000 6,000 130.5p 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
636,634 685,634 45.0p May 2009 May 2012 – May 2019
16,000 16,000 45.0p Jun 2009 Jun 2012 – Jun 2019
140,000 140,000 57.5p Sep 2009 Sep 2012 – Sep 2019
72,000 85,000 46.5p May 2010 May 2013 – May 2020
78,000 81,000 58.5p Sep 2011 Sep 2014 – Sep 2021
58,000 61,000 67.0p May 2012 May 2015 – May 2022
79,222 79,222 67.5p Sep 2012 Sep 2015 – Sep 2022
82,778 82,778 67.5p *Sep 2012 Sep 2015 – Sep 2022
190,833 – 75.0p Oct 2013 Oct 2016 – Oct 2023
52,167 – 75.0p *Oct 2013 Oct 2016 – Oct 2023
1,434,634 1,309,634
Under the Share Option Scheme the Remuneration Committee can grant options over shares to employees of the Group. Options
are granted with a fixed exercise price equal to the market price of the shares under option at the date of grant. The contractual
life of an option is 10 years. Awards under the Share Option Scheme are generally reserved for employees at senior management
level and 138 employees are currently participating. The Company has made grants at least annually. Options granted under the
Share Option Scheme will become exercisable on the third anniversary of the date of grant. Exercise of an option is subject to
continued employment and achievement of a performance target, linked directly to Christie Group plc earnings per share (eps).
The Group also operates a Save As You Earn (SAYE) scheme which was introduced in 2002. Under the SAYE scheme eligible
employees can save up to £250 per month over a three or five year period and use the savings to exercise options granted between
59.5p to 68.5p. There were 511,000 (2012: 561,000) remaining options outstanding under the SAYE scheme at 31 December 2013.
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 are as follows:
2013 2012
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% – 78.3% 33.7% – 78.3%
Expected life (years) 3 – 5 years 3 – 5 years
Risk free rate 0.7% – 5.1% 0.8% – 5.1%
Dividend yield 0.0% – 3.7% 0.0% – 3.7%
Fair value per option 14.77p – 84.8p 14.77p – 84.80p 23. Share capital continued
The expected volatility is based on historical volatility over the last 5 years. The expected life is the average expected period to exercise.
The risk free rate of return is the yield on zero-coupon UK government bonds of a term consistent with the assumed option life. 
A reconciliation of share option movements (excluding SAYE schemes) over the year to 31 December is shown below:
2013 2012
Weighted average Weighted average 
Number exercise price Number exercise price
Outstanding at 1 January 1,309,634 52.06p 1,131,634 49.04p
Granted 243,000 75.00p 223,000 67.36p
Forfeited or lapsed (71,000) 49.15p (45,000) 51.90p
Expired (47,000) 47.24p ––
Outstanding at 31 December 1,434,634 56.25p 1,309,634 52.06p
Exercisable at 31 December 893,634 48.12p 920,634 48.21p
No share options were exercised during the year or prior year . The total charge for the year relating to employee share based
payment plans was £55,000 (2012: £68,000), all of which related to equity-settled share based payment transactions. The weighted
average remaining contractual life of share options outstanding at 31 December 2013 was 6.8 years (2012: 6.9 years). 
24. Reserves
Capital Fair value 
Share Share based redemption and other Retained 
premium payments Own shares reserve reserves earnings
Group £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2013* 4,073 747 (142) 10 4,688 (10,113)
Movement in respect of employee share scheme – 61 19 – 80 (23)
Comprehensive income for the period ––– –– 3,868
Proceeds from shares issued 758 ––– 758 –
Transfer of non-controlling interest on liquidation ––– –– (75)
Dividends paid ––– –– (257)
At 31 December 2013 4,831 808 (123) 10 5,526 (6,600)
Capital Fair value Retained 
Share Share based redemption and other earnings
premium payments Own shares reserve reserves (*Restated)
Group £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2012* 4,073 679 (1,077) 10 3,685 (3,930)
Movement in respect of employee share scheme – 68 935 – 1,003 (1,021)
Comprehensive loss for the period * ––– –– (4,911)
Dividends paid ––– –– (251)
At 31 December 2012 4,073 747 (142) 10 4,688 (10,113)
Notes to the consolidated financial statements continued
68 Christie Group Annual Report 2013 Christie Group Annual Report 2013 69
24. Reserves continued
Capital Fair value 
Share Share based redemption Other and other Retained 
premium payments Own shares reserve reserves reserves earnings
Company £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2013 4,073 5 (142) 10 89 4,035 1,295
Movement in respect of employee
share scheme – (7) 19 –– 12 (23)
Comprehensive losses for the period ––– ––– (186)
Proceeds from shares issued 758 ––– – 758 –
Dividends paid ––– ––– (257)
At 31 December 2013 4,831 (2) (123) 10 89 4,805 829
Capital Fair value Retained 
Share Share based redemption Other and other earnings
premium payments Own shares reserve reserves reserves (*Restated)
Company £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2012* 4,073 5 (1,077) 10 89 3,100 3,210
Movement in respect of employee
share scheme –– 935 –– 935 (1,021)
Comprehensive losses for the period* ––– ––– (643)
Dividends paid ––– ––– (251)
At 31 December 2012 4,073 5 (142) 10 89 4,035 1,295
Share premium – The balance on the share premium reserve represents the amounts received in excess of the nominal value of
the ordinary shares.
Share based payments – The balance on the share based payments reserve represents the value of services provided in relation
to employee share ownership schemes.
Own shares – Own shares represents Company shares held in the Employee Share Ownership Plan (ESOP) to meet the future
requirements of employee share-based payment arrangements.
Capital redemption reserve – The balance on the capital redemption reserve represents the aggregate nominal value of all the
ordinary shares repurchased and cancelled. 
25. Group retirement benefit obligations
The amounts recognised in the statement of financial position are determined as follows:
2012
2013 (*Restated)
£’000 £’000
United Kingdom 4,796 10,000
United Kingdom
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. 25. Group retirement benefit obligations continued
The amounts recognised in the statement of financial position are determined as follows:
2012
2013 (*Restated)
£’000 £’000
Present value of funded obligations 44,304 37,797
Fair value of plan assets (44,304) (37,797)
– –
Present value of unfunded obligations 4,796 10,000
Liability in the statement of financial position 4,796 10,000
The principal actuarial assumptions used were as follows:
2013 2012
% %
Discount rate 5.00 4.75
Inflation rate 3.20 – 3.30 2.80
Future salary increases 3.20 – 3.30 2.80
Future pension increases 2.50 – 3.50 2.50 – 3.50
Assumptions regarding future mortality experience are set based on advice from published statistics and experience.
The average life expectancy in years of a pensioner retiring at age 65 is as follows:
2013 2012
Years Years
Male 21.1 – 22.3 21.1 – 22.5
Female 22.7 – 24.6 22.6 – 24.8
The movement in the defined benefit obligation is as follows:
2013 2012
£’000 £’000
At 1 January 47,797 37,569
Interest cost 2,263 2,188
Current service cost 567 528
Benefits paid (820) (605)
Actuarial (gains)/losses on experience (245) 750
Actuarial (gains)/losses on assumption changes (462) 7,367
At 31 December 49,100 47,797
Attributable to:
Present value of funded obligations 44,304 37,797
Present value of unfunded obligations 4,796 10,000
49,100 47,797
Notes to the consolidated financial statements continued
70 Christie Group Annual Report 2013 Christie Group Annual Report 2013 71
25. Group retirement benefit obligations continued
The movement in the fair value of plan assets is as follows:
2012
2013 (*Restated)
£’000 £’000
At 1 January 37,797 33,277
Return on plan assets less interest income 4,186 1,921
Net interest income 1,795 1,951
Employee Contributions 181 182
Employer Contributions 1,219 1,149
Benefits paid (820) (605)
Actuarial gains/(losses) (54) (78)
At 31 December 44,304 37,797
The amounts recognised in the income statement and statement of comprehensive income are as follows:
2012
2013 (*Restated)
£’000 £’000
Current service cost 567 528
Net actuarial losses/(gains) recognised in the year – 4
Total included in employee benefit expenses 567 532
Net interest cost 468 237
Total included in finance costs 468 237
Actuarial (gains)/losses (4,839) 6,471
Total included in other comprehensive income/(losses) (4,839) 6,471
Plan assets are comprised as follows:
2013 2012
Quoted* Unquoted Total Quoted* Unquoted Total
£’000 £’000 £’000 £’000 £’000 £’000
Equity – 32,391 32,391 – 26,490 26,490
Debt – 4,756 4,756 – 4,837 4,837
Property** – 2,057 2,057 – 1,743 1,743
Other – 5,100 5,100 – 4,727 4,727
– 44,304 44,304 – 37,797 37,797
* Plan assets are held in unit trusts.
** Property assets include Whitefriars House, a leasehold property owned by Carmelite Property Ltd (see note 35).
Through its defined benefit pension plans, the group is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility – The plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan
assets underperform this yield, this will increase the current scheme deficits but, by contrast, if plan assets outperform this
yield the scheme deficits will be reduced. The group’s pension schemes currently hold a significant proportion of equities, which
are expected to outperform corporate bonds in the long-term while providing volatility and risk in the short-term. As the plans
mature, it is probable that the schemes’ trustees will seek to reduce the level of investment risk by investing more in assets that
better match the liabilities. Currently, the group believes that due to the long-term nature of the plan liabilities and the strength
of the supporting group, a level of continuing equity investment is an appropriate element of the group’s long term strategy to
manage the plans efficiently. 
Changes in bond yields – A decrease in corporate bond yields will increase the present value of plan liabilities, although this will
be partially offset by an increase in the value of the plans’ bond holdings. 25. Group retirement benefit obligations continued
Inflation risk – Some of the group’s pension obligations are linked to inflation, and higher inflation will lead to higher liabilities.
However, for most such liabilities there are inflation cap mechanisms in place which significantly reduce this risk. The majority of
the plan’s assets are not directly affected by inflation although may be correlated to the impacts that inflation may have on macro
economic factors, such as increases in interest rates which might be used if monetary policy were employed to reduce inflation.
Life expectancy – The majority of the plans’ obligations are to provide benefits for the life of the member, so increases in life
expectancy will result in an increase in the plans’ liabilities. This is particularly significant in the UK plan, where inflationary
increases result in higher sensitivity to changes in life expectancy.
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
Impact on defined benefit obligation
Change in Increase in Decrease in 
assumption assumption assumption
Discount rate 0.50% (7.9%) 8.4%
Salary growth rate 0.50% 0.7% (0.7%)
Pension growth rate 0.25% 1.0% (1.0%)
Increase by 1 year Decrease by 1 year 
in assumption in assumption
Life expectancy 2.4% (2.4%)
The above sensitivity analyses are based on a change in assumption while holding all other assumptions constant. In practice,
this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the
defined benefit pension obligation to significant actuarial assumptions the same method (present value of the defined benefit
obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when
calculating the pension liability recognised within the statement of financial position.
Expected contributions to UK post retirement benefit schemes for the year ending 31 December 2014 are £1,286,000. 
The weighted average duration of the defined benefit obligation is 19.1 years.
Expected maturity analysis of undiscounted pension benefits:
Less than a year Between 1-2 years Between 2-5 years Over 5 years Total
As at 31 December 2013 £’000 £’000 £’000 £’000 £’000
Pension benefits 2,030 1,718 4,358 122,841 130,947
Company 
The income statement credit of £16,000 (2012: £124,000) and statement of financial position liability of £336,000 (2012: £779,000)
recognised by the Company in relation to the Christie Group defined benefit scheme has been allocated on the basis of actuary data.
For the year ended 31 December 2013 contributions paid by the Company amounted to £83,000 (2012: £80,000). 
Notes to the consolidated financial statements continued
72 Christie Group Annual Report 2013 26. Trade and other payables
Group Company
2013 2012 2013 2012
£’000 £’000 £’000 £’000
Trade payables 1,551 1,271 205 161
Amounts owed to group undertakings – – 4,288 3,787
Other taxes and social security 1,701 1,830 193 241
Other creditors 1,180 935 580 297
Accruals 3,526 3,407 262 229
Deferred income 407 604 – –
8,365 8,047 5,528 4,715
The carrying value of all amounts shown above corresponds to their fair value.
The carrying amounts of trade and other payables are denominated in the following currencies: 
Group Company
2013 2012 2013 2012
£’000 £’000 £’000 £’000
Sterling 6,617 6,721 5,528 4,715
Euros 1,583 846 – –
Canadian Dollars 129 102 – –
United Arab Emirates Dirhams – 378 – –
Swiss Francs 22 – – –
Czech Korunas 14 – – –
8,365 8,047 5,528 4,715
27. Borrowings
Group Company
2013 2012 2013 2012
Current £’000 £’000 £’000 £’000
Bank overdrafts 3,877 2,852 3,619 2,815
Invoice finance (secured against debtors) 606 588 – –
4,483 3,440 3,619 2,815
The Group is not subject to any contractual repricing. 
The carrying amounts of current borrowings approximate to their fair value.
Christie Group Annual Report 2013 73 Notes to the consolidated financial statements continued
74 Christie Group Annual Report 2013
28. Provisions 
Vacant leasehold Long-term benefits 
provisions due to employees Dilapidations Total
£’000 £’000 £’000 £’000
At 1 January 2013 116 2,313 447 2,876
Charged to the income statement
– Additional provision – 31 172 203
Utilised during the year (72) (463) (340) (875)
At 31 December 2013 44 1,881 279 2,204
Vacant leasehold Long-term benefits 
provisions due to employees Dilapidations Total
£’000 £’000 £’000 £’000
At 1 January 2012 138 1,952 424 2,514
Charged to the income statement
- Additional provision 36 361 77 474
Utilised during the year (58) – (54) (112)
At 31 December 2012 116 2,313 447 2,876
Analysis of total provisions:
2013 2012
£’000 £’000
Non-current 561 734
Current 1,643 2,142
2,204 2,876
a. Long-term benefits due to employees
Provisions for long-term benefits to employees comprise £269,000 for incentives in excess of one year’s duration. These are
determined in line with the projected unit credit method.
b. Dilapidations
Provision is held in respect of dilapidations arising on leasehold premises over the length of the lease in accordance with the
lease terms.
The non-current liabilities are estimated to be payable over periods from one to fifteen years.
c. Vacant leasehold provisions
Provisions are held for rental costs and related premises charges on leasehold commitments for excess or unutilised space,
net of expected income from anticipated sub-lease arrangements. All provisions are carried at present value after applying an
appropriate discount rate, and all non–current liabilities are estimated to be payable over periods from one to seven years. Christie Group Annual Report 2013 75
29. Notes to the cash flow statement
Cash generated from/(used in) operations
Group Company
2012 2012
2013 (*Restated) 2013 (*Restated)
£’000 £’000 £’000 £’000
Continuing operations
Profit/(loss) for the year after tax 190 685 (473) (319)
Adjustments for:
– Taxation 351 386 (64) 75
– Finance costs/(credit) 116 96 (100) (64)
– Depreciation 411 424 – –
– Amortisation of intangible assets 153 116 – –
– Profit on sale of property, plant and equipment (42) (11) – –
– Foreign currency translation 102 (30) – –
– (Decrease)/increase in provisions (672) 362 – –
– Movement in share option charge 61 68 – –
– Movement in retirement benefit obligation (365) (566) (62) (229)
–(Increase)/decrease in non-current other receivables (184) 588 – –
Changes in working capital (excluding the effects
of exchange differences on consolidation):
– Decrease in inventories 1 – – –
– (Increase)/decrease in trade and other receivables (9) 550 (1,455) (611)
– Increase /(decrease) in trade and other payables (121) (746) 813 366
Cash (used in)/generated from continuing operations (8) 1,922 (1,341) (782)
Discontinued operations
Loss for the year after tax (29) (808) – –
Adjustments for:
– Finance costs – 19 – –
– Depreciation – 8 – –
– Loss on sale of property, plant and equipment 24 – – –
– Foreign currency translation 1 1 – –
Changes in working capital (excluding the effects
of exchange differences on consolidation):
– Decrease in trade and other receivables 28 5 – –
– (Decrease)/increase in trade and other payables (371) 275 – –
Cash used in discontinued operations (347) (500) – –
Cash (used in)/generated from operations (355) 1,422 (1,342) (782) 30. Reconciliation of movement in net debt
As at As at 
1 January 2013 Cash flow 31 December 2013
£’000 £’000 £’000
Cash and cash equivalents 1,314 433 1,747
Bank overdrafts (2,852) (1,025) (3,877)
(1,538) (592) (2,130)
Invoice finance (588) (18) (606)
Net debt (2,126) (610) (2,736)
31. Financial assets & liabilities
The carrying value of financial assets and liabilities, which are principally denominated in Sterling, Euros, Canadian dollars,
United Arab Emirate Dirhams, Swiss Francs or Czeck Korunas were as follows:
Group Company
2013 2012 2013 2012
£’000 £’000 £’000 £’000
Available-for-sale financial assets 485 300 485 300
Trade and other receivables 11,319 10,986 12,104 10,659
Cash and cash equivalents 1,747 1,314 5 2
13,551 12,600 12,594 10,961
Group Company
2012 2012
2013 (*Restated) 2013 (*Restated)
£’000 £’000 £’000 £’000
Retirement benefit obligations 4,796 10,000 336 779
Provisions 2,204 2,876 – –
Trade and other payables 8,365 8,047 5,528 4,715
Borrowings 4,483 3,440 3,619 2,815
19,848 24,363 9,483 8,309
Notes to the consolidated financial statements continued
76 Christie Group Annual Report 2013 Christie Group Annual Report 2013 77
32. Commitments
a. Operating lease commitments
At 31 December 2013 the Group has lease agreements in respect of properties, vehicles, plant and equipment, for which the
payments extend over a number of years.
2013 2012
Vehicles and Vehicles and 
Property equipment Property equipment
£’000 £’000 £’000 £’000
Commitments under non-cancellable
operating leases due:
Within one year 1,097 780 1,201 628
Within two to five years 3,369 854 3,363 977
After five years 7,617 583 6,301 –
12,083 2,217 10,865 1,605
Operating lease payments represent:
• rentals payable by the Group for certain of its office properties. The leases have varying terms, break clauses and renewal rights.
• rentals for vehicles and equipment under non-cancellable operating lease agreements.
The Group also sub-lets an element of office space in respect of certain property lease agreements. The future minimum
sublease payments expected to be received under non-cancellable subleases at the statement of financial position date was
£18,000 (2012: £40,000).
33. Contingent liabilities
In the ordinary course of business, claims arise in Group companies. In the opinion of the Directors, appropriate amounts have
been set aside in the individual companies within the Group in respect of liabilities which they may suffer as a result of the
resolution of these claims. As at 31 December 2013 no material unprovided contingent liabilities existed (2012: £nil).
34. Business combinations
a. Acquisitions in 2013
• On 1 September 2013, Reedwall Limited, a wholly owned subsidiary of Christie Group plc, completed the acquisition of 75%
of the issued share capital of Horizon Holdings GmbH, a company incorporated in Germany and whose principal activities
are that of a holding company of the Inventory Service Group with five subsidiaries across Europe. The subsidiaries being: 
– Inventory Service Austria GmbH based in Vienna, Austria.
– Inventory Service Suisse GmbH based in St Gallen, Switzerland.
– Inventory Service Czech Republic sro based in Prague, Czech Republic.
– Inventory Service Slovakia sro based in Bratislava, Slovakia,
– Inventory Service Iberia SL based in Madrid, Spain.
The purchase of Horizon Holdings GmbH also includes the purchase of the Assets, Liabilities and ongoing business of the
German Partnership, Inventory Service GmbH & Co, KG. Since the acquisition, the partnership has been dissolved and Horizon
Holdings GmbH has been renamed Orridge Inventory Services GmbH.  34. Business combinations continued
The following table sets out details of the consideration to be paid in accordance with the acquisition agreement and the fair
value of the assets and liabilities acquired.
£’000
Tangible fixed assets 35
Trade and other receivables 133
Cash and cash equivalents (140)
Trade and other payables (829)
Net assets/(liabilities) (801)
Intangible assets –
Goodwill 801
Total consideration –
To be satisfied by:
Cash consideration –
Cash consideration of €2 was paid.
Revenue of £873,000 and an operating loss of £205,000 were generated in the period since acquisition.
On a pro-rata basis this would have equated to full annual revenue of £2,619,000 and an operating loss of £615,000. Were the
acquisition to have taken place on 1 January 2013 the consolidated revenue would have been £55,900,000 and an operating
profit from continuing operations before exceptional items would be £1,157,000.
• On 14 May 2013, Christie & Co (Holdings) Limited, a wholly owned subsidiary of Christie Group plc, acquired a 100% shareholding
in the ordinary shares of Christie Business Property Advisers (Ireland) Limited, a newly incorporated company registered in the
Republic of Ireland. The newly incorporated company remained dormant until it began trading on 1 January 2014.
b. Disposal in 2013
• On 31 January 2013, Christie + Co FZ LLC, a 95% owned subsidiary of Christie Group plc, ceased trading following the Board’s
decision to voluntarily liquidate the operation. The operations of Christie + Co FZ LLC have been classified as discontinued
operations in the years ended 31 December 2013 and 2012. The loss on liquidation was £29,000.
c. Acquisitions in 2012
• On 3 July 2012, Christie & Co (Holdings) Limited, a wholly owned subsidiary of Christie Group plc, acquired a further 5%
shareholding in the ordinary shares of Christie & Co FZ-LLC, taking the shareholding to 95%, for a consideration of 17,000 AED.
• On 30 April 2012, Christie Owen and Davies Limited, a wholly owned subsidiary of Christie Group plc, completed the
acquisition of the entire issued share capital of Orridge Business Sales Limited, a company incorporated in England and
Wales and trading in the United Kingdom and whose principal activities are agents in the sale of pharmaceutical businesses.
As at 31 December 2013, £158,000 of the contingent consideration was satisfied in ordinary 2p shares of Christie Group plc,
these shares were purchased on the vendor’s behalf from the Employee Share Ownership Plan (ESOP) trust. As at
31 December 2013, £70,000 of the contingent consideration had been written off due to client instructions that did not
generate revenue under the Share Purchase Agreement. 
• On 24 January 2012, Christie & Co (Holdings) Limited, a wholly owned subsidiary of Christie Group plc, acquired a 100%
shareholding in the ordinary shares of Christie & Co Austria GMBH, a newly incorporated company registered in Austria for
a consideration of €35,000.
Notes to the consolidated financial statements continued
78 Christie Group Annual Report 2013 Christie Group Annual Report 2013 79
35. Related-party transactions
Group
There is no controlling interest in the Group’s shares.
The Group Executive Directors are considered to be the persons who have the authority and responsibility for planning, directing
and controlling the Group. Details of the remuneration of the Group Executive Directors is included in the Directors’
remuneration report on page 24, along with details on 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:
2013 2012
£’000 £’000
Directors’ remuneration per Directors’ report 1,490 1,449
Employers’ NI 186 183
Total remuneration 1,676 1,632
2013 2012
£’000 £’000
Dividends paid to Directors 144 144
The Income Statement charge in respect of share options held by directors is £3,000 (2012: £6,000).
Company
Transactions with Group undertakings:
2013 2012
£’000 £’000
Provision of services 4,068 4,232
Purchase of services 811 761
Sales and purchases to group undertakings were carried out on commercial terms and conditions.
Year end balances arising from sales and provision of services to group undertakings are disclosed in Notes 19, 22 and 26.
See Note 19 for provisions against amounts due from group undertakings.
During 2012 the company was repaid a non-interest bearing short-term loan of £660,000 from 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. 
During the period rentals of £310,000 (2012:£300,000) were paid to Carmelite Property Limited by Christie Group plc in
accordance with the terms of a long-term lease agreement. Consolidated income statement
2013 2012 2011 2010 2009
£’000 £’000 £’000 £’000 £’000
Revenue 54,154 56,087 53,290 48,905 47,067
Operating profit/(loss) before exceptional items 1,567 1,404 745 1,042 (3,654)
Exceptional items (442) – (405) ––
Finance (costs)/ credit (584) (333) (103) (103) (47)
Profit/(loss) on ordinary activities before tax 541 1,071 237 939 (3,701)
Taxation (351) (386) (386) 455 1,752
Profit/(loss) on ordinary activities after tax 190 685 (149) 1,394 (1,949)
Non-Controlling interest 19 40 35 ––
Profit/(loss) attributable to equity holders of the parent 209 725 (114) 1,394 (1,949)
Earnings per share
– basic 0.81p 2.89p (0.46p) 5.64p (8.30p)
Dividends per ordinary share (payable in respect of the year) 1.50p 1.00p 0.50p 1.00p 0.00p
The 2009, 2012 and 2013 results shown above are for continuing operations only.
Consolidated statement of financial position
2012 2011
2013 (*Restated) (*Restated) 2010 2009
£’000 £’000 £’000 £’000 £’000
Non-current assets 7,001 7,663 7,051 6,415 6,457
Current assets 12,756 12,162 12,357 11,794 12,061
Non-current liabilities (561) (734) (554) (2,093) (1,720)
Current liabilities (14,491) (13,629) (13,316) (10,438) (12,236)
4,705 5,462 5,538 5,678 4,562
Retirement benefit obligations (4,796) (10,000) (4,292) (3,222) (3,594)
Net assets (91) (4,538) 1,246 2,456 968
Five-year record
80 Christie Group Annual Report 2013 Shareholder information
Company information
Investor and shareholder-related information can 
be found on our website at: www.christiegroup.com
Online copy
An electronic version of this annual report is available
on our website in the Investors/Reports section at:
www.christiegroup.com/cgroup/en/investors/reports
Financial calendar 
Annual General Meeting
Whitefriars House Wednesday 18 June 2014
6 Carmelite Street at 10.30am
London EC4Y 0BS
Announcements
Half-year results for 2014 September 2014
Preliminary full-year results for 2014 April 2015
Final dividend 2013
Ex-dividend 4 June 2014
Record date 6 June 2014
Payment date 4 July 2014
Dates are correct at the time of printing, but are subject
to change.
Registrars 
All administrative enquiries relating to shareholdings and
requests to receive corporate documents by e-mail should,
in the first instance, be directed to:
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham 
Kent
BR3 4TU
0871 664 0300 (calls cost 10 pence per minute plus network
extras. Lines are open from 9am to 5:30pm Mon –Fri)
from the UK and +44 (0) 20 8639 3399 from overseas.
shareholderenquiries@capita.co.uk
Shareholders who receive duplicate sets of company mailings
because they have multiple accounts should write to Capita
Asset Services to have their accounts amalgamated.
Voting online and the shareholder portal –
www.capitashareportal.com
You will need your investor code, which can be found on your
share certificate(s) to register for the shareholder portal. 
Once you have registered, you can immediately:
•Cast your proxy vote online.
•Elect to receive shareholder communications electronically.
And, after you have activated your account, you can benefit
from a number of other online services:
•View your holding balance and indicative share price
and valuation.
•View transactions on your holding and dividend payments
you have received.
•Update your address or register a bank mandate instruction
to have dividends paid directly to your bank account.
•Access a wide range of shareholder information including
downloadable forms.
If you need any help with voting online, please contact the 
Capita Asset Services Shareholders Helpline, either:
•by phone on 0871 664 0391 from the UK (calls cost 10p per
minute plus network extras. Lines are open between
9am and 5:30pm, Monday – Friday) or from overseas on
+44 (0) 20 8639 3367; or
•by e-mail at 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/donorinformation
Christie Group Annual Report 2013 81 Shareholder information continued
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.fsa.gov.uk/fsaregister
•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.
82 Christie Group Annual Report 2013 Directory
Christie Group plc
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 20 7227 0707
E: executive@christiegroup.com
W: www.christiegroup.com
Christie + Co
Head Office &
London International
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 20 7227 0700
E: enquiries@christie.com
W: www.christie.com and
www.christiecorporate.com
Austria – Vienna
Stallburggasse 2/3a
1010 Vienna
T: +43 (0) 1 / 8 90 53 57-0
E: vienna@christie.com
Finland – Helsinki
Tammasaarenlaituri 3
00180 Helsinki
T: +358 (0) 9 4137 8500
E: helsinki@christie.com
France – Bordeaux
2 Cors du Juillet
33664 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 – Marseille
35 cours Pierre Puget
13286 Marseille cedex 06
T: +33 (0) 4 91 29 12 40
E: marseille@christie.com
France – Rennes
Immeuble “Artemis”
Parc Monier
167 route de Lorient
35000 Rennes
T: +33 (0) 2 99 59 83 30
E: rennes@christie.com
Germany – Berlin
Kurfürstendamm 182
10707 Berlin
T: +49 (0) 30 / 20 00 96-0
E: berlin@christie.com
Germany – Frankfurt
Bockenheimer Landstraße 93
60325 Frankfurt am Main
T: +49 (0) 69 / 90 74 57-0
E: frankfurt@christie.com
Germany – Munich
Pfisterstraße 6
80331 Munich
T: +49 (0) 89 / 2 00 00 07-0
E: munich@christie.com
Ireland – Dublin
51a/51b Dawson Street
Dublin 2
T: +353 (0) 1 618 2000
E: dublin@christie.com
Poland – Warsaw
Plocka 10/23
01-231 Warsaw
T: +48 (0) 22 305 53 46
E: warsaw@christie.com
Spain – Barcelona
Paseo de Gracia 11
Escalera B, 4° 3ª
08007 Barcelona
T: +34 93 34 361 61
E: barcelona@christie.com
OTHER UNITED 
KINGDOM OFFICES
Birmingham
Edgbaston House
3 Duchess Place
Hagley Road
Birmingham B16 8NH
T: +44 (0) 121 456 1222
E: birmingham@christie.com
Bristol
Embassy House
Queens Avenue
Clifton
Bristol BS8 1SB
T: +44 (0) 117 946 8500
E: bristol@christie.com
Cardiff
Brunel House
2 Fitzalan Road
Cardiff CF24 0EB
T: +44 (0) 2920 023 123
E: cardiff@christie.com
Edinburgh
5 Logie Mill
Beaverbank Office Park
Logie Green Road
Edinburgh EH7 4HG
T: +44 (0) 131 557 6666
E: edinburgh@christie.com
Exeter
Kings Wharf
The Quay
Exeter EX2 4AN
T: +44 (0) 1392 285600
E: exeter@christie.com
Glasgow
120 Bath Street
Glasgow G2 2EN
T: +44 (0) 141 352 7300
E: glasgow@christie.com
Ipswich
Wolsey House
16-18 Princes Street
Ipswich IP1 1QT
T: +44 (0) 1473 256588
E: ipswich@christie.com
Leeds
Aquis House
Greek Street
Leeds LS1 5RU
T: +44 (0) 113 389 2700
E: leeds@christie.com
Christie Group Annual Report 2013 83 Directory continued
London
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 20 8370 3100
E: london@christie.com
Maidstone
Vaughan Chambers
4 Tonbridge Road
Maidstone ME16 8RP
T: +44 (0) 1622 656000
E: maidstone@christie.com
Manchester
Acresfield
St Ann's Square
Manchester M2 7HA
T: +44 (0) 161 833 3311
E: manchester@christie.com
Newcastle
Shakespeare House
18 Shakespeare Street
Newcastle upon Tyne NE1 6AQ
T: +44 (0) 191 222 1740
E: newcastle@christie.com
Christie Finance
The addresses are the same as
Christie + Co in each case:
Head Office
T: 020 7227 0774
E: enquiries@christiefinance.com
W: www.christiefinance.com
Birmingham
T: +44 (0) 121 452 3717
E: birmingham@christiefinance.com
Bristol
T: +44 (0) 117 946 8502
E: bristol@christiefinance.com
Edinburgh
T: +44 (0) 131 524 3417
E: edinburgh@christiefinance.com
Exeter
T: +44 (0) 1392 285612
E: exeter@christiefinance.com
Glasgow
T: +44 (0) 141 352 7305
E: glasgow@christiefinance.com
Ipswich
T: +44 (0) 1473 234905
E: ipswich@christiefinance.com
Leeds
T: +44 (0) 113 389 2714
E: leeds@christiefinance.com
London
T: +44 (0) 20 8370 3100
E: london@christiefinance.com
Maidstone
T: +44 (0) 1622 656006
E: maidstone@christiefinance.com
Manchester
T: +44 (0) 161 833 6901
E: manchester@christiefinance.com
Newcastle
T: +44 (0) 191 222 1740
E: newcastle@christiefinance.com
Nottingham
T: +44 (0) 115 945 4712
E: nottingham@christiefinance.com
Winchester
T: +44 (0) 1962 833818
E: winchester@christiefinance.com
Christie Insurance
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 20 7448 8820
E: enquiries@christieinsurance.com
W: www.christieinsurance.com
Llantrisant
1st Floor, Unit 3
Magden Park
Green Meadow
Llantrisant CF72 8XL
T: +44 (0) 20 7448 8820
E: enquiries@christieinsurance.com
Orridge
Essex House
Astra Centre
Edinburgh Way
Harlow CM20 2BN
T: +44 (0) 1279 775600
E: contact@orridge.co.uk
W: www.orridge.co.uk
Aldridge
Centre House
Court Parade
Aldridge WS9 8LT
T: +44 (0) 1922 472000
E: contact@orridge.co.uk
Europe
100 Avenue du Port
1000 Brussels
T: +32 (0) 26 46 25 47
E: contact@orridge.eu
W: www.orridge.eu
Germany
Inventory Service GmbH&Co. KG
Godesberger Allee 189
53175 Bonn
T: +49 (0) 228 / 88 60 65-40
E: sales@orridge.de
W: www.orridge.de
Pinders
Pinder House
249 Upper Third Street
Milton Keynes MK9 1DS
T: +44 (0) 1908 350500
E: info@pinders.co.uk
W: www.pinders.co.uk and
www.pinderpack.com
Venners
Essex House
Astra Centre
Edinburgh Way
Harlow CM20 2BN
T: +44 (0) 1279 620820
E: enquiries@venners.co.uk
W: www.venners.co.uk
Vennersys
249 Upper Third Street
Milton Keynes MK9 1DS
T: +44 (0) 1908 350650
E: contact@vennersys.com
W: www.vennersys.co.uk
North America
200 – 1920 Yonge Street
Toronto, Ontario
Canada M4S 3E2
T: +1 416 572 7784
E: contact@vennersys.ca
W: www.vennersys.ca
Nottingham
Suite 402, Bridlesmith House
38 Bridlesmith Gate
Nottingham NG1 2GQ
T: +44 (0) 115 948 3100
E: nottingham@christie.com
Winchester
Star Lane House
Staple Gardens
Winchester SO23 8SR
T: +44 (0) 1962 844455
E: winchester@christie.com
84 Christie Group Annual Report 2013 U N I T E D K I N G D O M
G E R M A N Y
BARCELONA
RENNES
LYON
PARIS
DUBLIN
TORONTO
BERLIN
WARSAW
MUNICH
VIENNA
FRANKFURT
BONN
BORDEAUX
HELSINKI
BRUSSELS
LONDON
MARSEILLE
C E N T R A L 
& E A S T E R N 
E U R O P E
B E N E L U X
I R E L A N D
T H E N O R D I C R E G I O N , 
R U S S I A & T H E 
B A L T I C S T A T E S
C A N A D A
I B E R I A
F R A N C E
WINCHESTER
LLANTRISANT
CARDIFF
EXETER
HARLOW
MILTON KEYNES
MAIDSTONE
BRISTOL
NOTTINGHAM
IPSWICH
BIRMINGHAM
ALDRIDGE
MANCHESTER
NEWCASTLE UPON TYNE
LEEDS
EDINBURGH
GLASGOW
Where we are
Offices
43 offices across the UK and Continental Europe, and in Canada.
Employees
Employing over 2,800 professional and specialist staff.
Professional Business Services
Christie + Co
Christie + Co is a leading specialist firm providing business intelligence 
in the hospitality, leisure, care and retail sectors. A market leader in its
sectors, it employs the largest teams of sector specialists in the UK
providing professional agency and advisory services.
www.christie.com     www.christiecorporate.com
Christie Finance
Christie Finance has over 30 years’ experience in financing businesses 
in the hospitality, leisure, care and retail sectors. Christie Finance prides 
itself on its speed of response to client opportunities and its strong
relationships with finance providers.
www.christiefinance.com
Christie Insurance
With over 30 years’ experience arranging business insurance in the 
hospitality, leisure, care and retail sectors, Christie Insurance is a leading
company in its markets. It delivers and exceeds clients’ expectations 
in terms of the cost of their insurance and the breath of its cover .
www.christieinsurance.com
Pinders
Pinders is the UK's leading specialist business appraisal, valuation 
and consultancy company, providing professional services to the
licensed, leisure, retail and care sectors, and also the commercial 
and corporate business sectors. Pinders staff use business analysis 
and surveying skills to look at the detail of businesses to arrive at 
accurate assessments of their trading potential and value.
www.pinders.co.uk    www.pinderpack.com
Stock & Inventory Systems & Services
Orridge
Orridge is Europe’s longest established stocktaking business and 
specialises in all fields of retail stocktaking including high street,
warehousing and factory operations. Orridge prides itself on the speed 
with which it supplies high-quality management information to its clients.
www.orridge.co.uk www.orridge.eu
Venners
The leading supplier of stocktaking, inventory, consultancy services and 
related stock management systems to the hospitality industry. Venners is 
the largest and longest established stock audit company in the sector in the 
UK and is growing in mainland Europe.
www.venners.co.uk
Vennersys
Vennersys operates in the UK and North America and delivers turnkey 
EPoS and ticketing systems to visitor attractions such as historic houses 
and estates, museums, zoos, safari parks, aquaria and cinemas. It has 
over 20 years’ experience delivering purpose-designed solutions for clients’
ticketing, admissions, EPoS and food and beverage sales requirements.
www.vennersys.co.uk www.vennersys.ca
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Our brands Annual Report 2013
THE DIGITAL RENAISSANCE
Creating business
service opportunities
These include surveying, valuation, agency, consultancy, finance,
insurance, stock control and business software solutions. 
Our focus on a limited number of sectors gives us an unrivalled
market awareness in each of these areas.
The results: a greater understanding of our clients’  operations
and a heightened ability to help them improve efficiency,
enhance trading profits and increase the value of their
businesses. In these ways, and through our innovative use of
technology, we have built a reputation for making a significant
contribution to our clients’ commercial success.
Professional Business Services
The expertise offered by Christie+ Co, Christie Finance and 
Christie Insurance covers all aspects of valuing, buying, selling,
developing, financing and insuring a wide variety of businesses. 
Its scope is complemented by the comprehensive appraisal and
project management services available from Pinders.
Stock & Inventory Systems & Services
Orridge and Venners are the leading specialists in stock control
and inventory management services. Orridge specialises in 
all fields of retail, Venners focuses on the hospitality sector 
and Vennersys provides software and systems to the leisure 
and hospitality sectors.
Christie Group provides a
portfolio of over 40 professional
business services for the
leisure, retail and care sectors.
...with the digital
revolution
1 Highlights of the year
2 Chairman’s statement
6 Chief Executive’s review
10 Digital transformation
12 Creating business service opportunities
14 Divisional review
26 Financial review
27 KPIs
28 Board of directors
28 Company information
29 Strategic report
30 Directors’ report
31 Corporate governance
34 Remuneration report
36 Statement of directors’ 
responsibilities
37 Independent auditor’s report
38 Consolidated statement of
comprehensive income
40 Consolidated statement of changes
in shareholders’ equity
41 Consolidated statement 
of financial position
42 Consolidated statement 
of cash flows
43 Company statement of changes 
in shareholders’ equity
44 Company statement of 
financial position
45 Company statement of cash flows
46 Notes to the consolidated 
financial statements
80 Five-year record
81 Shareholder information
83 Directory
Contents
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 2013