2001 Results

Christie Group PLC
11 April 2002





Christie Group plc



              Preliminary Results for the year to 31 December 2001



Highlights

•         Turnover up 9%
•         Trading Profit up 29%
•         Both Divisions improve Trading results
•         Start-up operations virtually double turnover to £4.3 million
•         First full year's profit contribution from Venners Retail stocktaking
•         Colombus retail software achieves IBM 'Storeproven' status
•         First cinema Internet ticketing system installed



Overview

I am pleased to report an increase in both turnover to £43.8 million (2000 :
£40.1 million) and trading profit to £2.3 million (2000 : £1.8 million).



We propose to maintain our dividend for the year at 2.5p per share.



These results were achieved despite the significant effects on our marketplace
of Foot and Mouth disease and 11 September.



Start-up losses for new business areas (launched in the last three years) fell
to a level of £1.2 million (2000 : £1.8 million) while turnover from these
activities virtually doubled to £4.3 million (2000 : £2.3 million).   We
consider the results justify our continuing support for these new ventures.
The three European offices of Christie & Co which are included in our start-up
activities have been engaged in both domestic and cross-border business.
Christie & Co is establishing itself as a pan-European force and we are applying
valuable working knowledge of these and other international markets on a daily
basis, each of which has its own characteristics.



Our hospitality computer business is witnessing an improvement in the cinema
industry to which its fortunes have been closely aligned, whilst in our retail
software business we have invested heavily in its Colombus software in order to
ensure full functionality and localisation for European countries, building on
its successful Latin roots.



Venners, our stock auditing business, enjoyed its first full year profit
contribution from its new retail stocktaking activity.



The Board has been strengthened by the appointments of Michael Likierman as a
non-executive director who has specific European and Retail experience, and Yves
Doukhan, Managing Director of VcsTimeless France, to represent our European
Retail Software business.   As reported in my interim statement, Stephen
Mansfield resigned in August last year.



This year we intend to introduce a Save As You Earn Share Scheme in response to
positive feedback from senior members of staff.   This scheme, together with
other initiatives, is designed to give our colleagues a financial interest in
the continued success of our business.



I would like to finish by thanking all our staff (some 700 in five countries)
who during the past year have helped move the Group forward.



Enquiries:


Christie Group       020 7227 0707          Philip Gwyn, Chairman
                                            David Rugg, Chief Executive
                                            Robert Zenker, Finance Director


Brunswick            020 7404 5959          Charlotte Elston or Michael Webster

Web site             www.christiegroup.com




PRELIMINARY STATEMENT OF AUDITED RESULTS



AUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2001
                                                                      Notes             2001            2000
                                                                                                     Restated*
                                                                                          £000          £000

Turnover                                                                  1             43,833        40,104

Staff costs                                                                           (20,771)      (19,457)

Other operating charges                                                               (20,744)      (18,845)
Trading profit                                                                           2,318         1,802

Exceptional item                                                          2              (262)           500

Goodwill amortisation                                                                    (566)         (460)

Operating profit                                                          1              1,490         1,842

Net interest                                                                             (244)         (146)


Profit on ordinary activities before tax                                                 1,246         1,696

Tax on profit on ordinary activities                                      3              (891)         (332)
Profit on ordinary activities after tax                                                    355         1,364

Dividends                                                                 4              (637)         (646)

Retained (deficit)/profit for the year                                                   (282)           718

Earnings per share                                                        5

- basic                                                                                  1.39p         5.41p
-   adjusted basic before goodwill and
         exceptional items (net of tax)                                                  4.34p         5.85p

-   adjusted basic before goodwill and
         exceptional items (net of tax) pre FRS19                                        4.34p         4.55p

Earnings per share - diluted                                                             1.39p         5.31p

All amounts derive from continuing activities.



* The results for 2000 have been restated in accordance with the introduction of
FRS19 (Accounting for Deferred Taxation).



AUDITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

FOR THE YEAR ENDED 31 DECEMBER 2001
                                                                                           2001          2000
                                                                                                     Restated
                                                                                            £000          £000

Profit on ordinary activities after taxation                                                355         1,364
Gain on foreign currency translation                                                         13             -
Total recognised gains and losses relating to the year                                      368         1,364
Prior year adjustment                                                                       326
Total recognised gains and losses since last year's report and financial
statements                                                                                  694




AUDITED CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2001

                                                                                           2001          2000
                                                                                                     Restated
                                                                                           £000          £000
Fixed assets
Tangible assets                                                                           2,568         2,992
Intangible assets                                                                         4,954         5,553
                                                                                          7,522         8,545
Current assets
Stock                                                                                       347           448
Debtors  - due within one year                                                           11,623         9,876
              - due after one year                                                          324           326
Cash at bank and in hand                                                                  2,226         2,687
                                                                                         14,520        13,337
Creditors - amounts falling due within one year                                         (9,670)       (9,713)
Net current assets                                                                        4,850         3,624
Total assets less current liabilities                                                    12,372        12,169
Creditors - amounts falling due after more than one year                                (3,736)       (3,274)
Net assets                                                                                8,636         8,895


Capital and reserves
Called up share capital                                                                     510           509
Share premium                                                                             3,705         3,696
Merger reserve                                                                            1,896         1,896
Profit and loss account                                                                   2,525         2,794
Shareholders' funds - equity interests                                                    8,636         8,895



AUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2001

                                                                                           2001          2000
                                                                                           £000          £000

Net cash inflow from operating activities                                                 2,692         3,491
Returns on investments and servicing of finance                                           (254)         (146)
Taxation paid                                                                           (1,164)       (1,010)
Capital expenditure                                                                       (827)       (1,039)
Acquisition                                                                               (229)       (4,923)
Equity dividends paid                                                                     (637)         (629)
Cash outflow before financing                                                             (419)       (4,256)
Financing                                                                                     9         3,419
Decrease in cash in the year                                                              (410)         (837)




Notes to the preliminary statement of audited results:



1.    Segmental Information


                                  2001            2001        2001         2000            2000         2000
                              Turnover       Operating  Net assets     Turnover       Operating   Net assets
                                         Profit/(loss)        £000                Profit/(loss)     Restated
                                  £000            £000                     £000            £000         £000

Professional Business           25,182           2,104       3,461       22,919          2,430*        4,495
Services
Information Systems and         18,651         (614)**       3,131       17,185           (588)        1,152
Services
Total                           43,833           1,490       6,592       40,104           1,842        5,647
Cash                                                         2,226                                     2,687
Dividends proposed                                           (382)                                     (378)
Other                                                          200                                       939
Net assets                                                   8,636                                     8,895



* Includes an exceptional gain of £500,000

** Includes an exceptional cost of £262,000



2.    Exceptional item


                                                                                            2001             2000
                                                                                            £000             £000

Reorganisation costs                                                                         262                -
Amounts accrued in prior years no longer required                                              -            (500)
Total exceptional item                                                                       262            (500)



3.    Tax on profit on ordinary activities


                                                                                            2001             2000
                                                                                                          Restated
                                                                                             £000             £000

UK and foreign tax                                                                           755              836
Adjustments in respect of prior years                                                        134            (178)
Total current tax                                                                            889              658
Deferred tax                                                                                   2            (326)
Total tax on profit on ordinary activities                                                   891              332



Comparatives have been restated to comply with FRS19.  The full benefit of the
deferred tax asset on the introduction of this standard has been credited in the
restated figures for 2000.





4.    Dividend



A final dividend of 1.5p (2000 - 1.5p) per Ordinary Share has been proposed,
which is in addition to the interim dividend of 1.0p (2000 - 1.0p).  The
ex-dividend date is 22 May, the record date 24 May and the date payable 21 June
2002.



5.    Earnings per Share

                                                                                           2001             2000
                                                                                                Restated
Earnings per share basic
Profit attributable to shareholders - £000                                                  355            1,364
Average number of ordinary shares of 2p each in issue during the year
                                                                                     25,471,510       25,209,226
Earnings per share -
adjusted basic before goodwill and exceptional items (net of tax)
Profit attributable to shareholders before goodwill and exceptional items (net
of tax) - £000                                                                            1,104            1,474
Average number of ordinary shares of 2p each in issue during the year
                                                                                     25,471,510       25,209,226
Earnings per share -
adjusted basic before goodwill and exceptional items (net of tax) pre FRS19
Profit attributable to shareholders before goodwill and exceptional items (net
of tax) pre FRS 19 - £000                                                                 1,106            1,148
Average number of ordinary shares of 2p each in issue during the year                 
                                                                                     25,471,510       25,209,226

Earnings per share basic- fully diluted
Profit attributable to shareholders - £000                                                  355            1,364
Average number of ordinary shares of 2p each in issue during the year after
allowing for the exercise of outstanding share options
                                                                                     25,471,510       25,693,929




6.   The financial information set out above does not comprise
the Company's statutory accounts.   The Company's auditors have given an
unqualified opinion on the accounts for the year ended 31 December 2001 which
will be delivered to the Registrar of Companies following the Annual General
Meeting.   The results for the period ended 31 December 2000 have been abridged
from the published group accounts for which an unqualified audit report was
issued and did not contain any statements under Section 237 (2) or (3) of the
Companies Act 1985 and which have been filed with the Registrar of Companies.



7.   The Report and Accounts are scheduled to be posted to shareholders in
early May. The Annual General Meeting of the Company is scheduled to take place
at 10.00 am on Thursday 13 June 2002 at:



50 Victoria Street
London, SW1H 0NW







Christie Group  plc





Professional Business Services

Business sales and valuations, quality assurance and improvements, financial
services.



Christie & Co

The leading firm of independent surveyors, valuers and agents specialising in
the leisure, care and retail sectors. International operations based in London,
Paris, Frankfurt and Barcelona. Offices throughout the UK with valuation and
agency teams focused on its key sectors.



Christie First

The market leader in finance and insurance for the leisure, care and retail
sectors. Services include finance for business purchase or re-financing arranged
in conjunction with major financial institutions, and tailored insurance
schemes.



Pinders

The UK's leading independent specialist business appraisal company, undertaking
valuations, consultancy and professional services for a broad range of clients
in the leisure, care and retail sectors.



Quest for Quality

Specialises in providing a full range of consultancy services for the long-term
care industry. Quest for Quality has contracts with clients in both the private
and 'not-for-profit' sectors.





Information Systems and Services

EPoS and head office systems, stock and inventory control.



Venners

Leading supplier of stocktaking and inventory services to the hospitality and
retail sectors. Proprietary software and up-to-date technology enables on-site
problem investigation and direct provision of data to clients' management
information systems.



VcsTimeless

Specialists in enterprise (ERP) management and EPoS systems in retail (including
fashion, sports and speciality sectors) and leisure and hospitality (including
cinemas, hotels and restaurants) with particular emphasis on touchscreen and
kiosk solutions on a national and international basis. Designers of web-based
management solutions.



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