Final Results

Christie Group PLC
1 April 2004


                              CHRISTIE GROUP PLC

          PRELIMINARY AUDITED RESULTS FOR THE YEAR TO 31 DECEMBER 2003


HIGHLIGHTS

•         Pre-tax profits up 27% to £2.49 million (2002: £1.95 million)

•         Turnover increased by 34% to £62.5 million (2002: £46.5 million)

•         EPS up 36% to 4.15p (2002: 3.06p)

•         Dividend for the year up by 20% to 3.0p

•         Orridge acquisition successfully integrated


Philip Gwyn, Chairman of Christie Group, said,

'2003 was a good year for Christie Group. Our commitment to the divisional
structure is validated by the results we have announced today.   Our established
businesses performed very well giving us the opportunity to invest significantly
in the future growth of the Group.'

'We have experienced growth across all three business divisions over the last
year and look forward to encouraging results in the year to come.'


Enquiries:

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

Brunswick              020 7404 5959               Alison Howard or Anita Scott
Web site               www.christiegroup.com

                                      ***


                              Chairman's Statement


Christie Group has continued to make good progress in the year under review and
achieved an increase in sales of 34% to a total of £62.5 million.

While we have continued to develop our core UK business agency and valuation
activity, much of our future now lies with new businesses we are developing, or
platforms we are establishing.   These include:-

•         The European expansion of the Christie & Co agency, consulting and
          advisory activity

•         The establishment of a major stocktaking division with the addition of
          Orridge to our existing Venners business

•         The development of software businesses which extend the nature of
          services we can provide in the licensed, leisure and retail sectors

In summary these new areas offer growth, pricing power, provide identifiable
synergies and reduce the Group's reliance on any one activity.

Of the £62.5 million of turnover, £53.3 million was derived from our established
businesses, which produced aggregate net trading profits (operating profit
before goodwill amortisation) of £5.7 million.   Our investment for growth in
new activities and locations was £2.5 million, leaving a trading profit after
these expansion costs of £3.2 million.

Our operating profit for the year before goodwill amortisation at £3.2 million
is 24% ahead of 2002 (£2.6 million).   As is outlined above, this figure is
struck after the substantial costs attributable to business development and
integration, such as the establishment of sales and support organisations in
each of the principal European territories for the French retail software
business, and the integration of the Orridge acquisition.   Reorganisation costs
following the acquisition of Orridge and the establishment of VcsTimeless
offices in Spain, the UK and Italy, account for more than £1.5 million of
losses.   We also had continuing losses in the hospitality software business and
Christie & Co European operations.

We are confident the businesses in which we are currently investing will lead to
future growth and, as they develop, attract good margins.   Despite the cash
requirement needed both to support the expansion of the Group and new business
areas, cash balances moved from £3.1 million to £4.3 million between the two
year ends.

The Board is recommending an increase in the final dividend of 0.5p per share,
taking the final dividend to 2p per share and the dividend for the whole year to
3p per share.

                                      ***



                          OPERATIONS REVIEW - SUMMARY

Group                                                                    2003              2002
                                                                         £000              £000
Established businesses                                                  5,716             4,076
Orridge                                                                  (813)             (108)
European offices                                                       (1,658)           (1,354)

Operating Profit before goodwill amortisation                           3,245             2,614


2003 was a very good year for Christie Group plc.   Our established businesses
produced exceptional results, and their collective performance gave us the
freedom to invest in our newer, more capital-intensive operations and strengthen
our businesses in continental Europe.

The successful integration of Orridge into our group has very nearly doubled the
size of our stocktaking business, and we now have a considerably larger share of
this particular market.

Christie Group's results in 2003 validate our continuing commitment to a group
structure which reflects the synergies found in our principal areas of activity.

2003 began, of course, with the uncertainties surrounding events in Iraq, the
outbreak of SARS in the Asia Pacific region and the impact they both had on
tourism and general business confidence worldwide.

The second half of the year saw a gradual return of confidence - even a degree
of cautious optimism in the business community outside London, which augurs well
for the year ahead. The underlying stability of the UK economy suggests that,
even if domestic interest rates do creep up in the months ahead, we can expect
to see steady, sustained growth in all our areas of operation.


Professional Business Services
                                                                         2003              2002
                                                                         £000              £000
Established businesses                                                  5,566             3,938
European offices                                                         (971)           (1,285)

Operating Profit before goodwill amortisation                           4,595             2,653


The three companies which make up our Professional Business Services division,
Christie & Co, Christie First and Pinders, all made very good progress during
2003.

Our UK operations generated £33.1 million of turnover and contributed a record
£5.6 million of trading profit.   The cost of overseas expansion was £1.0
million, leaving a net contribution of £4.6 million.


Software Solutions
                                                                         2003              2002
                                                                         £000              £000
Established businesses (Retail and Hospitality)                          (334)             (572)
New European offices                                                     (687)              (69)

Operating Profit before goodwill amortisation                          (1,021)             (641)


Our retail software business in France moved from a loss in 2002 to a profit in
2003.   The establishment of the business on a truly pan-European basis incurred
an investment of £0.7 million.   Our operations in Italy, Spain and the UK
secured a strong flow of business by the end of the year with, in each case, a
pipeline of further qualified prospects for 2004.

Our hospitality business maintained turnover of £2.8 million (£2.7 million in
2002) whilst continuing to develop its VENPoS product, which is now well suited
to the public house market.   After development costs of £0.5 million (£0.2
million in 2002), early sales achieved for 2004 are higher than the prior year.
  The cinema market is showing signs of relaxing its budgetary constraints of
the past two years improving our own sales prospects.



Stock & Inventory Services

                                                                         2003              2002
                                                                         £000              £000
Established businesses                                                    484               710
Orridge                                                                  (813)             (108)

Operating Profit before goodwill amortisation                            (329)              602


At the end of 2002 we almost doubled the size of our stocktaking business when
we acquired Orridge.   Turnover in this division increased to £15.8 million,
103% up on 2002. As reported in the Chairman's interim statement, considerable
costs were incurred in reshaping the Orridge business, resulting in a trading
loss of £0.8 million.   As projected, the business has moved into profit in the
first quarter of 2004.

                                      ***

PRELIMINARY STATEMENT OF AUDITED RESULTS

AUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2003
                                                                             Notes   2003                   2002
                                                                                              £000          £000

Turnover                                                                       1            62,457        46,473
Staff costs                                                                               (34,933)      (23,865)

                                                                                            27,524        22,608

Other operating charges before goodwill amortisation                                      (24,279)      (19,994)
Goodwill amortisation                                                                        (551)         (497)

Total other operating charges                                                             (24,830)      (20,491)

Operating profit                                                               1             2,694         2,117

Finance charges net                                                                          (206)         (164)

Profit on ordinary activities before taxation                                                2,488         1,953
Tax on profit on ordinary activities                                                       (1,469)       (1,182)

Profit on ordinary activities after taxation                                                 1,019           771
Dividends paid and proposed                                                    2             (722)         (625)

Retained profit for the year                                                                   297           146

Earnings per share   - basic                                                   3            4.15p          3.06p
                     - basic before goodwill amortisation                      3            6.39p          5.03p
                     - fully diluted                                           3            4.14p          3.08p


All amounts derive from continuing activities.



AUDITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 DECEMBER 2003
                                                                                              2003         2002
                                                                                              £000         £000

Profit on ordinary activities after taxation                                                 1,019          771
Loss on foreign currency translation                                                         (240)        (146)

Total recognised gains and losses relating to the year                                         779          625



AUDITED CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2003
                                                                                              2003         2002
                                                                                              £000         £000

Fixed assets
Tangible assets                                                                              2,631        2,749
Investments                                                                                    424          278
Intangible assets                                                                            3,953        4,400

                                                                                             7,008        7,427

Current assets
Stock                                                                                          312          336
Debtors    - due within one year                                                            12,635       10,148
           - due after one year                                                                445          283
Investment                                                                                     504            -
Cash at bank and in hand                                                                     4,346        3,051

                                                                                            18,242       13,818

Creditors - amounts falling due within one year                                           (17,518)     (10,098)

Net current assets                                                                             724        3,720

Total assets less current liabilities                                                        7,732       11,147
Creditors - amounts falling due after more than one year                                     (152)      (3,687)

Net assets                                                                                   7,580        7,460


Capital and reserves
Called up share capital                                                                        493          490
Share premium                                                                                3,780        3,718
Merger reserve                                                                                 945          945
Capital redemption reserve                                                                      10           10
Profit and loss account                                                                      2,346        2,289

Shareholders' funds - equity interests                                                       7,574        7,452
Minority interest                                                                                6            8

                                                                                             7,580        7,460



AUDITED CONSOLIDATED CASHFLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2003
                                                                                               2003         2002
                                                                                               £000         £000

Net cash inflow from operating activities                                                     4,151        4,309
Returns on investments and servicing of finance                                               (206)        (216)
Taxation paid                                                                               (1,067)        (686)
Capital expenditure and financial investment                                                (1,262)        (892)
Acquisition                                                                                       -        (569)
Equity dividends paid                                                                         (597)        (633)

Cash inflow before financing                                                                  1,019        1,313
Financing                                                                                     (170)        (521)

Increase in cash in the year                                                                    849          792



Notes to the preliminary statement of audited results:

1.         Segmental information

                                     2003             2003         2003          2002             2002      2002
                                 Turnover        Operating   Net assets      Turnover        Operating       Net
                                             Profit/(loss)         £000                  Profit/(loss)    assets
                                     £000             £000                       £000             £000      £000

Professional Business
Services                           34,122            4,595        3,259        28,246            2,653     1,997

Software Solutions                 12,523          (1,527)        (165)        10,437          (1,136)       840

Stock & Inventory
Services                           15,812            (374)        1,328         7,790              600       785

Total                              62,457            2,694        4,422        46,473            2,117     3,622

Cash                                                              4,346                                    3,051

Proposed dividend                                                 (492)                                    (368)

Other                                                             (696)                                    1,155

Net assets                                                        7,580                                    7,460


2.         Dividend

A final dividend of 2p (2002: 1.5p) per Ordinary Share has been proposed, which
is in addition to the interim dividend of 1p (2002: 1p).   The ex-dividend date
is 2 June 2004, the record date 4 June 2004 and the date payable 28 June 2004.


3.         Earnings per share

                                                                                            2003            2002

Earnings per share - basic
Profit attributable to shareholders - £000                                                 1,019             771
Average number of ordinary shares of 2p each in issue during the year                 24,559,471      25,222,173

Earnings per share - basic before goodwill amortisation
Profit attributable to shareholders - £000                                                 1,570           1,268
Average number of ordinary shares of 2p each in issue during the year                 24,559,471      25,222,173

Earnings per share - fully diluted
Profit attributable to shareholders - £000                                                 1,019             771
Average number of ordinary shares of 2p each in issue during the year after
allowing for the exercise of outstanding share options                                24,595,162      25,014,319


4.   The financial information does not constitute the statutory accounts of the 
     Company as defined by section 240 of the Companies Act 1985.  It is an 
     extract from the accounts for the year ended 31 December 2003, which have 
     not yet been filed with the Registrar of Companies.   The auditors' report
     was unqualified.   The auditors' report does not contain a statement under
     either Section 237(2) or (3) of the Companies Act 1985.   The group's 
     auditors have reported on the accounts as required by Section 235 of the 
     Companies Act 1985.

     The financial information in respect of the year ended 31 December 2002 has 
     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.

5.   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 Tuesday 22 June 2004 at:

     St James Hotel
     45-51 Buckingham Gate
     London SW1


Christie Group plc


                              Group Companies

Christie Group  www.christiegroup.com
Christie Group plc, the holding company for the Group's trading businesses, is
listed on the International Stock Exchange, London.


PROFESSIONAL BUSINESS SERVICES

BUSINESS SALES AND VALUATIONS, CONSULTANCY, FINANCIAL SERVICES
The expertise offered by Christie & Co and Christie First covers all aspects of
valuing, buying, selling, financing and insuring a wide variety of businesses.
 Its scope is complemented by the comprehensive appraisal and project management
services available from Pinders.

Christie & Co www.christie.com
The leading firm of 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, agency,
development and investment teams focused on its key sectors.

Christie First www.christiefirst.com
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 the provision of
tailored insurance schemes.

Pinders www.pinders.co.uk and www.pinderpack.com
The UK's leading independent specialist business appraisal company, undertaking
valuations, consultancy, building surveying, project management and professional
services for a broad range of clients in the leisure, care and retail sectors.


SOFTWARE SOLUTIONS

EPOS AND HEAD OFFICE SYSTEMS
The two arms of VcsTimeless specialise in sophisticated IT systems and solutions
designed to capture and control the complex sales data connected with the
management of cinemas, hotels, restaurants, leisure complexes, warehouses and
retail outlets internationally.

VcsTimeless (Hospitality) www.vcstimeless.com
Specialists in software for leisure and hospitality businesses internationally,
including cinemas, visitor attractions, pubs, hotels and restaurants. Solutions
include EPoS, chip and pin, stock control, back office, head office and
ticketing software.

VcsTimeless (Retail) www.vcstimeless.com
Leading specialist in integrated software solutions and related services for the
retail industry - including fashion, sports and home improvements - dedicated to
single and multi-channel retailers.   Solutions include head office, in-store,
chip and pin, manufacturing and retail business intelligence software.


STOCK AND INVENTORY SERVICES

STOCK AND INVENTORY CONTROL
Orridge and Venners are the leading specialists in stock control and inventory
management systems.   Employing state-of-the-art technologies and bespoke
software, the division is focused on Europe, where both companies have a major
share of the retail and leisure sectors.

Orridge www.orridge.co.uk
Europe's longest established stocktaking business specialising in all fields of
retail stocktaking including high street, warehousing and factory.   In
addition, it has a specialised pharmacy division providing data capture
stocktaking services.   A full range of stocktaking and inventory management
solutions is provided for a wide range of clients in the UK and Europe.

Venners www.venners.com
Leading supplier of stocktaking, inventory, control audit and related stock
management services to the hospitality and retail sectors.   Bespoke software
and systems enable real time management reporting to its customer base using the
most up-to-date technology.


                                      ***




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