98% increase in earnings per share to 2.57p per share (2011: 1.30p)
Acquisition of Orridge Business Sales creates the UK's largest pharmacy agency
20% growth in PBS revenue drives £0.9m improvement in first half operating profit for the division
Continued growth in SISS revenues to £14.2m (2011: £13.9m)
Interim dividend reintroduced at 0.5p per share
Commenting on the results, David Rugg, Chief Executive of Christie Group, said:
"Christie Group has delivered a very encouraging first half result which is testament to our ability to provide our clients with a first-class quality of service based upon our in-depth specialist knowledge of our sectors. We continue to strengthen our leading position across our markets."
Enquiries:
David Rugg 020 7227 0707
Chief Executive
Christie Group plc
Russell Cook / Carl Holmes 020 7149 6000
Charles Stanley Securities
Nominated Advisor
Tom Cooper / Paul Vann 020 3176 4722
Winningtons 079 7122 1972
tom.cooper@winningtons.co.uk
Notes to Editors:
Christie Group plc (CTG.L.), quoted on AIM, is a leading professional business services group with 39 offices across the UK, Europe, Canada and the Middle East, catering to its specialist markets in the leisure, retail and care sectors.
Christie Group operates its two complementary business divisions: Professional Business Services (PBS) and Stock & Inventory Systems & Services (SISS). These divisions trade under the brand names: PBS - Christie + Co, Christie Finance, Christie Insurance and Pinders; SISS - Orridge, Venners and Vennersys.
Tracing its origins back to 1846, the Group has a long-established reputation for offering essential services to client companies in agency, valuation services, investment, consultancy, project management, multi-functional trading systems and on-line ticketing services, stock audit and inventory management. The diversity of these services is intended to provide a natural balance to the Group's core agency business.
For more information, please go to www.christiegroup.com.
|
|
Note |
Half year to 30 June 2012 £'000 (Unaudited) |
Half year to 30 June 2011 £'000 (Unaudited) |
Year ended 31 December 2011 £'000 |
|
Revenue |
4 |
30,214 |
27,266 |
53,290 |
|
Employee benefit expenses |
|
(20,653) |
(19,469) |
(37,776) |
|
|
|
9,561 |
7,797 |
15,514 |
|
Depreciation and amortisation |
|
(218) |
(225) |
(437) |
|
Other operating expenses |
|
(8,338) |
(6,969) |
(14,737) |
|
Operating profit |
4 |
1,005 |
603 |
340 |
|
Finance costs |
|
(65) |
(45) |
(104) |
|
Finance income |
|
1 |
1 |
1 |
|
Total finance charge |
|
(64) |
(44) |
(103) |
|
Profit before tax |
|
941 |
559 |
237 |
|
Taxation |
5 |
(322) |
(251) |
(386) |
|
Profit / (loss) for the period after tax |
|
619 |
308 |
(149) |
|
|
|
|
|
|
|
Other comprehensive income / (losses): |
|
|
|
|
|
Exchange differences on translating foreign operations |
|
27 |
80 |
(57) |
|
Other comprehensive income / (losses) for the period, net of tax |
|
27 |
80 |
(57) |
|
Total comprehensive income for the period |
|
646 |
388 |
(206) |
Profit / (loss) for the period after tax attributable to:
Equity shareholders of the parent |
|
638 |
320 |
(114) |
|
Non-Controlling interest |
12b |
(19) |
(12) |
(35) |
|
|
|
619 |
308 |
(149) |
|
Total comprehensive income / (losses) attributable to:
Equity shareholders of the parent |
|
665 |
400 |
(171) |
|
Non-Controlling interest |
12b |
(19) |
(12) |
(35) |
|
|
|
646 |
388 |
(206) |
|
Earnings per share - pence
Profit / (loss) attributable to the equity holders of the Company |
|
|
|
|
- Basic |
6 |
2.57 |
1.30 |
(0.46) |
- Fully diluted |
6 |
2.54 |
1.30 |
(0.46) |
Included within the results for the year ended 31 December 2011 are exceptional revenue and costs relating to the commencement of a new operation. The amounts included were revenue of £60,000 (period ended 30 June 2011: £6,000) and total operating expenses of £465,000 (period ended 30 June 2011: £168,000), resulting in an exceptional operating loss of £405,000 (period ended 30 June 2011: £162,000). There are no exceptional items within the results for the period ended 30 June 2012.
All results stated above are attributable to continuing operations.
Consolidated interim statement of changes in shareholders' equity
|
Share capital £'000 |
Fair value and other reserves £'000 |
Cumulative translation adjustments £'000 |
Retained earnings £'000 |
Non - Controlling interest £'000 |
Total equity £'000 |
Balance at 1 January 2011 |
505 |
3,575 |
511 |
(2,135) |
- |
2,456 |
Profit / (loss) for the period after tax |
|
- |
- |
320 |
(12) |
308 |
Exchange differences on translating foreign operations |
- |
- |
80 |
- |
- |
80 |
Total comprehensive income / (losses) for the period |
- |
- |
80 |
320 |
(12) |
388 |
Movement in respect of employee share scheme |
- |
(82) |
- |
- |
- |
(82) |
Employee share option scheme: |
|
|
|
|
|
|
- value of services provided |
- |
46 |
- |
- |
- |
46 |
Balance at 30 June 2011 |
505 |
3,539 |
591 |
(1,815) |
(12) |
2,808 |
|
|
|
|
|
|
|
Balance at 1 January 2011 |
505 |
3,575 |
511 |
(2,135) |
- |
2,456 |
Loss for the year after tax |
- |
- |
- |
(114) |
(35) |
(149) |
Exchange differences on translating foreign operations |
- |
- |
(57) |
- |
- |
(57) |
Total comprehensive losses for the year |
- |
- |
(57) |
(114) |
(35) |
(206) |
Movement in respect of employee share scheme |
- |
38 |
- |
- |
- |
38 |
Employee share option scheme: |
|
|
|
|
|
|
-value of services provided |
- |
72 |
- |
- |
- |
72 |
Dividends paid |
- |
- |
- |
(244) |
- |
(244) |
Balance at 31 December 2011 |
505 |
3,685 |
454 |
(2,493) |
(35) |
2,116 |
Profit / (loss) for the period after tax |
- |
- |
- |
638 |
(19) |
619 |
Exchange differences on translating foreign operations |
- |
- |
27 |
- |
- |
27 |
Total comprehensive income / (losses) for the period |
- |
- |
27 |
638 |
(19) |
646 |
Movement in respect of employee share scheme |
- |
1,022 |
- |
(1,022) |
- |
- |
Employee share option scheme: |
|
|
|
|
|
|
- value of services provided |
- |
37 |
- |
- |
- |
37 |
Dividends paid |
- |
- |
- |
(126) |
- |
(126) |
Balance at 30 June 2012 |
505 |
4,744 |
481 |
(3,003) |
(54) |
2,673 |
|
Note |
At 30 June 2012 £'000 (Unaudited) |
At 30 June 2011 £'000 (Unaudited) |
At 31 December 2011 £'000 |
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Intangible assets - Goodwill |
|
1,011 |
1,011 |
1,011 |
Intangible assets - Other |
|
423 |
161 |
145 |
Property, plant and equipment |
|
1,240 |
632 |
606 |
Deferred tax assets |
|
2,717 |
3,174 |
3,039 |
Available-for-sale financial assets |
|
300 |
300 |
300 |
Other receivables |
|
869 |
904 |
904 |
|
|
6,560 |
6,182 |
6,005 |
Current assets |
|
|
|
|
Inventories |
|
1 |
1 |
1 |
Trade and other receivables |
|
14,610 |
13,763 |
11,225 |
Current tax assets |
|
- |
72 |
72 |
Cash and cash equivalents |
11 |
963 |
1,500 |
1,059 |
|
|
15,574 |
15,336 |
12,357 |
Total assets |
|
22,134 |
21,518 |
18,362 |
Equity |
|
|
|
|
Capital and reserves attributable to the Company's equity holders |
|
|
||
Share capital |
8 |
505 |
505 |
505 |
Fair value and other reserves |
|
4,744 |
3,539 |
3,685 |
Cumulative translation reserve |
|
481 |
591 |
454 |
Retained earnings |
|
(3,003) |
(1,815) |
(2,493) |
|
|
2,727 |
2,820 |
2,151 |
Non-Controlling interest |
12b |
(54) |
(12) |
(35) |
Total equity |
|
2,673 |
2,808 |
2,116 |
Liabilities |
|
|
|
|
Non-current liabilities |
|
|
|
|
Retirement benefit obligations |
9 |
2,002 |
2,885 |
2,376 |
Provisions |
|
667 |
2,286 |
554 |
|
|
2,669 |
5,171 |
2,930 |
Current liabilities |
|
|
|
|
Trade and other payables |
|
10,414 |
9,167 |
8,265 |
Borrowings |
|
4,127 |
4,248 |
3,091 |
Provisions |
|
2,251 |
124 |
1,960 |
|
|
16,792 |
13,539 |
13,316 |
Total liabilities |
|
19,461 |
18,710 |
16,246 |
Total equity and liabilities |
|
22,134 |
21,518 |
18,362 |
These consolidated interim financial statements have been approved for issue by the Board of Directors on 7 September 2012.
|
Note |
Half year to 30 June 2012 £'000 (Unaudited) |
£'000 (Unaudited) |
Year ended 31 December 2011 £'000 |
Cash flow from operating activities |
|
|
|
|
Cash generated / (used in) operations |
10 |
69 |
(3,058) |
(1,907) |
Interest paid |
|
(65) |
(45) |
(104) |
Tax received |
|
72 |
21 |
- |
Net cash generated from / (used in) operating activities |
|
76 |
(3,082) |
(2,011) |
Cash flow from investing activities |
|
|
|
|
Purchase of property, plant and equipment (PPE) |
|
(850) |
(288) |
(420) |
Proceeds from sale of PPE |
|
4 |
- |
- |
Intangible assets expenditure |
|
(291) |
(2) |
(7) |
Interest received |
|
1 |
1 |
1 |
Net cash used in investing activities |
|
(1,136) |
(289) |
(426) |
Cash flow from financing activities |
|
|
|
|
Net proceeds from the ESOP |
|
- |
- |
38 |
(Payments) / proceeds from invoice discounting |
|
(378) |
696 |
397 |
Dividends paid |
|
(126) |
- |
(244) |
Net cash (used in) / generated from financing activities |
|
(504) |
696 |
191 |
Net decrease in cash and cash equivalents |
|
(1,564) |
(2,675) |
(2,246) |
Cash and cash equivalents at beginning of period |
|
(1,009) |
1,232 |
1,232 |
Exchange gains on Euro bank accounts |
|
54 |
17 |
5 |
Cash and cash equivalents at end of period |
11 |
(2,519) |
(1,426) |
(1,009) |
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.
The interim financial information in this report has been prepared using accounting policies consistent with IFRS as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee (IFRIC) and there is an ongoing process of review and endorsement by the European Commission. The financial information has been prepared on the basis of IFRS that the Directors expect to be adopted by the European Union and applicable as at 31 December 2012.
The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2011. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
Non-statutory accounts
These consolidated interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting'. The financial information for the period ended 30 June 2012 set out in this interim report does not constitute the Group's statutory accounts for that period. The statutory accounts for the year ended 31 December 2011 have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified, did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis. The financial information for the periods ended 30 June 2012 and 30 June 2011 is unaudited.
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.
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 consistent with those applied to the consolidated financial statements for the year ended 31 December 2011.
The Group is organised into two main business segments: Professional Business Services and Stock & Inventory Systems & Services.
The reportable segment results for the period ended 30 June 2012 are as follows:
|
Professional Business Services £'000 |
Stock & Inventory Systems & Services £'000 |
Other £'000 |
Group £'000 |
Total gross segment revenue |
16,077 |
14,189 |
1,131 |
31,397 |
Inter-segment revenue |
(52) |
- |
(1,131) |
(1,183) |
Revenue |
16,025 |
14,189 |
- |
30,214 |
Operating profit / (loss) |
529 |
532 |
(56) |
1,005 |
Net finance charge |
|
|
|
(64) |
Profit before tax |
|
|
|
941 |
Taxation |
|
|
|
(322) |
Profit for the period after tax |
|
|
|
619 |
The reportable segment results for the period ended 30 June 2011 are as follows:
|
Professional Business Services £'000 |
Stock & Inventory Systems & Services £'000 |
Other £'000 |
Group £'000 |
Total gross segment revenue |
13,446 |
13,872 |
1,145 |
28,463 |
Inter-segment revenue |
(52) |
- |
(1,145) |
(1,197) |
Revenue |
13,394 |
13,872 |
- |
27,266 |
Operating (loss) / profit |
(339) |
886 |
56 |
603 |
Net finance charge |
|
|
|
(44) |
Profit before tax |
|
|
|
559 |
Taxation |
|
|
|
(251) |
Profit for the period after tax |
|
|
|
308 |
The reportable segment results for the year ended 31 December 2011 are as follows:
|
Professional Business Services £'000 |
Stock & Inventory Systems & Services £'000 |
Other £'000 |
Group £'000 |
Total gross segment revenue |
27,474 |
25,920 |
2,338 |
55,732 |
Inter-segment revenue |
(104) |
- |
(2,338) |
(2,442) |
Revenue |
27,370 |
25,920 |
- |
53,290 |
Operating (loss) / profit before exceptional items |
(57) |
647 |
155 |
745 |
Exceptional items |
(405) |
- |
- |
(405) |
Operating (loss) / profit after exceptional items |
(462) |
647 |
155 |
340 |
Net finance (costs) /credit |
(121) |
(34) |
52 |
(103) |
Profit / (loss) before tax |
(583) |
613 |
207 |
237 |
Taxation |
|
|
|
(386) |
Loss for the year after tax |
|
|
|
(149) |
The Group is not reliant on any key customers.
Segment assets consist primarily of property, plant and equipment, intangible assets, inventories, receivables and operating cash. They exclude taxation.
The reportable segment assets at 30 June 2012 are as follows:
|
Professional Business Services £'000 |
Stock & Inventory Systems & Services £'000 |
Other £'000 |
Group £'000 |
Assets |
10,597 |
5,782 |
3,038 |
19,417 |
Deferred tax assets |
|
|
|
2,717 |
|
|
|
|
22,134 |
The reportable segment assets at 30 June 2011 are as follows:
|
Professional Business Services £'000 |
Stock & Inventory Systems & Services £'000 |
Other £'000 |
Group £'000 |
Assets |
8,160 |
7,292 |
2,820 |
18,272 |
Deferred tax assets |
|
|
|
3,174 |
Current tax assets |
|
|
|
72 |
|
|
|
|
21,518 |
The reportable segment assets at 31 December 2011 are as follows:
|
Professional Business Services £'000 |
Stock & Inventory Systems & Services £'000 |
Other £'000 |
Group £'000 |
Assets |
6,382 |
5,519 |
2,900 |
15,251 |
Deferred tax assets |
|
|
|
3,039 |
Current tax assets |
|
|
|
72 |
|
|
|
|
18,362 |
The tax charge for the period ended 30 June 2012 is based on an underlying tax rate (current year corporation and deferred tax as a percentage of pre tax profits) of 24% which includes the movement in the deferred tax asset relating to retirement benefit obligations. The tax charge of £322,000 comprises of £79,000 being a decrease in the deferred tax asset through the effective taxation of current year profits (i.e. the deferred tax charge arising on the current period's taxable profits) and a further £243,000 arising from the reduction in the value of the brought forward deferred tax asset as a result of the decrease in the enacted tax rate from 26% to 24% at the statement of financial position date.
The tax charge for the period ended 30 June 2011 was based on an underlying tax rate of 26% which included the movement in the deferred tax asset relating to retirement benefit obligations.
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 period, which excludes the shares held in the Employee Share Ownership Plan (ESOP) trust.
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 potential dilutive 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.
|
Half year to 30 June 2012 £'000 |
Half year to 30 June 2011 £'000 |
Year ended 31 December 2011 £'000 |
Profit / (loss) from total operations attributable to equity holders of the Company |
638 |
320 |
(114) |
|
30 June 2012 Thousands |
30 June 2011 Thousands |
31 December 2011 Thousands |
Weighted average number of ordinary shares in issue |
24,862 |
24,545 |
24,677 |
Adjustment for share options |
266 |
127 |
189 |
Weighted average number of ordinary shares for diluted earnings per share |
25,128 |
24,672 |
24,866 |
|
30 June 2012 Pence |
30 June 2011 Pence |
31 December 2011 Pence |
Basic earnings per share |
2.57 |
1.30 |
(0.46) |
Fully diluted earnings per share |
2.54 |
1.30 |
(0.46) |
A final dividend in respect of the year ended 31 December 2011 of 0.5p per share, amounting to a total dividend of £126,000, was approved and paid to the Christie Group plc registrar during the period. The funds were transferred to shareholders on 2 July 2012.
An interim dividend in respect of 2012 of 0.5p per share, amounting to a dividend of £126,000, was declared by the directors at their meeting on 7 September 2012. These financial statements do not reflect this dividend payable.
The dividend of 0.5p per share will be payable to shareholders on the record on 28 September 2012. The ex-dividend date will be 26 September 2012. The dividend will be paid on 19 October 2012.
8. Share capital
|
30 June 2012 |
30 June 2011 |
31 December 2011 |
|||
Ordinary shares of 2p each |
Number |
£'000 |
Number |
£'000 |
Number |
£'000 |
Authorised: At 1 January, 30 June and 31 December |
30,000,000 |
600 |
30,000,000 |
600 |
30,000,000 |
600 |
Allotted and fully paid: |
|
|
|
|
|
|
At beginning and end of period |
25,263,551 |
505 |
25,263,551 |
505 |
25,263,551 |
505 |
The Company has one class of ordinary shares which carry no right to fixed income.
Investment in own shares
The Group has established an Employee Share Ownership Plan (ESOP) trust in order to meet its future contingent obligations under the Group's share option schemes. The ESOP purchases shares in the market for distribution at a later date in accordance with the terms of the Group's share option schemes. The rights to dividend on the shares held have been waived.
At 30 June 2012 advances by the Group to the ESOP to finance the purchase of ordinary shares were £1,868,000 (30 June 2011: £1,988,000; 31 December 2011: £1,868,000). The market value at 30 June 2012 of the ordinary shares held in the ESOP was £16,000 (30 June 2011: £359,000; 31 December 2011: £302,000). The investment in own shares represents 22,000 shares (30 June 2011: 733,000; 31 December 2011: 483,000) with a nominal value of 2p each.
The Group operates two defined benefit schemes (closed to new members) providing pensions on final pensionable pay. The contributions are determined by qualified actuaries on the basis of triennial valuations using the projected unit method.
When a member retires, the pension and any spouse's pension is either secured by an annuity contract or paid from the managed fund. Assets of the schemes are reduced by the purchase price of any annuity purchase and the benefits no longer regarded as liabilities of the scheme.
The amounts recognised in the statement of comprehensive income and the movement in the liability recognised in the statement of financial position have been based on the forecast position for the year ended 31 December 2011 after adjusting for the actual contributions to be paid in the period.
The movement in the liability recognised in the statement of financial position is as follows:
Half year to 30 June 2012 £'000 |
Half year to 30 June 2011 £'000 |
Year ended 31 December 2011 £'000 |
|
Beginning of the period |
2,376 |
3,222 |
3,222 |
Expenses included in the employee benefit expense |
291 |
386 |
478 |
Contributions paid |
(665) |
(723) |
(1,324) |
End of the period |
2,002 |
2,885 |
2,376 |
The amounts recognised in the statement of comprehensive income are as follows:
Half year to 30 June 2012 £'000 |
Half year to 30 June 2011 £'000 |
Year ended 31 December 2011 £'000 |
|
Current service cost |
339 |
348 |
599 |
Interest cost |
1,080 |
1,029 |
2,078 |
Expected return on plan assets |
(1,138) |
(968) |
(2,153) |
Payments to crystallise obligations |
- |
- |
- |
Net actuarial loss / (gain) recognised in the period |
10 |
(23) |
(46) |
Total included in employee benefit expenses |
291 |
386 |
478 |
The principal actuarial assumptions used were as follows:
|
Half year to 30 June 2012 % |
Half year to 30 June 2011 % |
Year ended 31 December 2011 % |
Discount rate |
5.8 |
5.8 |
5.8 |
Inflation rate |
3.5 |
3.5 |
3.5 |
Expected return on plan assets |
6.2 - 7.6 |
6.2 - 7.3 |
6.2 - 7.6 |
Future salary increases |
3.5 |
3.5 |
3.5 |
Future pension increases |
2.5 - 3.5 |
2.5 - 3.5 |
2.5 - 3.5 |
Cash generated from / (used in) operations
|
Half year to 30 June 2012 £'000 |
Half year to 30 June 2011 £'000 |
Year ended 31 December 2011 £'000 |
Continuing operations |
|
|
|
Profit / (loss) for the period |
619 |
308 |
(149) |
Adjustments for: |
|
|
|
- Taxation |
322 |
251 |
386 |
- Finance costs |
64 |
44 |
103 |
- Depreciation |
205 |
199 |
398 |
- Amortisation of intangible assets |
13 |
26 |
39 |
- Profit on sale of property, plant and equipment |
(3) |
- |
- |
- Loss on sale of intangible assets |
- |
- |
- |
- Foreign currency translation |
(18) |
28 |
(37) |
- Increase in provisions |
404 |
176 |
280 |
- Movement in share option charge |
37 |
46 |
72 |
- Movement in retirement benefit obligation |
(373) |
(337) |
(846) |
- Decrease in non-current other receivables |
35 |
- |
- |
Changes in working capital (excluding the effects of exchange differences on consolidation): |
|
|
|
- Increase in trade and other receivables |
(3,385) |
(4,386) |
(1,691) |
- Increase /(decrease) in trade and other payables |
2,149 |
587 |
(462) |
Cash generated from / (used in) continuing operations |
69 |
(3,058) |
(1,907) |
|
Half year to 30 June 2012 £'000 |
Half year to 30 June 2011 £'000 |
Year ended 31 December 2011 £'000 |
Cash and cash equivalents |
963 |
1,500 |
1,059 |
Bank overdrafts |
(3,482) |
(2,926) |
(2,068) |
|
(2,519) |
(1,426) |
(1,009) |
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 30 June 2012 no consideration had been paid pending finalisation of the completion accounts. The following table sets out details of the consideration to be paid in accordance with the share purchase agreement and the fair value of the assets and liabilities acquired.
|
£'000 |
Tangible fixed assets |
20 |
Trade and other receivables |
21 |
Cash and cash equivalents |
53 |
Trade and other payables |
(90) |
Net assets |
4 |
Intangible assets - instructions received |
256 |
Goodwill |
- |
Total consideration |
260 |
To be satisfied by: |
|
Cash consideration |
4 |
Contingent consideration |
256 |
|
260 |
The contingent consideration represents consideration payable which is equivalent to fifty per cent of all commissions received from business sales and fifty per cent of all income received from valuations in relation to instructions received by Orridge Business Sales Limited on or before 30 April 2012. The contingent consideration is to be satisfied in ordinary 2p shares of Christie Group plc, to be purchased for this purpose at arms length terms from the available issued share capital of the company, on the basis of the mid-market share price at the date of exchange (3 April 2012).
On 7 March 2011, Christie & Co (Holdings) Limited, a wholly owned subsidiary of Christie Group plc, acquired a 90% shareholding in the ordinary shares of Christie & Co FZ-LLC, a newly incorporated company registered with The Dubai Technology and Media Free Zone Authority, for a consideration of 54,000 AED.
On 3 July 2012, Christie & Co (Holdings) Limited acquired a further 5% shareholding, for nil consideration, in the ordinary shares of Christie & Co FZ-LLC, taking its shareholding at 3 July 2012 to 95%.
There is no controlling interest in the Group's shares.
During the period 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 £150,000 (2011: £nil) were paid to Carmelite Property Limited by Christie Group plc in accordance with the terms of a long-term lease agreement.
The 2012 Interim Financial Statements are available on the Company's website www.christiegroup.com