Christie Group reported a sharp fall in interim profits.
Turnover from continuing activities fell 8% to £35.7m. The profit on continuing activities slumped from £5.27m to £914,000 in the six months to June 2008. That does not include the £10.9m loss on the disposal of the company’s retail software business.
The pub and hotel valuations and stocktaking business has negligible net debt. The interim dividend has been cut from 1.5p to 0.5p a share.
The professional business services division has suffered muted dealings. The valuation side has been relatively busy but mortgage activities have been hit by the weak financial market. The division was still profitable in the first half. The stocktaking business continues to grow.
At 85p a share, Christie is valued at £21.5m.
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