Business services and stocktaking services provider Christie Group returned to profit in the first half of 2010 thanks to lower operating costs.
Revenues were flat at £25.2m but salaries and other costs were much lower than in the first half of the previous year. A loss of £2.71m was turned into a profit of £283,000.
There were contrasting fortunes for the two divisions. The business services side increased its revenues and moved back into profit. More valuations work is coming from lenders rather than buyers. The stocktaking side reported lower revenues and operating profit. New business was hard to come by and existing clients put off stocktaking.
Net debt was £471,000 at the end of June 2010. There are also provisions in the balance sheet totalling £2.25m. These mainly relate to leaseholds and long-term commissions and bonuses due to employees. The pension deficit is £3.57m.
The board will consider whether to pay a dividend at the time of the full year results.
At 54.5p a share, Christie is valued at £13.3m.
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