Business services and stocktaking services provider Christie Group says that although 2011 revenues will be better than expected profit will not meet expectations.
Christie says that some transactions in its business services have been delayed because of the troubles in the Eurozone but trading has still been strong. Christie has invested in the business services and stocktaking divisions in expectation of future growth and this has held back profit. New stocktaking business tends to be less profitable in its first year.
A new office in Dubai adds £400,000 to costs in 2011 and the benefit will come through in future years.
House broker Charles Stanley has upped its 2011 revenue forecast by 7% to £54m but cut its profit forecast by 72% to £300,000. A profit of £1.1m is forecast for 2012.
At 66p a share, Christie is valued at £16.7m.
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