Christie Group hikes final dividend payout following 'year of progress'

(Sharecast News) - Professional services firm Christie Group increased its final dividend payout on Monday as it revealed it had returned to a "positive" FY trading performance in what it called a "a year of progress".

Christie said revenues were up 15.4% on a continuing basis at �60.4m, with a "strong improvement" in PFS revenues and double-digit growth in SISS revenues, while operating profits before non-recurring costs had improved from �300,000 in FY23 to �2.0m in FY24.

The AIM-listed group also noted that it had ended FY24 with a "significantly improved" net funds position of �4.9m, up from �600,000 at the same time twelve months earlier, as its balance sheet was "significantly strengthened" by proceeds from the disposal of its Orridge business and strong H2 trading.

As a result, Christie hiked its final dividend to 1.75p, up from 0.50p in FY23, taking its total in-year dividend payment to 2.25p, up from 1.0p, reflecting its "strong H2 performance" and the board's positive outlook for the business.

Chief executive Dan Prickett said: "2024 was a year of progress for our group, following on from the acute challenges we faced in 2023. We returned the group to a positive full year trading performance, completed the successful divestment of our loss-making retail and pharmacy stocktaking brand, Orridge, and continued with our plans to evolve our international brokerage business into a multi-sector offering with the launch of healthcare in France, having launched the same sector in Germany in 2023. Demand for our services and pipelines remains robust and the group is well placed to deliver on its plans for the year ahead"

As of 1115 BST, Christie shares had shot up 27.06% to 108.0p.

Reporting by Iain Gilbert at Sharecast.com