Christie Group plc has released its preliminary results for the 12 months ended 31 December 2023. The company, a leading provider of Professional & Financial Services (PFS) and Stock & Inventory Systems & Services (SISS) to various sectors, reported a challenging year in 2023 but anticipates a more positive outlook for 2024.

In 2023, the company experienced a 4.8% decrease in revenue to £65.9m, with an operating loss before non-recurring costs of £0.6m. The decrease in PFS revenues was attributed to the impact of rising interest rates and inflation, resulting in a £5.1m decline to £42.2m. However, the UK transactional pipelines showed recovery, ending the year 27% higher than the prior year. On the other hand, SISS revenues increased by 8.4% to £23.6m, although the division remained loss-making.

The Group ended 2023 with net funds of £0.6m, having fully repaid the CLBILS loan in June 2023. The final dividend was reduced to 0.50p to give a total in the year of 1.00p, reflecting the challenging year but also the more positive outlook for the business.

Looking ahead to 2024, the Group is well positioned for improved performance, with opportunities for growth across all business sectors in the UK and internationally. Current activity levels are encouraging, with UK transactional brokerage pipelines strongly ahead of the previous year, and the finance brokerage business experiencing strong demand.

Dan Prickett, Chief Executive of Christie Group, acknowledged the challenges faced in 2023 but expressed optimism for the future, stating, "Nonetheless, the expected timing of many of those transactions points to a second-half weighting to our 2024 performance."

The company's Chairman noted that the 2023 result was shaped by a decline in transaction volumes in the main agency business due to rising interest rates and a decline in business confidence in the UK economy. However, signs of a return to more normal conditions were observed in the latter part of the year, resulting in stronger forward-looking pipelines.

In conclusion, despite the challenges faced in 2023, Christie Group plc is optimistic about the future, with a positive outlook for 2024 and a focus on growth across its business sectors in the UK and internationally.