Christie (CTG)

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Christie CTG Logo

The leading provider of Professional Business Services and Stock & Inventory Systems & Services to the leisure, retail and care markets.

6-Feb-2018 – 113p – £30.0m – PER 8.50

Trading Update – H2 2017 trading on-line with the Board’s expectations (stronger than H1) and 2017 FY results are expected to represent a significant improvement on the previous year.

Looks OK apart from what seems like a £20m or so Pension Deficit. Not for me at present.

17-Sep-2018 – 131p – £34.8m – PER 13.9

Interim Results For The 6 Months To End June 2018 – Revenue up 10.0% to £38.4m, Basic EPS of 5.18p (H1 2017: 1.53p per share) and the Interim Dividend up 25% to 1.25p.

I remain Neutral here but will keep an eye out for Broker notes as I am not sure this EPSincrease is sustainable in any way.

Subsequent note: Further research suggests a 50%+ upside here over a 1 and 2 year period – Moved this to my Watchlist and have an eye out for a lower price and/or upgrades.

11-Apr-2019 – 97p – £25.7m – PER 7.8

Results For The 12 Months To End December 2018 – Revenue up 6.3% (from £71.6m to £76.1m), Operating Profit up 8.4%, EPS up from 9.47p to 11.23p and the Total Dividend will be 3p (2.75p last time). Looks like caution for H1, expecting a stronger H2.

These results look about in-line and I am tempted here. The caution and H2 weightiing puts me off enough to wait for revised Broker notes to come through.

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