Property adviser Christie Group has revised down its annual performance expectations amid continued volatility on the market.
In its trading update earlier today, the firm said it still expects to be profitable this year, reporting annual figures of £500,000-£1m. In 2023, Christie delivered an operating loss pre non-recurring board changes and restructuring costs of £600,000.
Final revenue figures, meanwhile, are likely to come in up to 5% below its previous expectations.
During the first six months of 2024, Christie has managed to narrow its operating loss to £600,000 from £1.4m posted for the same period in 2023, thanks to its retail stocktaking operations.
The company closed the first half of this year with a UK transactional pipeline 24% higher than a year ago, and 16% higher than at the start of 2024. This growth comes despite one of the disposal mandates in Christie’s agency and advisory business, which was expected to conclude in Q3, being aborted at an advanced stage owing to the vendor withdrawing plans to pursue a sale with an alternative buyer.
Looking ahead to the rest of the year, Christie expects new instruction activity from clients across all of its specialist sectors to remain robust, allowing the firm to potentially return to brokering the sale or purchase of more than 1,000 businesses in 2024, from 820 last year. In addition, average fees are projected to be higher in H2 2024 than H1 due to the sector mix of business.
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