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By Steve Moore | Friday 10 August 2018
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
A 2:25pm - and thus clearly unscheduled - “Trading Update” from professional business services and stock & inventory systems & services group Christie (CTG). Hmmm, not usually good news…
“The board… have noted the recent fall of the share prices of a number of quoted residential estate agents”… Er, does it mean it’s noted its recent fall in share price, from having closed June at 164p to a last close 126p?
… “The board do not believe that our own commercial agency services are materially affected by equivalent factors. Trading expectations remain in line with those recently communicated within the AGM Statement in June… Our progress has been maintained. We remain optimistic of the outturn for the year as a whole”.
The June AGM Statement included “as I advised at the time of the release of our 2017 results in April, the year started well. I'm pleased to say that progress continues”. That following the 2017 results showing a net debt position, though also emphasising “earnings per share of 9.47p per share (2016: 5.41p per share)”.
However, that growth was against a 2016 year described as “disrupted” - that blamed on “inertia leading up to the EU referendum” - with results for that year noting the performance against 2015 earnings per share of 9.73p.
Against the latter then, 2017 not so impressive and “do not believe… are materially affected by equivalent factors”, suggests there is some impact – and I suggest the economic environment not about to get much easier. We now await half-year results, but for now I retain my prior caution here.
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