“Decimated” revenue and a swing from £5.8m profit to £4.4m loss in the year ended 2020 has failed to dampen Christie Group’s enthusiasm for 2021.
The group, which owns agency Christie & Co, said that revenue had almost halved during the year from £78m in 2019 to £42.2m in 2020, with an operating loss of more than £4m.
The group said it took decisive measures during the year, including permanently reducing its workforce by 7.5%, taking a £6m coronavirus large business interruption loan, and reorganising the structure of many of its businesses. Several staff also took temporary remuneration cuts. The group has repaid £1m of the business interruption loan.
Christie & Co remained active across all of its sectors throughout the year, although brokerage activity in terms of the number of businesses sold in the year was 45% lower than in 2019. The firm’s medical and dental divisions held up well with a 17% increase in pharmacy instructions and a 300% increase in bid on medical assets.
Chairman David Rugg said: “Despite the considerable adverse financial impact and ongoing effect of the Covid-19 pandemic, 2020 was a positive year for Christie Group as we proved our resilience, adaptability and the value of the roles we undertake for our clients across all our businesses… We have risen from an extraordinary year with transformed businesses, tight-knit focused teams and a renewed sense of purpose.”
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