Business services and software company Christie Group has warned that harsher trading conditions and steps to cut costs will significantly reduce its trading profit for the year.
The company, which has offices in Hagley Road in Birmingham, said on Monday that trading has defied the usual seasonal pattern after a strong April and that its Business Agency volumes have reduced.
“We are seeing good levels of inquiries, but deals are taking longer where purchasers have existing property to dispose of and new finance facilities to arrange,” chairman Philip Gwyn told the company’s annual general meeting.
Christie said it is seeking a strategic partner for its software division to relieve the unit of development funding requirements for new software.
It added that its consultancy and valuation operations remain busy and that its stocktaking and inventory services division continues to grow. The company said in light of the more challenging business landscape, it is difficult to forecast the outcome for the year as a whole.
Therefore, Christie said it is taking steps to reduce its cost base in both the agency and its associated finance business.
The finance business will start to benefit trading results in the second-half.
“This is a challenging period, but we have previous experience of such downturns and intend to emerge strongly when our markets recover,” Mr Gwyn added.