Friday March 27, 11:41 AM
Glance-STOCKS NEWS EUROPE-Christie Group up rises on upgrade
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11:21GMT 27Mar2009-Christie Group (LSE: CTG.L - news) up; Charles Stanley says 'buy'
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Shares in Christie Group rise 8.5 percent as the Aim-listed business
services company reports its full-year results, with Charles Stanley upgrading
its recommendation to 'buy' from 'add' on valuation grounds.
Christie reports a continuing loss before tax and exceptionals of 2.6
million pounds for the year to December 31, 2008, on revenues down 16 percent to
63.4 million pounds as business was hit by the downturn.
Charles Stanley says in a note: 'We forecast a reduced loss before tax of
900,000 pounds in 2009 which reverts into a small profit of 100,000 pounds in
2010.'
The broker says the company has undertaken a series of cost-cutting measures
and 'the group is still a market leader in its business segments and has seen a
pick up in activity'.
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