Christie Group – excellent 2025 shows shares undervalued at 120p, on 8.8 times earnings, brokers value at 250p

Mark Watson-Mitchell – 27.04.2026  

This morning Christie Group (LON:CTG), the leading provider of Professional & Financial Services and Stock & Inventory Systems & Services to the hospitality, leisure, healthcare, medical, childcare & education and retail sectors, has reported its 2025 Final Results.

They displayed very strong growth, coupled with strategic divestment, which has significantly boosted the group's earnings potential.

Last year, the group sold 1,164 businesses in 2025, totalling nearly £2.0bn in value, up 45% on the prior year, with an impressive 26% increase in its average brokerage fees.

The Business

Tracing its origins back to 1896, the group has a long-established reputation for offering valued services to client companies in agency, valuation services, investment, consultancy, project management, stock audit and inventory management.

The company advises and supports business owners in its chosen sectors, from supporting them in buying a business, to helping them secure funding and arranging specialist insurance cover and working with them to market and maximise the value of their assets should they choose to sell.

The diversity of these services provides a natural balance to the group's core agency business.

It is a leading professional business services group with 32 offices across the UK and Europe, catering to its specialist markets in the hospitality, leisure, healthcare, medical, childcare & education and retail sectors.

Christie Group operates in two complementary business divisions: Professional & Financial Services and Stock & Inventory Systems & Services.

2025 Final Results

The group reported a strong financial performance for the year to end-December 2025, with revenue from continuing operations increasing by 19.2% to £70.6m and operating profit from continuing operations surging by 95.5% to £6.9m, resulting in a profit before tax of £6.0m.

The company also saw a significant 87.9% growth in earnings per share from continuing operations to 19.37p and is proposing a final dividend increase of 57% to 2.75p per share.

Strategic divestments, including the sale of the Vennersys brand in January 2026 for £0.5m, have strengthened the group's balance sheet, which now stands at £9.4m in net funds.

The company anticipates continued demand and a positive year ahead.

Management Comment

CEO Dan Prickett stated that:

"We are delighted to report an excellent set of results for 2025 which illustrate the strong progress we have made during the year.

We outperformed original expectations quite substantially, in part due to exceptionally strong deal flow in Q4.

We sold 1,164 businesses in the year with a total value nearing £2.0bn - up 45% year on year - while also boosting our average brokerage fee by 26%.

After driving strong growth over the year alongside strategic divestments, the Group is now well positioned to deliver on our strategic objectives in the years ahead as we focus on driving revenue and earnings growth from our continuing operations, strengthening our balance sheet further and delivering enhanced value for our clients, staff and shareholders.

In recognition of a strong year of progress - with operating profit from continuing operations up 95% year on year - we have increased our final dividend by 57%.

While still relatively early in the new financial year, momentum in 2026 has been encouraging.

As a result, absent of disruption from the current geopolitical backdrop, we remain confident in delivering another year of positive progress and achieving our third consecutive year of selling over 1,000 businesses."

2025 Operational Headlines

Last year the group sold 1,164 businesses in 2025, totalling nearly £2.0bn in value, up 45% on the prior year, with a 26% increase in average brokerage fee;

37% growth in fee income from European offices;

63% increase in valuations carried out to 7,965 units (2024: 4,872);

Finance brokerage revenues up 15% year-on-year;

23% growth in the value of the Group's insurance brokerage renewals book and increased client retention rate to 87% (2024: 84%); and

5.4% growth in hospitality stock audit revenues.

The Current Outlook

This year has already seen encouraging levels of ongoing demand for the group's services, at the start of the year its transactional pipelines were up 9.6% and have continued to be robust in the first quarter.

It is confident that its specialist sectors demonstrate attractive long-term fundamentals and the group will continue to focus its services in those sectors in the UK where it has exceptionally strong track records and brand recognition.

While the group also expects to maintain its ongoing investment in its international operations in order to create a broader, multi-sector offering in mainland Europe.

The Equity

There are some 26.53m shares in issue.

The larger holders include The Estate of Philip Gwyn (27.93%), Lord Lee of Trafford (6.30%), Mr J P Rugg (6.00%), Mrs T C Rugg (4.76%), Christina Bretten (3.88%), Hwfa Gwyn (NE Dir) (3.87%), Katherine Gwyn (3.87%), and Anna Ross 3.87%.

Broker’s View

Analyst Rob Sanders, at Shore Capital Markets, rates the group’s shares as Significantly Undervalued.

He states that:

“We note the investment in additional headcount will take time to cover costs but given the bumper increases in profit and cash in FY25A, we believe we have been conservative in our reinstated forecasts.

The strong balance sheet will allow investment to deliver further revenue and dividend growth. Indeed, on our analysis Christie has the potential to achieve 10% operating margins, and assuming medium-term sales of £100m, this implies c. £11.5m adj. EBITDA.

A 6x forward multiple and c.£10m of net cash would imply a share price of c.250p. we note that K3 Capital was acquired by Sun Capital in Feb 2023 on an EV/EBITDA multiple of 13.1x.”

For the current year to end-December, he estimates revenues of £75.0m (£70.6m), with adjusted pre-tax profits of £4.6m (£6.0m), with earnings of 13.6p (19.4p) and a dividend of 4.5p (3.5p) per share.

For 2027, he sees £80.4m revenue, £5.6m profit, 16.3p earnings and 5.5p per share of dividend.

Looking even further ahead, he estimates 2028 reporting £86.1m revenues, with £6.6m profits, 19.2p of earnings and paying out a dividend of 6.5p per share.

Of note, the analyst reckons that the group’s net cash position, having almost doubled in 2025 to £9.4m (£4.9m), will be around the same this year, then up to £11.0m next year and £13.8m by end-2028.

My View

After its programme of divestments, the Christie Group is looking strong, capitalised at just £31.84m, with £9.4m cash in its balance sheet, earning higher fees and an increasing demand.

Its shares, at just 120p now, could see 200p and still look cheap.

(Profile 19.01.26 @ 120p set a Target Price of 150p)