CHURCHILL CHINA plc
(“Churchill” or the “Company” or the “Group”)
INTERIM RESULTS
For the six months ended 30 June 2021
Recovery well established with market share gains
Churchill China plc (AIM: CHH), the manufacturer of innovative performance ceramic products serving hospitality markets worldwide, is pleased to announce its Interim Results for the six months ended 30 June 2021.
Key Highlights:
Financial
· Operating profit before exceptional items £1.1m (2020 H1: £0.5m, FY2020: £0.9m)
· Profit before exceptional items and tax £1.0m (2020 H1: £0.5m, FY2020: £0.8m)
· Reported profit / (loss) before tax after exceptional items £1.0m (2020 H1: (£0.4m), FY2020: £0.1m)
· Adjusted basic earnings per share 4.5p (2020 H1: 3.5p, FY2020: 6.5p)
· Basic earnings / (loss) per share 4.5p (2020 H1: (2.9p), FY2020: 1.0p)
· Re-instated interim dividend of 6.7p per share declared July 2021 (2020 H1: nil)
· Net cash and deposits of £13.4m (2020 H1: £16.3m FY2020: £14.0m)
· Cash generated from operations £0.9m (2020 H1: £3.4m, FY2020: £1.8m)
o Working capital increase as revenues rebuild
Business
· Total revenues £23.9m (2020 H1: £18.9m FY2020: £36.4m)
o 74% of 2019 H1 (2020 H1: 59%, FY2020: 54%)
· Strong performance following lifting of COVID restrictions
o Group: May / June 2021 recovered to 2019 levels
o Hospitality: May / June 2021 105% of 2019
· Continued market share gains across key markets
· Service levels maintained
· Further investment in UK manufacturing
· Continued progress on implementation of strategic plans
Alan McWalter, Chairman of Churchill China, commented:
'We remain confident that we will make good progress against our business and financial targets in both the short and long term.'
A conference call for analysts will be held at 10.00am today 1 September 2021. Analysts who require dial-in details please contact Buchanan at ChurchillChina@buchanan.uk.com or telephone 020 7466 5000.