CHURCHILL CHINA plc
(“Churchill” or the “Company” or the “Group”)
PRELIMINARY RESULTS
For the year ended 31 December 2021
Strong demand delivers sustainable market share growth
Churchill China plc (AIM: CHH), the manufacturer of innovative performance ceramic products serving hospitality markets worldwide, is pleased to announce its Preliminary Results for the year ended 31 December 2021.
Key Highlights:
Financial
- Operating profit before exceptional items £6.1m (2020: £0.9m)
- Profit before exceptional items and tax £6.0m (2020: £0.8m)
- Reported profit before tax after exceptional items £6.0m (2020: £0.1m)
- Adjusted* basic earnings per share 37.8p (2020: 6.5p)
- Basic earnings per share 37.8p (2020: 1.0p)
- Re-instated final dividend of 17.3p per share (2020: nil)
- Total dividend for the year 24.0p (2020: nil)
- Net cash and deposits of £19.0m (2020: £14.0m)
- Cash generated from operations £10.6m (2020: £1.8m)
- Working capital controlled as revenues grow
Business
Total revenues £60.8m (2020: £36.4m)
Strong performance following lifting of COVID restrictions
- Group H2: +111% on 2020, +4% on 2019
- Hospitality H2: +132% on 2020, +7% on 2019
- Continued market share gains across key markets
- Strong demand from customers and end users
- Input cost rises offset by sustainable sales price increases
- Further investment in UK manufacturing
- Continued progress on implementation of strategic plans
Alan McWalter, Chairman of Churchill China, commented:
“The second half of 2021 saw a strong recovery in our sales to the Hospitality market such that the full year results are ahead of our expectations. We continue to benefit from record levels of demand and, while we are mindful of the potential impact of external factors on our markets and manufacturing operations, we remain confident in our ability to deliver an improved performance in 2022.”
An online meeting for analysts will be held at 10.00am today 21 April 2022. Analysts who require further details should contact Buchanan at ChurchillChina@buchanan.uk.com or telephone 020 7466 5000.