Churchill China plc, the manufacturer of innovative performance ceramic products serving hospitality markets worldwide, has recently announced its interim results for the six months ended 30 June 2019.
With both overall revenue and profits up double-digit percentages, Churchill management told local news paper The Sentinel that it “pledged to ‘accelerate investment’ at its Stoke-on-Trent headquarters after seeing profits and revenue rise in the first half of the year”.
Alan McWalter, Chairman of Churchill China, commented: ‘Churchill has been substantially re-positioned as a business over the past five years. We have emphasised the development of differentiated high margin products in Hospitality and exited from markets where we did not have a competitive advantage. We believe we offer a technical performance product to attractive markets worldwide with a high level of service. We have a well invested business supported by a strong balance sheet.’
Financial
- Operating profit before exceptional items up 30% to £4.2m (2018 H1: £3.3m)
- o including contribution of £0.2m from acquisition of Furlong Mills
- Profit before exceptional items and tax up 27% to £4.2m (2018 H1: £3.3m)
- Reported profit before tax after exceptional items £4.3m (2018 H1: £3.3m)
- Adjusted earnings per share up 24% to 30.4p (2018 H1: 24.4p)
- Basic earnings per share 31.3p (2018 H1: 24.4p)
- Interim dividend up 18% to 10.3p (2018 H1: 8.7p)
- Cash generated from operations £2.4m (2018 H1: £1.7m)
Business
- Total revenues up 17% at £31.9m (2018 H1: £27.2m)
- o including £2.0m from acquisition of Furlong Mills
- Ceramics (like for like) revenue growth 10% (2018 H1: 6%)
- Export revenues up 13%
- Increased sales of Hospitality added value product
- Higher levels of investment in capital expenditure, acquisition of controlling interest in Furlong Mills and purchase of products and brand from Dudson
- Performance continues long term growth trend
For more information on Churchill and its products, visit: https://www.churchill1795.com/
