CHURCHILL CHINA plc
(“Churchill” or the “Company” or the “Group”)
INTERIM RESULTS
For the six months ended 30 June 2022
Substantial revenue gains and profit progress
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 2022.
Key Highlights:
Financial
- Operating profit before exceptional items £3.5m (2021 H1: £1.1m, FY2021: £6.1m)
- Profit before exceptional items and tax £3.4m (2021 H1: £0.9m, FY2021: £6.0m)
- Reported profit after exceptional items before tax £3.9m (2021 H1: £1.0m, FY2021: £6.0m)
- Adjusted* earnings per share 24.7p (2021 H1: 4.5p, FY2021: 37.8p)
- Basic earnings per share 28.9p (2021 H1: 4.5p, FY2021: 37.8p)
- Interim dividend of 10.5p per share (2021 H1: 6.7p)
- Net cash and deposits of £15.7m (2021 H1: £13.4m, FY2021: £19.0m)
- Cash generated from operations £2.0m (2021 H1: £0.9m, FY2021: £10.6m)
Business
Total revenues £41.4m up 73% (2021 H1: £23.9m, FY2021: £60.8m)
Strong revenue performance
- Hospitality H1: +87% on 2021, +32% on 2019
Successful execution of strategy with further market share gains across key markets
Strong demand from customers and end users with record order books
Sales price rises implemented in November 21 and May 22 to address inflationary pressures
Percentage margins affected by lower labour efficiency, absolute margins remain on target
UK manufacturing investment targeting process automation and energy efficiency
Alan McWalter, Chairman of Churchill China, commented:
“We are pleased to report a sound revenue and profit performance in the first half of the year and that we are well positioned to continue to grow in line with our established strategy.”