REG - Churchill China PLC - Full Year Trading Update

Churchill ChinaAnnouncement

11/01/2021 07:01

RNS Number : 1451L
  
Churchill China PLC
  
11 January 2021
  
 




For immediate release


11 January 2021



 
 
 
 
 
CHURCHILL CHINA Plc
("Churchill China" or the "Company")
 
FULL YEAR TRADING UPDATE
 
Churchill China plc (AIM: CHH), the manufacturer of innovative performance ceramic products serving hospitality markets worldwide, is pleased to announce the following trading update for the year ended 31 December 2020.
The business has continued to address the impact of COVID on our hospitality markets and operations. Following the update provided with our Interim Report in August 2020 we have maintained good progress against our revised plans. Although the fourth quarter was affected by increasing COVID related restrictions in all our markets, Churchill traded profitably in the second half of the year. We believe we have improved our position in key markets through further investment in sales and new product development. Our financial position remains robust and whilst cash and deposit levels have reduced slightly from the half year, as anticipated, we retain comfortable levels of liquidity. This position will support our forward performance.
We expect improved trading conditions in 2021, although the first quarter of the year will be affected by ongoing government restrictions across our markets. Our preparations for Brexit are in place and we welcome the conclusion of a trade agreement between the United Kingdom and the European Union. Our internal targets for the next year reflect our focus on the longer term and on supporting the continued development of the Churchill business.
Whilst we retain a strong balance sheet, given continuing uncertainty in relation to COVID and government responses, we believe it is too early to declare a dividend at this stage. We will further assess this position at the time of publication of our Preliminary Results in April 2021.
Churchill is a resilient business with an ability to respond quickly to changes in our operating environment. We believe that we remain well placed to recover strongly when market conditions improve.
 
 
For further information, please contact:
 



Churchill China plc


Tel: 01782 577566




David O'Connor / David Taylor / James Roper


















Buchanan


Tel: 0207 466 5000




Mark Court / Sophie Wills / Charlotte Slater


















Investec Bank plc (Nominated Adviser and Broker)








David Flin / Alex Wright 


Tel: 0207 597 5970
 
 



 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
TSTSSMFWAEFSEFF