REG - Churchill China PLC - Full Year Trading Update

Churchill ChinaAnnouncement

10/01/2023 07:00

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RNS Number : 1611M  Churchill China PLC  10 January 2023

 For immediate release  10 January 2023

 

 

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, announces the
following trading update for the year ended 31 December 2022.

The sound performance reported in our half year results on 13 September 2022
continued into the final months of the year.  As a result the Board
anticipates that profit before taxation for the year ended 31 December 2022
will be at the upper end of analyst expectations*.

Despite ongoing market uncertainty we have continued to grow revenue in export
markets and our UK market position has benefited from our ability to offer a
high level of service. As previously noted, margin levels remain lower than in
previous years although there has been some improvement in the second half of
the year as we have managed the challenges of increased material and energy
costs. Our outstanding order book remains above normal levels and progress has
been made in improving supply to customers towards the end of the year. The
rate of incoming orders continues to be satisfactory.

We continue to build our market position for the long term and to invest in
strategic initiatives aligned to market development, operational efficiency
and energy management.

The Company intends to announce its Preliminary Results for the year ended 31
December 2022 in April.

* The Company compiled range of market expectations for profit before taxation
for the financial year ended 31 December 2022 is £8.0m to £8.8m.

 

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 / Abigail Gilchrist

 churchillchina@buchanan.uk.com

 Investec Bank plc (Nominated Adviser and Broker)
 David Flin / Alex Wright / William Brinkley        Tel: 0207 597 5970

 

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