REG - Churchill China PLC - Interim Results
14/09/2023 07:15
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RNS Number : 3787M Churchill China PLC 14 September 2023
14 September 2023
CHURCHILL CHINA PLC
("Churchill" or the "Company" or the "Group")
INTERIM RESULTS
For the six months ended 30 June 2023
Solid revenue and significant margin progress in the first half
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, 2023.
Highlights:
Financial
Six months to 30 June 2023 Six months to 30 June 2022 % change
Revenue £44.0m £41.4m 6.3%
Operating profit £4.9m £3.5m 39.0%
Profit before tax and exceptional items £5.0m £3.4m 47.1%
Adjusted* earnings per share 34.3p 24.7p 38.9%
Statutory earnings per share 31.9p 28.9p 10.4%
Interim dividend per share 11.0p 10.5p 4.8%
Net cash and deposits £9.9m £15.7m (36.9)%
· Operating profit before exceptional items increased year on year by
39% to £4.9m (2022 H1: £3.5m, FY2022: £9.1m)
· Profit after exceptional items and before tax for the period was
£4.7m, an increase of 20% (2022 H1: £3.9m, FY2022: £9.6m)
· Adjusted* earnings per share were 34.3p (H1 2022: 24.7p, FY2022:
66.9p)
· Interim dividend of 11.0 pence per share (H1 2022: 10.5 pence per
share, FY2022: 31.5 pence per share)
· Net cash and deposits at 30 June 2023 of £9.9m (H1 2022: £15.7m,
FY2022: £14.7m) reflecting planned increases in stocks and reduction of
creditors
Business
· Revenue in the period increased by 6% to £44.0m (H1 2022: £41.4m,
FY2022: £82.5m)
· Hospitality revenue increased by 9.2%
· Stocks successfully built to meet orderbook demand
· Strong demand from customers in the period
· Operating margins improved by 3% as labour efficiency improves
· Price per piece sustained in line with 2022
· Investment strategy continues to focus on innovation, automation and,
energy efficiency to drive long term, sustainable, profit growth
Robin Williams, Chairman of Churchill China, commented:
"We are pleased to report a healthy increase in revenue and profit in the
first half of the year and that despite some market headwinds the Group is in
a good position to meet the Board's profit expectations for the full year."
Analyst meeting
An in-person meeting for analysts will be held at 10.00am today, 14 September
2023, at Buchanan, 107 Cheapside, London EC2V 6DN, along with an online
facility. Please contact Buchanan at ChurchillChina@buchanan.uk.com for
further details.
* Adjusted earnings per share is calculated after adjusting for the post tax
effect of exceptional items
For further information, please contact:
Churchill China plc Tel: 01782 577566
David O'Connor / Michael Cunningham / James Roper
Buchanan Tel: 020 7466 5000
Mark Court / Sophie Wills / Abigail Gilchrist
ChurchillChina@buchanan.uk.com
Investec Tel: 020 7597 5970
David Flin / Alex Wright / William Brinkley
Chairman's Statement
We are pleased to report continued revenue, margin and profit improvement for
the Group during the first half of the year.
Sales revenues increased by 6.3% overall and by 9.2% in our target hospitality
market. Volumes were down year on year due to the general macro-economic
climate and in particular the soft trading conditions within the UK. This is
as a result of our strategic focus on value added product, which has increased
its share of total revenue by 1% year on year and helped to improve the margin
performance of the business.
Increased production costs, driven by both material and labour, have been
mitigated by the price increases implemented last year and improvements in
labour efficiencies and efficient energy purchasing has meant that margin
expectations should be met for the year.
The build of stock has continued in the first half of the year with the aim of
returning to pre-pandemic levels of customer service. This task is almost
complete and as a result the order book has returned to normal levels, with
much improved delivery times as a result. Our performance product is
continuing to gain traction in our overseas markets, sales in which are up 12%
on prior year.
Overall, the continued solid performance, despite difficult trading
conditions, continues to highlight the resilience of the Company's long term
strategy and the strength of the Churchill brand.
Financial Review
Total revenues increased 6.3% in the period from £41.4m to £44.0m (FY2022:
£82.5m). Revenue increases were due in large part to the price increases
implemented in 2022 which have helped with a softer volume requirement in the
period.
Hospitality showed a 9.2% increase over H1 2022 and material sales performed
strongly in the period.
Good progress has been made on gross margin improvement in the period. A 3%
improvement was shown in H1 and this is expected to continue as agency
staffing levels are reduced and energy prices, already forward purchased, feed
through in H2. The Company expects gross margin to continue improving in the
short to medium term.
Operating profit before exceptional expenses increased from £3.4m in H1 2022
to £5.0m in the current period, an increase of 47%. Operating profit was
12.5% ahead at £4.5m against £4.0m in H1 2022.
Adjusted earnings per share before exceptional expenses were 34.3p (H1 2022:
24.7p, FY2022: 66.9p).
Basic earnings per share were 31.9p (H1 2022: 28.9, FY2022: 71.7p).
Profit before taxation after exceptional items was £4.7m (H1 2022: £3.9m,
FY2022: £9.6m).
During the period the Company completed its planned increase in stock levels
to facilitate improved customer service. The required level of inventory has
now been achieved, with the result that cash has reduced in the period from
£14.7m at year end to £9.9m at the end of June.
Capital expenditure has continued at the same level as previous year, with
£2.7m spent in the period (H1 2022: £2.7m, FY2022: £4.9m).
Dividends
During the period the Company paid £2.3m in dividend payments and is pleased
to announce that the Directors recommend an interim dividend of 11.0 pence per
share (H1 2022: 10.5 pence per share, FY2022: 31.5 pence per share) an
increase of approximately 5% on the previous year despite the increase in
corporation tax in the current year to 25% (2022: 19%). This improvement in
dividend is in keeping with the Company's aim of increasing returns to
shareholders and our confidence in the ongoing performance of the business.
This dividend will be payable on 13 October 2023 to shareholders on the
register at 22 September 2023.
Business
The first half of the year has been very positive for the business, with the
Company performing well against its objectives. A slight reduction in volume,
driven by the wider global macro-economic environment highlights the
importance of the Company's focus on defined market segments, quality product,
customer service and the transitioning of customers into value added
offerings.
The Company continues to focus on export to countries where our market share
is low and where opportunities abound for continued growth.
Ceramics
Hospitality revenue for the period was up 9.2% with Europe faring particularly
well at 15% above 2022 levels. Volume for the period was however, down on H1
2022 by 7.8% with over 75% of this reduction coming from the UK, mirroring the
slowdown in the UK market.
Our end user hospitality venues appear to have maintained revenues, whilst
margins are being squeezed. This has had the effect of delaying purchasing
decisions within the marketplace. There is a good level of enquiries which the
Company expects will begin to convert to orders later in the year.
New product launch performance has been strong, with sales more than double
those of 2022 and returning to levels seen pre-pandemic. The schedule for
launches has returned to normal and the sales from last year's new products
are well ahead of target.
The prospective pipeline on new installations remains healthy, particularly in
overseas markets. Despite an increase in the lead time from enquiry to order,
it is expected that a number of these orders will materialise as the general
climate improves and as we enter the key end of year period.
Volume of added value products remained at similar percentage levels to 2022
however the revenue value of this increased by 9.7%.
Materials
Furlong Mills external sales were up 24% year on year with intercompany sales
to Churchill up by a broadly similar 26% during the period. Furlong is in a
similar position to Churchill with efficiencies delivering an improvement to
margin and maintaining the Company's expectations on bottom line
profitability. The Company has forward purchased some of its volatile priced
stock in order to protect against rising commodity pricing and therefore cost
input rises will be kept to a minimum for the foreseeable future.
Operations
As we communicated last year, the Company was constrained by labour
availability and lower levels of workforce experience. The normalisation of
our stock position and the current volumes have allowed manufacturing to focus
on yield improvements along with a reduction in agency staff. This, combined
with the natural improvement in colleague experience, is starting to bear
fruit through better efficiencies in manufacturing, along with lower levels of
waste, and it is through these important value-added activities that the
Company expects to improve margins in the immediate future.
During the period the Company has continued the installation of 1MW of solar
panel arrays which will deliver up to 33% of the factory electricity
requirement in the peak summer months. In addition to this our energy hedging
strategy continues to be to forward purchase contracts when those prices are
favourable and to de-risk future costs.
The Company continues to invest in its automated pressure cast operation with
the addition of an additional 25% of capacity in this area and further capital
spend approved to increase the flexibility and efficiency. Staff training has
also been focused on this area to improve productivity and yields from the
operation and additional work has been completed at Furlong Mills to improve
the material flow to pressure cast production.
Environmental, Social and Governance ('ESG')
As an energy intensive industry, the Company is focussed on reducing the
energy consumption within our operations. As already mentioned, the Company
has invested heavily in solar arrays, but in addition the Company looks on
energy as a strategic area for development, as our customers, shareholders,
and employees expect an environmentally aware approach to our production
techniques. As a result, the Company is investing in research to identify new
processes and materials to reduce the energy required to produce our product.
In addition to this the Company has commenced the journey to identify the
impact of our supply chain emissions and to address the impact of our market
offering through packaging recycling.
We have continued our journey to improve our engagement with our workforce,
particularly within the context of the wider macro-economic environment. We
supply support to assist employees in managing their day-to-day finances
through helplines and, for those who request it we assist with language
lessons to integrate employees into the workplace and to facilitate their
interaction with their colleagues. In addition, the Company continues to
engage with local schools to promote the benefits of a career in
manufacturing.
As a larger employer the Company also focuses on delivering high quality
employment with the opportunity for advancement at all levels of the
organisation. Colleagues are encouraged to cross-skill and all sections and
levels of the business have succession planning as a core requirement.
The Company has always strived to adhere to good governance principles. In
line with this the Company is currently continuing with its succession
activities with the recruitment of a new Audit Committee Chair and expects to
be fully compliant with current guidance on Board Composition before the 2024
AGM.
People
The Company continues to appreciate the high level of commitment and
engagement of our colleagues and was pleased to be able award an above
inflation pay rise in April, at a time when many are struggling in their home
lives with rapidly rising costs. Churchill remains committed to offering the
local community a long-term destination for employment.
Outlook
We believe that the Company is well placed to improve profitability and move
towards the levels of efficiency and productivity that were evident prior to
the pandemic and indeed the first half performance in 2023 illustrates further
progress on this journey. This performance improvement is expected to continue
into the second half of 2023, albeit against the backdrop of a potentially
worsening macroeconomic situation. The Company remains ungeared and in the
current rising interest rate environment this is a welcome position. Rising
interest rates will naturally have an impact on consumer discretionary spend
and therefore impact our markets. The Company will continue to closely monitor
the situation and will respond proportionately. Overall, the Group is in a
good position to meet the Board's profit expectations for the full year.
The Board remains positive that the Company is resilient and operating in the
optimal market segments to deliver long term growth such that, regardless of
the short-term impacts of the economic environment, the Company will continue
to deliver growth over the longer term.
Robin GW Williams
Chairman
13 September 2023
Churchill China plc
Consolidated Income Statement
for the six months ended 30 June 2023
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2023 30 June 2022 31 December 2022
£'000 £'000 £'000
Note
Revenue 1 44,042 41,375 82,528
=========== =========== ===========
Operating profit before exceptional item 1 4,872 3,508 9,142
Exceptional items 2 (359) 471 547
Operating Profit 1 4,513 3,979 9,689
Finance income 3 207 15 60
Finance costs 3 (34) (93) (148)
------------------ ------------------ ------------------
Profit before exceptional item and income tax 5,045 3,430 9,054
Exceptional items 2 (359) 471 547
Profit before income tax 4,686 3,901 9,601
Income tax expense 4 (1,183) (713) (1,706)
------------------ ------------------ ------------------
Profit for the period 3,503 3,188 7,895
=========== =========== ===========
Pence per Pence per Pence per
share share share
Adjusted earnings per ordinary share 5 34.3 24.7 66.9
Basic earnings per ordinary share 5 31.9 28.9 71.7
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2023
Unaudited Unaudited Audited
Six months to Six months to Twelve months
to
30 June 2023 30 June 2022 31 December 2022
£'000 £'000 £'000
Other comprehensive income
Items that will not be reclassified to profit and loss:
Actuarial gain on retirement benefit obligations (net) - - 9,332
Items that may be reclassified subsequently to profit
and loss
Exchange differences - - 58
--------------- -------------- ---------------
Other comprehensive income - - 9,390
Profit for the period 3,503 3,188 7,895
--------------- --------------- ----------------
Total comprehensive income for the period 3,503 3,188 17,285
========== ========= ==========
All above figures relate to continuing operations
Churchill China plc
Consolidated Balance Sheets
as at 30 June 2023
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
£'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 24,056 22,318 23,039
Intangible assets 760 908 849
Deferred income tax assets 130 1,591 132
Retirement benefit assets 7,889 - 6,924
32,835 24,817 30,944
Current assets
Inventories 19,154 11,097 15,889
Trade and other receivables 12,928 14,651 14,380
Other financial assets 3,604 5,016 5,057
Cash and cash equivalents 6,332 10,650 9,604
42,018 41,414 44,930
Total assets 74,853 66,231 75,874
========== ========== =============
Liabilities
Current liabilities
Trade and other payables (11,566) (13,666) (14,291)
----------------- ---------------- ---------------------
Total current liabilities (11,566) (13,666) (14,291)
----------------- ---------------- ---------------------
Non-current liabilities
Lease liabilities payables (554) (515) (477)
Deferred income tax liabilities (4,794) (2,048) (4,458)
Retirement benefit obligations - (6,353) -
----------------- ---------------- ---------------------
Total non-current liabilities (8,916) (4,935)
(5,348)
----------------- ---------------- ---------------------
Total liabilities (16,914) (22,582) (19,226)
========== ========== =============
Net assets 57,939 43,649 56,648
========== ========== =============
Equity
Issued share capital 1,103 1,103 1,103
Share premium account 2,348 2,348 2,348
Treasury shares (431) (431) (431)
Other reserves 1,431 1,230 1,344
Retained earnings 53,488 39,399 52,284
----------------- ---------------- ---------------------
Total equity 57,939 43,649 56,648
=========== ========== =============
Churchill China plc
Consolidated Statement of Changes in Equity
as at 30 June 2023 Issued
Retained share Share Treasury Other Total
earnings capital premium shares reserves Equity
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2022 38,117 1,103 2,348 (80) 1,195 42,683
Comprehensive income
Profit for the period 3,188 - - - - 3,188
Other comprehensive income
Depreciation transfer - gross 6 - - - (6) -
Depreciation transfer - tax (2) - - - 2 -
Deferred tax - change in rate - - - - - -
Currency translation - - - - - -
Total comprehensive income 3,192 - - - (4) 3,188
Transactions with owners
Share based payment - - - - 39 39
Dividends (1,907) - - - - (1,907)
Treasury Shares - - - (351) - (351)
Deferred tax - share based payment (3) - - - - (3)
Total transactions with owners (1,910) - - (351) 39 (2,222)
Balance at 30 June 2022 39,399 1,103 2,348 (431) 1,230 43,649
Comprehensive income
Profit for the period 4,707 - - - - 4,707
Other comprehensive income
Depreciation transfer - gross 6 - - - (6) -
Depreciation transfer - tax (1) - - - 1 -
Re-measurement of retirement 9,332 - - - - 9,332
benefit obligations - net of tax
Currency translation - - - - 58 58
Total comprehensive income 14,044 - - - 53 14,097
Transactions with owners
Dividends relating to 2022 (1,155) - - - - (1,155)
Share based payment - - - - 61 61
Deferred tax - share based payment (4) - - - - (4)
Total transactions with owners (1,159) - - - 61 (1,098)
Balance at 31 December 2022 52,284 1,103 2,348 (431) 1,344 56,648
Churchill China plc
Consolidated Statement of Changes in Equity
as at 30 June 2023 Issued
Retained share Share Treasury Other Total
earnings capital premium shares reserves Equity
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2023 52,284 1,103 2,348 (431) 1,344 56,648
Comprehensive income
Profit for the period 3,503 - - - - 3,503
Other comprehensive income:
Depreciation transfer - gross 7 - - - (7) -
Depreciation transfer - tax (2) - - - 2 -
Total comprehensive income 3,508 - - - (5) 3,503
Transactions with owners
Share based payment - - - - 92 92
Dividends (2,310) - - - - (2,310)
Treasury Shares - - - - - -
Deferred tax - share based payment 6 - - - - 6
Total transactions with owners (2,304) - - - 92 (2,212)
Balance at 30 June 2023 53,488 1,103 2,348 (431) 1,431 57,939
Churchill China plc
Consolidated Cash Flow Statement
for the six months ended 30 June 2023
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2023 30 June 2022 31 December 2022
£'000 £'000 £'000
Cash flows from operating activities
Cash generated from operations (note 6) 436 2,008 4,939
Interest received 117 15 60
Interest paid (34) (21) (35)
Income tax paid (90) (333) (991)
----------------- ----------------- ------------------
Net cash generated from operating activities 429 1,669 3,973
----------------- ----------------- -----------------
Investing activities
Purchases of property, plant and equipment (2,680) (2,644) (4,618)
Proceeds on disposal of property, plant and equipment 34 5 15
Purchases of intangible assets (33) (25) (86)
Net Sale/(Purchase) of other financial assets 1,453 (1,011) (1,052)
----------------- ----------------- -----------------
Net cash used in investing activities (1,226) (3,675) (5,741)
----------------- ----------------- -----------------
Financing activities
Dividends paid (2,310) (1,907) (3,062)
Treasury shares - (352) (351)
Principal element of finance lease payments (165) (131) (263)
----------------- ----------------- -----------------
Net cash generated by / (used in) financing activities (2,475) (2,390) (3,676)
----------------- ----------------- -----------------
Net (decrease)/ increase in cash and cash equivalents (3,272) (4,396) (5,444)
Cash and cash equivalents at the beginning of the period 9,604 15,046 15,046
Exchange gain/(loss) on cash and cash equivalents - - 2
----------------- ----------------- -----------------
Cash and cash equivalents at the end of the period 6,332 10,650 9,604
----------------- ----------------- -----------------
1. Segmental analysis
for the six months ended 30 June 2023
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2023 30 June 2022 31 December 2022
£'000 £'000 £'000
Revenue by class of business
Ceramics 40,101 37,737 75,335
Materials 8,002 6,408 13,500
-------------------------- ------------------------- -----------------------------------
48,103 44,145 88,835
Inter segment (4,061) (2,770) (6,307)
-------------------------- ------------------------- -----------------------------------
44,042 41,375 82,528
--------------------------- -------------------------- ------------------------------------
Revenue by destination
United Kingdom 15,668 16,040 33,244
Rest of Europe 19,970 17,431 31,888
USA 4,801 3,926 8,715
Rest of the World 3,603 3,978 8,681
-------------------------- -------------------------- -----------------------------------
44,042 41,375 82,528
--------------------------- -------------------------- ------------------------------------
1. Segmental analysis (continued)
for the six months ended 30 June 2023
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2023 30 June 2022 31 December 2022
£'000 £'000 £'000
Operating profit before exceptional items
Ceramics 4,208 2,985 7,932
Materials 664 523 1,210
-------------------------- ------------------------- -----------------------------------
4,872 3,508 9,142
--------------------------- -------------------------- ------------------------------------
Exceptional items
Ceramics (359) 471 484
Materials - - 63
-------------------------- ------------------------- -----------------------------------
(359) 471 547
--------------------------- -------------------------- ------------------------------------
Operating profit after exceptional items
Ceramics 3,849 3,456 8,416
Materials 664 523 1,273
-------------------------- ------------------------- -----------------------------------
4,513 3,979 9,689
Unallocated items
Finance income 207 15 60
Finance costs (34) (93) (148)
--------------------------- -------------------------- ------------------------------------
Profit before income tax 4,686 3,901 9,601
--------------------------- -------------------------- ------------------------------------
2. Exceptional
items
During the six months to 30 June 2022, Churchill China plc received a further
£34,000 in relation to the voluntary wind up of the British Pottery
Manufacturers' Federation, of which the Company was a 23.53% shareholder (in
addition to the £471,000 received during 2022). Due to the nature of this
income, the amount received has been treated as exceptional. A total
exceptional cost was also recognised of £393,000 in relation to employee
restructuring costs.
3. Finance income and costs
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2023 30 June 2022 31 December 2022
£'000 £'000 £'000
Finance income
Other interest receivable 117 15 60
Interest on pension scheme 90 - -
Finance income 207 15 60
Finance costs
Interest paid (34) (21) (35)
Interest on pension scheme - (72) (113)
Finance costs (34) (93) (148)
The interest income arising from pension schemes is a non-cash item.
4. Income tax expense
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2023 30 June 2022 31 December 2022
£'000 £'000 £'000
Current taxation 839 392 631
Deferred taxation 344 321 1,075
Income tax expense 1,183 713 1,706
5. Earnings per ordinary share
Basic earnings per ordinary share is based on the profit after taxation
attributable to owners of the Company of £3,503,000 (June 2022: £3,188,000;
December 2022: £7,895,000) and on 10,997,835 (June 2022: 11,020,612; December
2022: 11,009,068) ordinary shares, being the weighted average number of
ordinary shares in issue during the period. Adjusted earnings per ordinary
share is calculated after adjusting for the post tax effect of exceptional
items (see note 2).
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2023 30 June 2022 31 December 2022
Pence per share Pence per share Pence per share
Basic earnings per share 31.9 28.9 71.7
Less exceptional items 2.4 (4.2) (4.8)
Adjusted earnings per share 34.3 24.7 66.9
6. Reconciliation of operating profit to net cash inflow from continuing
activities
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2023 30 June 2022 31 December 2022
£'000 £'000 £'000
Cash flow from operations
Operating profit 4,872 3,508 9,142
Exceptional Income (360) 471 547
Adjustments for
Depreciation and amortisation 1,753 1,481 2,983
Profit on disposal of property, plant and equipment (1) - (4)
Charge for share based payment 91 39 100
Decrease in retirement benefit obligations (875) (875) (1,750)
Changes in working capital
Inventory (3,265) (611) (5,403)
Trade and other receivables 861 (3,833) (3,067)
Trade and other payables (2,640) 1,828 2,391
Cash inflow from operations 436 2,008 4,939
7. Basis of preparation and accounting policies
The financial information included in the interim results announcement for the
six months to 30 June 2023 was approved by the Board on 13 September 2023.
The interim financial information for the six months to 30 June 2023 has not
been audited or reviewed and does not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006. The Company's statutory
accounts for the year ended 31 December 2022, prepared in accordance with
international accounting standards in conformity with the requirements of the
Companies Act 2006.
The interim financial statements have been prepared under the historical cost
convention as modified by the revaluation of land and buildings and financial
assets and liabilities (including derivative instruments) at fair value
through the profit and loss account. The same accounting policies,
presentation and methods of computation are followed in the interim financial
statements as were applied in the Group's last audited financial statements
for the year ended 31 December 2022.
Statutory accounts for the year ended 31 December 2022 have been delivered to
the Registrar of Companies.
8. Share buybacks
The Company did not buy back any ordinary shares during the first six months
of the year but may consider making further ad hoc share buybacks going
forward at the discretion of the Board and subject to the shareholder
authorities approved at the 2023 Annual General
Meeting.
The half-yearly report and this announcement will be available shortly on the
Company's website www.churchill1795.com
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