REG - Churchill China PLC - Interim Results
Wed 07:00
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RNS Number : 7365X Churchill China PLC 03 September 2025
3 September 2025
CHURCHILL CHINA PLC
("Churchill" or the "Company" or the "Group")
INTERIM RESULTS
For the six months ended 30 June 2025
Cost actions taken and investments made to counteract difficult market
conditions
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 2025.
Highlights:
Financial
Six months to 30 June 2025 Six months to 30 June 2024 % change
Revenue £38.5m £40.6m (5.2%)
Operating profit £2.8m £4.5m (37.8%)
Profit before tax and exceptional items £3.1m £4.8m (35.4%)
Profit after tax £2.3m £3.6m (36.1%)
Adjusted(+) earnings per share 21.0p 32.8p (35.9%)
Statutory earnings per share 21.0p 32.8p (35.9%)
Interim dividend per share 7.0p 11.5p (39.1%)
Net cash generated from operations £1.1m (£1.0m) 210%
Net cash and deposits £5.6m £7.8m (28%)
· Revenue in the period decreased by 5.2% to £38.5m (H1 2024:
£40.6m, FY2023: £78.3m) with strong performance in the USA and UK
hospitality markets, but weaker performance in Europe, Rest of World and our
materials business.
· Operating profit was £2.8m, £1.7m (37.8%) lower (H1 2024:
£4.5m, FY2024: £8.5m) with lower volumes and cost increases only partially
offset by selling price increases and efficiency gains. Profit before tax down
to £3.1m, £1.7m (35.4% lower (H1 2024: £4.8m, FY2024: £8.5m) EBITDA
reduced by 30.9% to £4.4m (H1 2024: £6.4m, FY2024: £11.7m)
· Profit after tax for the period was £2.3m, a decrease of 36.1%
(H1 2024: £3.6m, FY2024: £6.4m).
· Earnings per share were 21.0p (H1 2024: 32.8p, FY2024: 57.9p)
Interim dividend aligned with earnings levels and 39.1% lower at 7.0 pence per
share (H1 2024: 11.5 pence per share, FY2024: 38.0 pence per share), allowing
for cash utilisation in profit enhancing capital expenditure.
· Net cash and deposits at 30 June 2025 of £5.6m (H1 2024: £7.8m,
FY2024: £10.1m). Cash generated from operations including a reduction in
stock of £0.9m, £2.1m better at £1.2m (H1 2024: (£1.0m), FY2024: £5.1m).
Business
· Stable market share in a contracting market.
· Focussed investment on automation to negate increased labour costs in
anticipation of market recovery.
· Lower sales and production volumes have impacted profitability.
· Added value product sales mix has increased protecting margin.
· The hospitality sector continues to see significant headwinds both in
the UK and in the worldwide market.
Outlook
· Whilst the performance in the period has been below that initially
expected, as highlighted in our July trading update, the Board believes that
the Company is performing well within what is currently a difficult trading
environment.
· We continue to prioritise a healthy cash balance which we intend to
retain.
· We expect our markets to recover in the medium term and see no change
to the long-term potential of the business.
· We remain a well invested business in structured markets with a high
percentage of our revenue originating from replacement orders at good margins.
Robin Williams, Chairman of Churchill China, commented:
"Global hospitality markets remain depressed by weak consumer sentiment and
rising employment costs. We believe we are maintaining share in key
territories, and in the UK and USA we have performed better than the market.
Our focus internally is on reducing our cost base without damaging core skills
and on employing capital spend to bring down cost of production and enable new
product launches at competitive price points."
Analyst meeting
An in-person meeting for analysts will be held at 10.00am today, 3 September
2025, at Burson Buchanan's offices, 107 Cheapside, London EC2V 6DN. For
analysts requiring an online facility, please contact Burson Buchanan at
ChurchillChina@buchanan.uk.com (mailto:ChurchillChina@buchanan.uk.com) for
further details.
For further information, please contact:
Churchill China plc Tel: 01782 577566
David O'Connor / Michael Cunningham / James Roper
Burson Buchanan Tel: 020 7466 5000
Mark Court / Sophie Wills / Abigail Gilchrist
ChurchillChina@buchanan.uk.com (mailto:ChurchillChina@buchanan.uk.com)
Investec Bank plc (Nominated Advisor and Joint Broker) Tel: 020 7597 5970
David Flin / Oliver Cardigan / Maria Gomez de Olea
Panmure Liberum Limited (Joint Broker) Tel: 020 3100 2000
Edward Thomas / John More
Chairman's Statement
During the first half of 2025 we have continued to see the decline in our main
markets that was experienced throughout 2024, driven by continued wage and
other broader cost pressures in the hospitality industry. Against this
challenging background, the Company saw revenues fall 5.2% in the first six
months of the year, along with significant labour cost increases, particularly
the latest National Insurance and minimum wage increases implemented in April
2025. Whilst actions were taken through pricing and efficiency improvement
including headcount reduction, the Company was not able to mitigate fully the
impact on profits in the period, leaving operating profit at £2.8m, some
£1.7m lower than prior year. Product mix has been under particular pressure
with a transition to lower value products in some European markets with
consequent impact on margin and profitability.
Despite these external headwinds the Company continues to focus on operational
efficiency in order to offset the increase in operating costs and to improve
gross margin back to previous levels.
Financial Review
The year has delivered mixed results with North America outperforming 2024 in
hospitality sales by 4% on a constant currency basis however European revenue
was down by 7.7% and the Rest of the World was down by 18.5% with the UK down
by 4%. Total revenues decreased by 5.2% to £38.5m from £40.6m (FY2024:
£78.3m). Of this £2.1m reduction in turnover, £0.8m came from a reduction
in material sales to the Stoke-on-Trent ceramics industry which remains under
pressure.
Gross margin has reduced slightly by 1.2% year on year with a few factors
contributing to this. The Company has reduced production to bring it below
current sales run-rates and this has naturally contributed to a lower recovery
of factory overheads. In addition, the significant increases in labour costs
driven by the 2024 Autumn Budget, material inflation and currency have eroded
margin. On an annualised basis the national minimum wage and National
Insurance increases in the 2023 and 2024 budgets have added £1.5m to our
employment costs.
Although difficult to pass on to customers in a weak market, these cost
headwinds have been partially countered through price increases, together with
a slight improvement in Added Value sales by 1% to 45%. The Company continues
to invest to reduce operational costs and sees further opportunities to do so.
Profit before taxation at £3.1m (H1 2024: £4.8m, FY2024: £8.5m) was 35%
lower than prior year, with operating profit showing a similar absolute
decline.
This has left basic earnings per share at 21.0p (H1 2024: 32.8p, FY2024:
57.9p), a decrease of 36%.
During the six-month period, trade receivables increased by 12.4% from year
end. This has been in the main due to normal seasonal sales activity. In
addition, there has also been a slight increase in debtor days which the
Company has mitigated through increased insurance cover. Cash is lower than
2024 with operational cash generation £2.1m better than prior year. Of
particular note is the improvement in retirement benefits, payments towards
which ceased in September 2024. The Company expects the cash position to
improve as the stock is reduced as evidenced by the £0.9m reduction in stock
holding since year end.
Dividends
The Company has paid £2.9m as a final dividend payment for 2024 and is
pleased to announce that an interim dividend of 7.0 pence per share (H1 2024:
11.5 pence per share, FY2024: 38.0 pence per share) will be paid, a decrease
of 39.1% on the previous year. The dividend will be paid on 10 October 2025 to
shareholders on the register as at 12 September 2025. The Company continues to
have the aim to progressively increase its dividend, however given the current
Company performance and the uncertainty surrounding the resumption of normal
market conditions the Board feels it is prudent to set a dividend level in
line with current earnings and preserve cash balances to enable earnings
enhancing capital expenditure.
Hospitality sales
Hospitality sales for the first half of 2025 were behind 2024 by 4.9%. UK
sales started the year well and our project installations in the National
Channel finished ahead of the previous year. Second quarter confidence was
however affected by the impact of the Autumn Budget, implemented in April
2025, and UK sales at the half year finished 1.1% ahead of the prior year. Our
new project pipeline remains encouraging however the hospitality sector as
widely reported continues to see significant headwinds.
Our European markets have been more difficult with Germany in particular
struggling in the first quarter. Our market position in Europe is more reliant
on the independent restaurant segment, where cost pressures are contracting
the market, and we are more dependent on winning new project installations to
achieve our sales. Competitor intensity is higher than the UK, putting more
pressure on pricing and we have experienced trading down within our Added
Value product portfolio from higher priced non-round pressure cast product to
lower priced round products. European sales finished the half year down 6.8%,
improving from -12% in the first quarter to -3% in the second quarter.
North America has performed well with sales up 1.6% despite the turbulence
around tariffs. We increased our stockholding in market which has strengthened
our service proposition, taking advantage of service problems experienced by
key competitors.
Rest of the World markets have experienced a very difficult first half with
challenging market conditions for independent restaurants combined with a
reduction in new project installations due to customer delays and lower value
transactions. Both the number of projects we are working on and our conversion
rates are similar to last year.
From a product perspective, total volumes have declined but the proportion of
Added Value product sales as a percentage of total volumes increased by 1% to
45%. Our Added Value product sales were 5% behind last year, caused directly
by the decline in our higher priced Pressure Cast products of £1.1m. This
trading down from higher priced, non-round to lower priced, round product has
impacted our top and bottom line. However, we continue to introduce
significant lines of new products, with a focus on innovative technologies and
pressure cast products that allows us to launch at competitive prices. We have
strong manufacturing capabilities aligned with our target markets that are
designed to reignite growth of our Added Value products.
Materials
Furlong Mills' external sales in the period were 20% lower than prior year
with intercompany sales down by 4% during the same period. The loss of
customers to insolvency, albeit only smaller customers, combined with a
reduction in output by some of our larger customers has weighed on Furlong's
profitability.
Operations
We are pleased to report that the skill levels in the factory continue to
improve. By the end of 2025 over 50% of factory colleagues will have achieved
at least white belt qualification in six sigma. The business is focussed on
delivering continuous improvement across the factory and the elimination of
waste.
The Company has continued to invest in automation and new equipment utilising
AI systems to improve efficiency and agility. Whilst the quantum of capital
expenditure has decreased the focus is on the acceleration of projects that
reduce the cost base within the Company. The introduction of last year's new
flat making machine has progressed at significant pace, with more shapes
implemented in a shorter time than previous introductions. The Company has
also delivered the second of our electric preheat units, as well as new
automated loading and unloading units.
As mentioned previously sales volumes have decreased and, in order to manage
cash and inventory levels, production has been reduced below current sales
volumes to reduce stock. This has led to a reduction in factory recoveries
and, as a result employee levels have reduced by 5% in the period. The Company
would like to thank our staff, particularly within the current challenging
economic environment. We appreciate the support of our workforce given the
significant changes we are making in response to cost base and market
pressures.
Environmental, Social and Governance ("ESG")
As an energy intensive business, whilst the majority of our energy is driven
by gas from the perspective of kilowatt hours our energy costs are evenly
split between gas and electricity, and we currently deliver between 20 and 25%
of factory electricity requirement through our solar panel arrays.
We have taken several actions to minimise our carbon footprint through the
transition from gas to electric in areas such as our glazing lines, but this
has not translated into a reduction in energy costs due to the high proportion
of non-commodity costs attached to electricity. Executive management continues
to engage with the industry and, with the UK Government, to push for
recognition within the Electricity Supercharger scheme to assist with these
escalating non-commodity costs. Additionally, we are pushing local
representatives to assist with the current blockage on new solar generation
installations. Current projections are that new solar generation will not be
able to be added to the local grid until 2032 hampering our transition to a
lower carbon environment.
Outlook
Whilst the performance in the period has been lower than last year, the Board
believe that the Company is taking all necessary actions in what is currently,
a difficult trading environment. We continue to win a good percentage of new
projects, and we have a robust order pipeline supported by replacement orders
Despite the drop in sales we are confident that this is driven by market
contraction rather than loss of market share. We continue to strengthen both
our product proposition and manufacturing capability, further improving our
brand and market position in preparation for the recovery in investment levels
in the hospitality industry.
Robin GW Williams
Chairman
3 September 2025
Statement of Directors' Responsibilities
The interim financial information for the six months to 30 June 2025 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 2024, were prepared in accordance with
international accounting standards in conformity with the requirements of the
Companies Act 2006.
The Directors confirm that, to the best of their knowledge:
· the condensed interim financial statements have been prepared in
accordance with the applicable accounting standards and on a basis consistent
with the Company's most recent annual financial statements; and
· the interim management report includes a fair review of the
information required by AIM Rule 18, namely an indication of important events
that have occurred during the first six months of the financial year and their
impact on the financial statements.
Churchill China plc
Consolidated Income Statement
for the six months ended 30 June 2025
Unaudited Unaudited Audited
Six months to Six months Twelve months
to to
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Note
Revenue 1 38,467 40,587 78,279
=========== =========== ===========
Operating profit 1 2,834 4,521 7,995
Finance income 2 310 328 631
Finance costs 2 (44) (46) (90)
------------------ ------------------ ------------------
Profit before income tax 3,100 4,803 8,536
Income tax expense 3 (789) (1,193) (2,171)
------------------ ------------------ ------------------
Profit for the period 2,311 3,610 6,365
=========== =========== ===========
Pence per Pence per Pence per
share share share
Basic earnings per ordinary share 4 21.0 32.8 57.9
============ =========== ===========
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2025
Unaudited Unaudited Audited
Six months to Six months to Twelve months
to
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Other comprehensive (expense)/income
Items that will not be reclassified to profit and loss:
Remeasurements of post-employment benefit obligations net of tax - - (835)
Items that may be reclassified subsequently to profit
and loss
Currency translation differences - - 4
--------------- -------------- ---------------
Other comprehensive (expense)/income - - (831)
Profit for the period 2,311 3,610 6,365
---------------- --------------- ----------------
Total comprehensive income for the period 2,311 3,610 5,534
========== ========= ==========
All above figures relate to continuing operations
Churchill China plc
Consolidated Balance Sheets
as at 30 June 2025 Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 24,353 24,532 24,578
Intangible assets 556 601 616
Deferred income tax assets 131 82 131
Retirement benefit assets 8,409 8,918 8,179
----------------- ---------------- ---------------------
33,449 34,133 33,504
----------------- ---------------- ---------------------
Current assets
Inventories 22,406 21,765 23,318
Trade and other receivables 13,407 14,000 12,191
Cash and cash equivalents 5,600 7,816 10,100
----------------- ---------------- ---------------------
41,413 43,581 45,609
----------------- ---------------- ---------------------
Total assets 74,862 77,714 79,113
=========== ========== =============
Liabilities
Current liabilities
Trade and other payables (7,919) (10,431) (11,508)
----------------- ---------------- ---------------------
Total current liabilities (7,919) (10,431) (11,508)
----------------- ---------------- ---------------------
Non-current liabilities
Lease liabilities (411) (666) (550)
Deferred income tax liabilities (5,872) (5,896) (5,792)
----------------- ---------------- ---------------------
Total non-current liabilities (6,283) (6,562) (6,342)
----------------- ---------------- ---------------------
Total liabilities (14,202) (16,993) (17,850)
========== ========== =============
Net assets 60,660 60,721 61.263
========== ========== =============
Equity attributable to owners of the Company
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 1,160 1,278 1,160
Retained earnings 56,480 56,423 57,083
----------------- ---------------- ---------------------
Total equity 60,660 60,721 61,263
=========== ========== =============
Churchill China plc
Consolidated Statement of Changes in Equity
as at 30 June 2025
Issued Share
Retained share premium Treasury Other Total
earnings capital account shares reserves equity
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 55,558 1,103 2,348 (431) 1,363 59,941
Comprehensive income:
Profit for the period 3,610 - - - - 3,610
Other comprehensive income:
Depreciation transfer - gross 6 - - - (6) -
Depreciation transfer - tax (2) - - - 2 -
Total comprehensive income 3,614 - - - (4) 3,610
Transactions with owners:
Share based payment - - - - (81) (81)
Dividends (2,749) - - - - (2,749)
Total transactions with owners (2,749) - - - (81) (2,830)
Balance at 30 June 2024 56,423 1,103 2,348 (431) 1,278 60,721
Comprehensive income:
Profit for the period 2,755 - - - - 2,755
Other comprehensive income
Depreciation transfer - gross 6 - - - (6) -
Depreciation transfer - tax (1) - - - 1 -
Re-measurement of retirement (835) - - - - (835)
benefit obligations - net of tax
Currency translation - - - - 4 4
Total comprehensive income 1,925 - - - (1) 1,924
Transactions with owners:
Dividends (1,265) - - - - (1,265)
Share based payment - - - - (117) (117)
Total transactions with owners (1,265) - - - (117) (1,382)
Balance at 31 December 2024 57,083 1,103 2,348 (431) 1,160 61,263
Churchill China plc
Consolidated Statement of Changes in Equity
as at 30 June 2025
Issued Share
Retained share premium Treasury Other Total
earnings capital account shares reserves Equity
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2025 57,083 1,103 2,348 (431) 1,160 61,263
Comprehensive income:
Profit for the period 2,311 - - - - 2,311
Total comprehensive income 2,311 - - - - 2,311
Transactions with owners:
Dividends (2,914) - - - - (2,914)
Total transactions with owners (2,914) - - - - (2,914)
Balance at 30 June 2025 56,480 1,103 2,348 (431) 1,160 60,660
Churchill China plc
Consolidated Statement of Cash Flows
for the six months ended 30 June 2025
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Cash flows from operating activities
Cash generated from operations 1,099 (1,004) 5,085
Interest received 80 139 227
Interest paid (44) (46) (90)
Income tax paid (1,287) (1,026) (1,574)
----------------- ----------------- ------------------
Net cash generated from operating activities (152) (1,937) 3,648
----------------- ----------------- -----------------
Investing activities
Purchases of property, plant and equipment (1,283) (1,209) (3,003)
Proceeds on disposal of property, plant and equipment 5 10 39
Purchases of intangible assets (13) (46) (135)
----------------- ----------------- -----------------
Net cash used in investing activities (1,291) (1,245) (3,099)
----------------- ----------------- -----------------
Financing activities
Dividends paid (2,914) (2,749) (4,014)
Principal element of leases (143) (186) (368)
----------------- ----------------- -----------------
Net cash used in financing activities (3,057) (2,935) (4,382)
----------------- ----------------- -----------------
Net decrease in cash and cash equivalents (4,500) (6,117) (3,833)
Cash and cash equivalents at the beginning of the period 10,100 13,933 13,933
----------------- ----------------- -----------------
Cash and cash equivalents at the end of the period 5,600 7,816 10,100
----------------- ----------------- -----------------
Churchill China plc
Reconciliation of operating profit to net cash inflow from continuing
activities
for the six months ended 30 June 2025
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Cash flow from operations
Operating profit 2,834 4,521 7,995
Adjustments for:
Depreciation and amortisation 1,581 1,865 3,666
Gain on disposal of property, plant and equipment (5) (13)
(5)
Charge for share-based payment - (81) (198)
Decrease in retirement benefit obligations - (875) (1,167)
Pension administrative costs - - 94
Changes in working capital
Inventory 912 131 (1,422)
Trade and other receivables (1,216) (2,964) (1,150)
Trade and other payables (3,007) (3,596) (2,720)
----------------- ----------------- -----------------
Net cash flow from operations (1,004) 5,085
1,099
----------------- ----------------- -----------------
1. Basis of preparation and accounting policies
The financial information included in the interim results announcement for the
six months to 30 June 2025 was approved by the Board on 2 September 2025.
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 2024.
Going concern
The Directors, having made suitable enquiries and having analysed the
accounts, consider that the Group has adequate resources to continue trading
for the foreseeable future and in particular for no less than the 12 months
following the publication of these interim accounts.
The Group carries out sensitivity analysis to test the ability of the Group to
withstand a revenue downturn and more precisely the impact of a 10% revenue
reduction across all markets. The Group continues to have access to an
overdraft of £2.5m with Lloyds Bank signed in September 2024.
Statutory accounts for the year ended 31 December 2024 have been delivered to
the Registrar of Companies.
2. Segmental analysis
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2025 30 June 2024 31 December 2024
£'000 £'000
£'000
Market segment - Revenue
Ceramics 35,468 36,821 71,097
Materials 6,048 6,943 13,059
------------------------- ------------------------- ---------------------
41,516 43,764 84,156
Inter segment (3,049) (3,177) (5,877)
------------------------- ------------------------- ----------------------
38,467 40,587 78,279
-------------------------- -------------------------- ---------------------
Geographical segment - Revenue
United Kingdom 15,187 15,819 32,790
Rest of Europe 16,215 17,568 30,790
USA 4,222 3,708 7,232
Rest of the World 2,843 3,492 7,467
-------------------------- -------------------------- ----------------------
38,467 40,587 78,279
-------------------------- -------------------------- ---------------------
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30-Jun-25 30-Jun-24 31-Dec-24
£'000 £'000 £'000
Operating profit
Ceramics 1,962 3,571 6,999
Materials 872 950 996
------------------------- ------------------------- -------------------------
2,834 4,521 7,995
-------------------------- -------------------------- -------------------------
Unallocated items
Finance income 310 328 631
Finance costs -44 -46 -90
-------------------------- -------------------------- -------------------------
Profit before income tax 3,100 4,803 8,536
-------------------------- -------------------------- -------------------------
3.Finance income and costs
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Finance income
Other interest receivable 80 139 227
Interest on pension scheme 230 189 404
Finance income 310 328 631
Finance costs
Interest paid (44) (46) (90)
Finance costs (44) (46) (90)
NET FINANCE INCOME/(COSTS) 266 282 541
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 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Current taxation 709 874 1,688
Deferred taxation 80 319 483
Income tax expense 789 1,193 2,171
5.Earnings per ordinary share
Basic earnings per ordinary share is based on the profit after taxation
attributable to owners of the Company of £2,311,000 (June 2024: £3,610,000;
December 2024: £6,365,000) and on 10,997,835 (June 2024: 10,997,835; December
2024: 10,997,835) ordinary shares, being the weighted average number of
ordinary shares in issue during the period.
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2025 30 June 2024 31 December 2024
Pence per share Pence per share Pence per share
Basic earnings per share 21.0 32.8 57.9
6. 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 2025 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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