Full Year Trading Update

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: [phone]
David O'Connor / David Taylor / James Roper
Buchanan	Tel: [phone]
Mark Court / Abigail Gilchrist [e-mail]
Investec Bank plc (Nominated Adviser and Broker)
David Flin / Alex Wright / William Brinkley	Tel: [phone]

 

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