AGM Statement

RNS Number : 7848G

Churchill China PLC

18 May 2011

 



FOR IMMEDIATE RELEASE                                                                                         18 MAY 2011

CHURCHILL CHINA plc

AGM STATEMENT 2011

At the Company's Annual General Meeting today, Jonathan Sparey, Chairman, will make the following statement:

"I am pleased to report that in the period since our Preliminary Results Statement on 30 March 2011, overall trading performance has continued at satisfactory levels with encouraging signs of further growth in our UK hospitality business in particular.

Hospitality revenues for the period to 30 April 2011 are in line with expectations and reflect a good performance in the UK balanced by a slower start in certain export markets, especially the US. The UK has seen a steady improvement in monthly sales activity since January. We have increased our sales and marketing capabilities in a number of export markets and, given the present level of activity in these markets, are confident of making progress through the rest of this year.

Retail revenues over the same period have declined against 2010, in line with our continued change in business mix away from lower margin volume channels in favour of middle market customers in the UK and abroad.  Our performance has been consistent with our revised strategic plan and the quality of earnings is improving.

In summary we are making good progress against our plans to improve profitability for the year as a whole and are very focused on delivering enhanced returns."

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For further information, please contact:

Churchill China plc
Andrew Roper/David Taylor	Tel No:  01782 577566
Buchanan Communications	Tel No: 020 7466 5000
Tim Anderson/Lisa Baderoon
Brewin Dolphin Limited	Tel No: 0845 213 4729
Mark Brady

 

END

 

 

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