Churchill China PLC Full Year Trading Update (1451L)
January 11 2021 - 2:00AM
UK Regulatory
TIDMCHH
RNS Number : 1451L
Churchill China PLC
11 January 2021
For immediate release 11 January 2021
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,
is pleased to announce the following trading update for the year
ended 31 December 2020.
The business has continued to address the impact of COVID on our
hospitality markets and operations. Following the update provided
with our Interim Report in August 2020 we have maintained good
progress against our revised plans. Although the fourth quarter was
affected by increasing COVID related restrictions in all our
markets, Churchill traded profitably in the second half of the
year. We believe we have improved our position in key markets
through further investment in sales and new product development.
Our financial position remains robust and whilst cash and deposit
levels have reduced slightly from the half year, as anticipated, we
retain comfortable levels of liquidity. This position will support
our forward performance.
We expect improved trading conditions in 2021, although the
first quarter of the year will be affected by ongoing government
restrictions across our markets. Our preparations for Brexit are in
place and we welcome the conclusion of a trade agreement between
the United Kingdom and the European Union. Our internal targets for
the next year reflect our focus on the longer term and on
supporting the continued development of the Churchill business.
Whilst we retain a strong balance sheet, given continuing
uncertainty in relation to COVID and government responses, we
believe it is too early to declare a dividend at this stage. We
will further assess this position at the time of publication of our
Preliminary Results in April 2021.
Churchill is a resilient business with an ability to respond
quickly to changes in our operating environment. We believe that we
remain well placed to recover strongly when market conditions
improve.
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 / Sophie Wills / Charlotte
Slater
Investec Bank plc (Nominated Adviser
and Broker)
David Flin / Alex Wright Tel: 0207 597 5970
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END
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