27th Mar 2019 09:16
LONDON (Alliance News) - Crockery maker Churchill China PLC hiked its dividend Wednesday after annual profit and revenue grew as its shifts towards exports and higher-margin products continue to deliver.
In 2018, pretax profit widened 13% to GBP8.8 million from GBP7.8 million the year prior. This was after revenue rose 7.5% to GBP57.5 million from GBP53.5 million in 2017.
"2018 has been a very successful year for Churchill; we have exceeded our expectations in relation to business and financial performance and the growth we have achieved sits well in relation to our longer term progress," Churchill Chair Alan McWalter said.
"I am, however, most pleased by the manner in which we have delivered this performance, which is wholly in line with our strategic objectives," McWalter added. "The progress we have made in moving the focus of our business towards Hospitality and export markets, the increased margin we achieve from innovative and differentiated products and the significant reinvestment of this profit in further development all follow the path we established several years ago. We believe that this will be the basis of continued success in the future."
Churchill proposed a 20.3 pence per share final dividend, up 18% from 17.2p the year prior. For the full year, the dividend rose 18% to 29.0p from 24.6p the year before.
"2019 has started well and we believe that we can, subject to external conditions, make further progress," McWalter explained. "However, we remain a business focussed on the long term. Churchill has a robust and well invested business model supported by a strong financial position. Our market and product development plans continue to deliver profitable opportunities for growth and to create value for our business and all its stakeholders."
Shares in Churchill were 1.9% higher at 1,388.00 pence on Wednesday.
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