29th Aug 2019 10:25
(Alliance News) - Churchill China PLC on Thursday reported double-digit growth in earnings in the first half of 2019 and assured investors that it is prepared for "various" Brexit scenarios.
The ceramic products manufacturer said pretax profit for the six months to the end of June rose by 30% to GBP4.3 million from GBP3.3 million a year prior, as revenue increased by 17% to GBP31.9 million from GBP27.3 million.
Churchill China raised its interim dividend by 18% to 10.3 pence compared to 8.7p paid a year before.
Looking ahead, the company said it reviewed its exposure to various Brexit scenarios. Churchill China noted that a major part of its revenue is earned outside of the UK and it has developed "sensible" plans to mitigate the effect of disruption on its business where possible.
The AIM-listed company also noted that its current trading remains in line with expectations and it expects to make further progress in the reminder of the year.
"Churchill has been substantially re-positioned as a business over the past five years. We have emphasised the development of differentiated high margin products in Hospitality and exited from markets where we did not have a competitive advantage," explained Chair Alan McWalter.
"We have a well invested business supported by a strong balance sheet," added McWalter.
Churchill China shares were trading 0.6% lower in London on Thursday at 1,576.00 pence each.
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