9th Apr 2025 13:09
(Alliance News) - Churchill China PLC on Wednesday reported lower revenue and profit for 2024, due to a contraction in its "key markets", though it raised its full-year dividend and said efficiency gains should support future returns.
The Stoke-on-Trent, England-based ceramics manufacturer posted a pretax profit of GBP8.5 million for 2024, down 21% from GBP10.8 million in 2023, as revenue declined 4.9% to GBP78.3 million from GBP82.3 million. Basic earnings per share fell to 57.9 pence from 70.2p.
Despite the earnings drop, Churchill declared a final dividend of 26.5p, bringing the full-year payout to 38.0p per share, up 5.6% from 36.0p a year prior.
Chief Executive Officer David O'Connor said 2024 was "a challenging year with market contraction driving lower sales", particularly in Europe, but noted the company had "accelerated" its continuous improvement programme to drive efficiency and reduce costs.
"We expect to see financial returns from our improvement activities over the coming years as macro conditions and consumer sentiment improve," O'Connor added
Churchill said new installations and projects remain a source of opportunity but noted their number in 2025 is "more uncertain" given ongoing weakness in the hospitality sector. Replacement orders from existing customers, however, remain strong.
Looking ahead, Churchill said it will continue investing in automation and innovation, including energy-saving projects to reduce its carbon footprint. The company ended the year with GBP10.1 million in cash, down from GBP13.9 million in 2023, after increased investment and working capital needs.
Shares in Churchill China were up 8.2% at 530.02 pence in London on Wednesday afternoon. They traded as high as 600.00p in the morning.
By Eva Castanedo, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Churchill China