27th Mar 2018 12:17
LONDON (Alliance News) - Churchill China PLC said on Tuesday that revenue and profit rose in 2017, increasing its final dividend, though it recorded a slightly slower growth rate for export revenue compared to the year before.
The ceramic products distributor said revenue for 2017 rose to GBP53.5 million from GBP51.5 million in 2016, as pretax profit increased to GBP7.8 million from GBP6.5 million the year before.
Hospitality revenue grew 8% in 2017, compared to a 13% rise in 2016.
Export revenue was up 19% year-on-year to GBP29.5 million, slower than the 27% growth rate in 2016 when export revenue came in at GBP24.9 million. Exports now represent 55% of group revenue, up from 49% the year before.
As we expected, Churchill China said, the UK has been affected by more difficult conditions with a reduction in new restaurant openings. Revenue in this market reduced by 6% in the period, and the company said it has now reviewed its UK market position and changed its approach to reflect current activity levels.
The company proposed a final dividend of 17.2 pence, up 16% on 14.8p the year before.
"I am pleased that I can once again report a strong performance in the year. We have continued to make progress against our long term targets and further invested in our business. We look forward to the coming year with confidence," said Chairman Alan McWalter.
Shares in Churchill China were down 4.8% at 900.00 pence on Tuesday.
Related Shares:
Churchill China
