Churchill ‘confident’ after climb in turnover
TURNOVER at Staffordshire pottery maker and distributor Churchill China has climbed while operating profit has stagnated.
In its preliminary results for the year ended December 31, 2010, group turnover climbed year-on-year from £41.7m to £43.7m while operating profit remained unchanged at £2.3m.
Pre-tax profit rose slightly at the Stoke-based company from £2.1m to £2.3m and basic earnings per share rose to 15.8p from 14.3p. Year end net cash is down to £4.4m from £6.9m.
Chairman Jonathan Sparey said: “We are confident that our long term strategy of investment in all aspects of our hospitality business will continue to deliver results, driving an expected increase in market share in the UK, a continued recovery in European accounts and contributing to an improved performance in 2011.
“I am pleased to report that Churchill China made steady progress in 2010 with a clear recovery from the previous year.
“In particular, sales and profitability in our core hospitality business recovered strongly from 2009 levels although this was offset by a materially weaker contribution from our retail business.
“Our consolidated group revenues were up 5% against last year and pre-tax profits were up 11% at £2.3m despite negligible financial income from our average circa £5m cash balances.
“The second half of 2010 again contributed almost 75% of the group’s operating profitability and the new financial year has started positively.”
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