Profits collapse at ceramics firm after ‘extraordinary’ year
Profits at Stoke-based ceramics firm Churchill China have been all but wiped out after what it called an “extraordinary” year.
A collapse in hospitality trade – a key sector for the firm – meant that the firm made a surplus of just £100,000 in 2020, down from £11.3m in 2019.
Meanwhile, revenues dropped from £67.5 in 2019 to £36.4m last year.
Churchill China says it saved £800,000 as part of job cuts in 2020. Although it hasn’t confirmed how many roles were axed, last year unions said as many as 250 staff were made redundant.
Alan McWalter, chairman of Churchill China, said: “We believe that we are well positioned to respond to the forthcoming reopening of our markets and have an improved competitive position supported by a sound operational and financial base.
“Churchill is a long established, resilient business with strong foundations. We believe that we are well placed to build momentum in our trading performance throughout the rest of the year.”