By Anthony O. Goriainoff
Churchill China said that first-half pretax profit rose as revenue increased mostly due to the implementation of higher prices, and that despite some market headwinds it was in a good position to meet the board’s profit expectations for the year.
The London-listed ceramic-products manufacturer said Thursday that the price increases implemented in 2022 helped with the period’s 7.8% fall in volumes–75% of which came from the U.K. as it mirrored the slowdown in the country’s market–.
The company said pretax profit was 4.7 million pounds ($5.9 million) compared with a pretax profit of GBP3.9 million the year before.
Revenue rose to GBP44 million from GBP41.4 million.
The board declared an interim dividend of 11.0 pence a share, up from 10.5 pence the year prior.
“The board remains positive that the company is resilient and operating in the optimal market segments to deliver long term growth such that, regardless of the short-term impacts of the economic environment, the company will continue to deliver growth over the longer term,” the company said.
Shares at 0715 GMT were up 30 pence, or 2.3%, at 1,325 pence.
Write to Anthony O. Goriainoff at [email protected]
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