REG - Churchill China PLC - Interim Results
05/09/2024 07:00
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RNS Number : 9601C Churchill China PLC 05 September 2024
5 September 2024
CHURCHILL CHINA PLC
("Churchill" or the "Company" or the "Group")
INTERIM RESULTS
For the six months ended 30 June 2024
Underlying profitability in line with last year, factory performance continues
to improve.
Churchill China plc (AIM:CHH), the manufacturer of innovative performance
ceramic products serving hospitality markets worldwide, is pleased to announce
its Interim Results for the six months ended 30 June, 2024.
Highlights:
Financial
Six months to 30 June 2024 Six months to 30 June 2023 (restated*) Six months to 30 June 2023 % change (to restated numbers)
Revenue £40.6m £44.0m £44.0m (7.8%)
Operating profit £4.5m £4.5m £4.9m 0.2%
Profit before tax and exceptional items £4.8m £4.7m £5.0m 2.5%
Profit after tax £3.6m £3.5m £3.5m 3.1%
Adjusted(+) earnings per share 32.8p 31.9p 34.3p 2.8%
Statutory earnings per share 32.8p 31.9p 31.9p 2.8%
Interim dividend per share 11.5p 11.0p 11.0p 4.5%
Net cash and deposits £7.8m £9.9m £9.9m (21.3)%
· Revenue in the period decreased by 7.8% to £40.6m (H1 2023: £44.0m,
FY2023: £82.3m)
· Operating profit in line with restated prior year at £4.5m (2023 H1
(Restated): £4.5m, 2023 H1: £4.9m, FY2023: £10.3m) despite lower revenue.
· Profit after tax for the period was £3.6m, an increase of 3.1% (2023
H1 (Restated): £3.5m, 2023 H1: £3.5m, FY2023: £7.7m).
· Earnings per share were 32.8p (2023 H1 (Restated): 31.9p, 2023 H1:
31.9p, FY2023: 70.2p)
· Interim dividend 4.5% higher at 11.5 pence per share (H1 2023: 11.0
pence per share, FY2023: 36.0 pence per share) demonstrating the Board's
continued confidence in the Company.
· Net cash and deposits at 30 June 2024 of £7.8m (H1 2023: £9.9m,
FY2023: £13.9m) reflecting planned increases in finished goods stocks and
increased debtors driven by the seasonal working capital cycle.
Business
· Factory performance continues to improve due to improved staff
training and additional automation.
· UK demand within Nationals sector strong.
· Investment strategy continues to focus on innovation, automation, and
energy efficiency to drive long term, sustainable profit growth.
Robin Williams, Chairman of Churchill China, commented:
"Global hospitality markets continued their flat performance from the second
half of 2023 and remained subdued for early 2024, however Group revenues have
been broadly in line with expectations. A strong operational performance
helped maintain operating profit in line with prior year. We remain dependent
on the stronger demand normally experienced in the final four months to meet
our expectations for the year."
Analyst meeting
An in-person meeting for analysts will be held at 10.00am today, 5 September
2024, at Buchanan, 107 Cheapside, London EC2V 6DN, along with an online
facility. Please contact Buchanan at ChurchillChina@buchanan.uk.com for
further details.
*A net exceptional cost of £359,000 was recognised in the Interim Accounts
for the six months to 30 June 2023; a £393,000 cost in relation to employee
restructuring costs and £34,000 of income in relation to the voluntary wind
up of the British Pottery Manufacturers' Federation, of which the Company was
a 23.5% shareholder. These items were both treated as non-exceptional in the
Annual report 2023 and so the comparative results have been restated
accordingly.
+ Adjusted earnings per share is calculated after adjusting for the post tax
effect of exceptional items
For further information, please contact:
Churchill China plc Tel: 01782 577566
David O'Connor / Michael Cunningham / James Roper
Buchanan Tel: 020 7466 5000
Mark Court / Sophie Wills / Abigail Gilchrist
ChurchillChina@buchanan.uk.com
Investec Tel: 020 7597 5970
David Flin / Oliver Cardigan / Alice King
Chairman's Statement
Whilst 2024 has seen a reduction in revenues compared with 2023, this should
be seen in the context of the planned increases in stock to improve fulfilment
of orders and consequent reduction in order book which took place during 2023.
The Company started 2023 with a £7.2m order book, compared with £2.8m in
2024, such that order intake between the two periods was broadly flat. Factory
cost of production was broadly static during the period with increased input
costs from labour and raw materials being offset by the reducing costs for
energy. The focus on improving efficiency and yields continues and as a result
the overall profit margin slightly increased.
Sales mix and market sentiment has weighed on profitability in H1, but
overall, the continued solid performance, despite difficult trading
conditions, continues to highlight the resilience of the Company's long-term
strategy and the strength of the Churchill brand globally.
Financial Review
Total revenues decreased 7.8% from £44.0m to £40.6m (FY2023: £82.3m) in the
period with the UK holding up well along with the Rest of the World ("ROW")
and the USA, however Europe was weaker compared with expectations. UK sales
value did however come under some pressure from mix effects with turnover
coming in large part from the national sales. On a constant currency basis,
the reduction in turnover was 6.4% in the period.
Gross margin continues to improve with a 2.3% increase in the period despite
cost headwinds such as wage inflation, being driven by factory productivity
improvements. Yields within the factory have improved during the period
benefitting from the ongoing focus on continuous improvement within its
processes and improved skill levels. In addition to these performance
improvements the Company continued to see an increase in value added product
mix.
This improved operational performance and value-added mix helped mitigate the
impact of lower revenues, leaving Operating profit in line with the restated
prior year at £4.5m.
Profit before taxation at £4.8m (H1 2023 (restated): £4.7m, FY2023: £10.8m)
was 2.5% higher than prior year, with in line operating profit benefitting
from slightly higher interest income.
Basic earnings per share were 32.8p (2023 H1 (Restated): 31.9p, 2023 H1:
31.9p, FY2023: 70.2p), an increase of 2.8%.
During the period trade receivables increased significantly. This has been in
the main due to the low level of debtors at year end 2023 rather than a
slowdown in payment. None the less it has impacted the cash position at the
half year with cash expected to be generated through the second half in line
with normal seasonality.
Capital expenditure has been behind management budgets, and it is expected
that this will continue in the second half as supply chains in capital
equipment remain delayed.
Dividends
The Company has paid £2.8m as a final dividend payment for 2023 and is
pleased to announce that an interim dividend of 11.5 pence per share (H1 2023:
11.0 pence per share, FY2023: 36.0 pence per share) will be paid, an increase
of 4.5% on the previous year. The Company continues to have the aim to
progressively increase its dividend, highlighting the Board's confidence in
the business. This dividend will be payable on 11 October 2024 to shareholders
on the register at 13 September 2024.
Ceramics
UK national accounts groups have reported strong trading over the period, with
turnover up, albeit with margins at the lower end. Smaller hospitality outlets
have been struggling and the corresponding revenue from these operations has
been subdued. Market pressures from labour cost increases and food price
inflation have disproportionately impacted the independent hospitality sector
and so new openings and outlet refreshes have been reduced in the period.
Europe performed well in the first quarter but has seen a drop off in
performance in the second quarter ahead of an expected third quarter that is
usually quiet.
The North American and ROW markets have tracked very much in line with
expectations with the ROW in particular showing a healthy pipeline for new
business. This market is particularly reliant on projects and new
installations and there is evidence that this business is beginning to return.
New product launches have continued at pace with launches focussing on
innovative products utilising the Company's improving capabilities. The new
Tide collection, launched in March this year, has been the Company's best
performing new introduction utilising the new ink jet production methods,
delivering a marine feel with an abundance of white space for food
presentation.
The new installation pipeline has continued to grow and whilst there has been
a modest reduction in timing from enquiry to order, the overall timeline
remains elongated although expected to improve as business confidence returns.
Total volumes have declined as expected in the first half compared with 2023
however added value mix has increased slightly from 2024. In addition, margins
have been under pressure in the period but this has been more than compensated
for by the improved yields in the factory.
Materials
Furlong Mills external sales in the period were 4% lower than prior year with
intercompany sales down by 22% during the same period reflecting the approach
of a more balanced, consistent production plan through the year. The Furlong
business has a high proportion of fixed and semi-fixed costs and therefore
profitability is particularly sensitive to levels of demand. The operation is
also dependent on the expected uplift in demand from September.
Operations
The Company is pleased to report that the skill levels in the factory have
recovered through training and the near elimination of agency workers, with
low levels of staff turnover. This settled and better trained workforce has
led to continued improvements in yields within the factory which is now well
placed to benefit from any recovery.
The Company continues to invest in its production processes and some
significant assets are due to arrive in the second half of the year including
a project to replace one of our core flat making machines with a more
efficient and agile piece of equipment.
Environmental, Social and Governance ('ESG')
As an energy intensive industry, the Company is focussed on reducing the
energy consumption within our operations. As already mentioned, the Company
has invested heavily in solar arrays, but in addition the Company looks on
energy as a strategic area for development, as our customers, shareholders,
and employees expect an environmentally aware approach to our production
techniques. As a result, the Company is investing in research to identify new
processes and materials to reduce the energy required to produce our product.
In addition to this the Company is investigating the impact of our supply
chain emissions as well as the potential for offering the recycling of the
packaging of our products.
We have continued to improve our engagement with our workforce, particularly
within the context of the wider macro-economic environment. We supply support
to assist employees in managing their day-to-day finances through helplines
and, for those who request it we assist with language lessons to integrate
employees into the workplace and to facilitate their interaction with
colleagues. In addition, the Company continues to engage with local schools to
promote the benefits of a career in manufacturing.
People
The Company has continued to support staff with an average uplift in salaries
above inflation across the business. As previously stated, the workforce is
now more settled and better trained meaning that delivery of quality on the
factory floor is on a continuous path of improvement, resulting in reduced
product loss and improved profitability.
As a larger employer the Company also focuses on delivering high quality
employment with the opportunity for advancement at all levels of the
organisation. Colleagues are encouraged to cross-skill and all sections and
levels of the business have succession planning as a core requirement.
Martin Payne joined the Board as Senior Independent Director and Audit
Committee Chair during the period, with Brendan Hynes stepping down from the
Board in June 2024.
Outlook
The Board believes that the Company is well positioned to take advantage of a
return to confidence in our markets when that happens but continues to see
subdued activity in our key European markets. As such, we remain dependent on
the stronger demand normally experienced in the final four months of the year
to meet our full-year expectations.
Robin GW Williams
Chairman
5 September 2024
Churchill China plc
Consolidated Income Statement
for the six months ended 30 June 2024
Unaudited Unaudited Unaudited Audited
Six months to Six months to Six months to Twelve months to
30 June 2024 30 June 2023 30 June 2023 31 December 2023
Restated (Note 2)
£'000 £'000 £'000 £'000
Note
Revenue 1 40,587 44,042 44,042 82,339
=========== =========== =========== ===========
Operating profit before exceptional item 1 4,521 4,513 4,872 10,252
Exceptional items 2 - - (359) -
Operating Profit 1 4,521 4,513 4,513 10,252
Finance income 3 328 207 207 611
Finance costs 3 (46) (34) (34) (75)
------------------ ------------------ ------------------ ------------------
Profit before exceptional item and income tax 4,803 4,686 5,045 10,788
Exceptional items 2 - - (359) -
Profit before income tax 4,803 4,686 4,686 10,788
Income tax expense 4 (1,193) (1,183) (1,183) (3,071)
------------------ ------------------ ------------------ ------------------
Profit for the period 3,610 3,503 3,503 7,717
=========== =========== =========== ===========
Pence per Pence per Pence per Pence per
share share share share
Adjusted earnings per ordinary share 5 32.8 31.9 34.3 70.2
Basic earnings per ordinary share 5 32.8 31.9 31.9 70.2
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2024
Unaudited Unaudited Audited
Six months to Six months to Twelve months
to
30 June 2024 30 June 2023 31 December 2023
£'000 £'000 £'000
Other comprehensive income
Items that will not be reclassified to profit and loss:
Remeasurements of post-employment benefit obligations net of tax - - (900)
Items that may be reclassified subsequently to profit
and loss
Exchange differences - - (25)
--------------- -------------- ---------------
Other comprehensive income - - (925)
Profit for the period 3,610 3,503 7,717
--------------- --------------- ----------------
Total comprehensive income for the period 3,610 3,503 6,792
========== ========= ==========
All above figures relate to continuing operations
Churchill China plc
Consolidated Balance Sheets
as at 30 June 2024
Unaudited Unaudited Audited
30 June 30 June 31 December
2024 2023 2023
£'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 24,532 24,056 25,085
Intangible assets 601 760 663
Deferred income tax assets 82 130 82
Retirement benefit assets 8,918 7,889 7,855
34,133 32,835 33,685
Current assets
Inventories 21,765 19,154 21,896
Trade and other receivables 14,000 12,928 11,036
Other financial assets - 3,604 -
Cash and cash equivalents 7,816 6,332 13,933
43,581 42,018 46,865
Total assets 77,714 74,853 80,550
========== ========== =============
Liabilities
Current liabilities
Trade and other payables (10,431) (11,566) (14,355)
----------------- ---------------- ---------------------
Total current liabilities (10,341) (11,566) (14,355)
----------------- ---------------- ---------------------
Non-current liabilities
Lease liabilities payables (666) (554) (677)
Deferred income tax liabilities (5,896) (4,794) (5,577)
----------------- ---------------- ---------------------
Total non-current liabilities (5,348) (6,254)
(6,562)
----------------- ---------------- ---------------------
Total liabilities (16,993) (16,914) (20,609)
========== ========== =============
Net assets 60,721 57,939 59,941
========== ========== =============
Equity
Issued share capital 1,103 1,103 1,103
Share premium account 2,348 2,348 2,348
Treasury shares (431) (431) (431)
Other reserves 1,278 1,431 1,363
Retained earnings 56,423 53,488 55,558
----------------- ---------------- ---------------------
Total equity 60,721 57,939 59,941
=========== ========== =============
(#) Financial assets are deposit accounts with a redemption period exceeding 3
months
Churchill China plc
Consolidated Statement of Changes in Equity
as at 30 June 2024 Issued
Retained share Share Treasury Other Total
earnings capital premium shares reserves Equity
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2023 52,284 1,103 2,348 (431) 1,344 56,648
Comprehensive income
Profit for the period 3,503 - - - - 3,503
Other comprehensive income
Depreciation transfer - gross 7 - - - (7) -
Depreciation transfer - tax (2) - - - 2 -
Total comprehensive income 3,508 - - - (5) 3,503
Transactions with owners
Share based payment - - - - 92 92
Dividends (2,310) - - - - (2,310)
Deferred tax - share based payment 6 - - - - 6
Total transactions with owners (2,304) - - - 92 (2,212)
Balance at 30 June 2023 53,488 1,103 2,348 (431) 1,431 57,939
Comprehensive income
Profit for the period 4,214 - - - - 4,214
Other comprehensive income
Depreciation transfer - gross 5 - - - (5) -
Depreciation transfer - tax (1) - - - 1 -
Re-measurement of retirement (900) - - - - (900)
benefit obligations - net of tax
Currency translation - - - - (25) (25)
Total comprehensive income 3,318 - - - (29) 3,289
Transactions with owners
Dividends (1,209) - - - - (1,209)
Share based payment - - - - (39) (39)
Deferred tax - share based payment (39) - - - - (39)
Total transactions with owners (1,248) - - - (39) (1,287)
Balance at 31 December 2023 55,558 1,103 2,348 (431) 1,363 59,941
Churchill China plc
Consolidated Statement of Changes in Equity
as at 30 June 2024 Issued
Retained share Share Treasury Other Total
earnings capital premium shares reserves Equity
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 55,558 1,103 2,348 (431) 1,363 59,941
Comprehensive income
Profit for the period 3,610 - - - - 3,610
Other comprehensive income:
Depreciation transfer - gross 6 - - - (6) -
Depreciation transfer - tax (2) - - - 2 -
Total comprehensive income 3,614 - - - (4) 3,610
Transactions with owners
Share based payment - - - - (81) (81)
Dividends (2,749) - - - - (2,749)
Total transactions with owners (2,749) - - - (81) (2,830)
Balance at 30 June 2024 56,423 1,103 2,348 (431) 1,278 60,721
Churchill China plc
Consolidated Cash Flow Statement
for the six months ended 30 June 2024
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2024 30 June 2023 31 December 2023
£'000 £'000 £'000
Cash flows from operating activities
Cash generated from operations (note 6) (1,004) 436 8,321
Interest received 139 117 229
Interest paid (46) (34) (75)
Income tax paid (1,026) (90) -
----------------- ----------------- ------------------
Net cash generated from operating activities (1,937) (429) 8,475
----------------- ----------------- -----------------
Investing activities
Purchases of property, plant and equipment (1,209) (2,680) (5,334)
Proceeds on disposal of property, plant and equipment 10 34 54
Purchases of intangible assets (46) (33) (73)
Net Sale/(Purchase) of other financial assets - 1,453 5,057
----------------- ----------------- -----------------
Net cash used in investing activities (1,245) (1,226) (296)
----------------- ----------------- -----------------
Financing activities
Dividends paid (2,749) (2,310) (3,519)
Principal element of finance lease payments (186) (165) (330)
----------------- ----------------- -----------------
Net cash generated by / (used in) financing activities (2,935) (2,475) (3,849)
----------------- ----------------- -----------------
Net (decrease)/ increase in cash and cash equivalents (6,117) (3,272) (4,330)
Cash and cash equivalents at the beginning of the period 13,933 9,604 9,604
Exchange gain/(loss) on cash and cash equivalents - - 1
----------------- ----------------- -----------------
Cash and cash equivalents at the end of the period 7,816 6,332 13,933
----------------- ----------------- -----------------
1. Segmental analysis
for the six months ended 30 June 2024
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2024 30 June 2023 31 December 2023
£'000 £'000 £'000
Revenue by class of business
Ceramics 36,821 40,101 74,159
Materials 6,943 8,002 14,687
-------------------------- ------------------------- -----------------------------------
43,764 48,103 88,846
Inter segment (3,177) (4,061) (6,507)
-------------------------- ------------------------- -----------------------------------
40,587 44,042 82,339
--------------------------- -------------------------- ------------------------------------
Revenue by destination
United Kingdom 15,819 15,668 34,004
Rest of Europe 17,568 19,970 32,949
USA 3,708 4,801 8,399
Rest of the World 3,492 3,603 6,987
-------------------------- -------------------------- -----------------------------------
40,587 44,042 82,339
--------------------------- -------------------------- ------------------------------------
for the six months ended 30 June 2024
Unaudited Unaudited Unaudited Audited
Six months to Six months to Six months to Twelve months to
30 June 2024 30 June 2023 30 June 2023 31 December 2023
Restated (Note 2)
£'000 £'000 £'000 £'000
Operating profit before exceptional items
Ceramics 3,571 3,849 4,208 9,106
Materials 950 664 664 1,146
-------------------------- ------------------------- ------------------------- -----------------------------------
4,521 4,513 4,872 10,252
--------------------------- -------------------------- -------------------------- ------------------------------------
Exceptional items
Ceramics - - (359) -
Materials - - - -
-------------------------- ------------------------- ------------------------- -----------------------------------
- - (359) -
--------------------------- -------------------------- -------------------------- ------------------------------------
Operating profit after exceptional items
Ceramics 3,571 3,849 3,849 9,106
Materials 950 664 664 1,146
-------------------------- ------------------------- ------------------------- -----------------------------------
4,521 4,513 4,513 10,252
Unallocated items
Finance income 328 207 207 611
Finance costs (46) (34) (34) (75)
--------------------------- -------------------------- -------------------------- ------------------------------------
Profit before income tax 4,803 4,686 4,686 10,788
--------------------------- -------------------------- -------------------------- ------------------------------------
2. Restated exceptional item
A net exceptional cost of £359,000 was recognised in the Interim Accounts for
the six months to 30 June 2023; a £393,000 cost in relation to employee
restructuring costs and £34,000 of income in relation to the voluntary wind
up of the British Pottery Manufacturers' Federation, of which the Company was
a 23.5% shareholder. These items were both treated as non-exceptional in the
Annual report 2023 and so the comparative results have been restated
accordingly.
3. Finance income and costs
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2024 30 June 2023 31 December 2023
£'000 £'000 £'000
Finance income
Other interest receivable 139 117 229
Interest on pension scheme 189 90 382
Finance income 328 207 611
Finance costs
Interest paid (46) (34) (75)
Finance costs (46) (34) (75)
The interest income arising from pension schemes is a non-cash item. There is
no impact from restatement on the presentation or value of the items presented
within this note.
4. Income tax expense
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2024 30 June 2023 31 December 2023
£'000 £'000 £'000
Current taxation 874 839 1,635
Deferred taxation 319 344 1,436
Income tax expense 1,193 1,183 3,071
There is no impact from restatement on the
presentation or value of the items presented within this note.
5. Earnings per ordinary share
Basic earnings per ordinary share is based on the profit after taxation
attributable to owners of the Company of £3,610,000 (June 2023: £3,503,000;
December 2023: £7,717,000) and on 10,997,835 (June 2022: 10,997,835; December
2022: 10,997,835) ordinary shares, being the weighted average number of
ordinary shares in issue during the period. Adjusted earnings per ordinary
share is calculated after adjusting for the post tax effect of exceptional
items (see note 2).
Unaudited Unaudited Unaudited Audited
Six months to Six months to Six months to Twelve months to
30 June 2024 30 June 2023 30 June 2023 31 December 2023
Restated (Note 2)
Pence per share Pence per share Pence per share Pence per share
Basic earnings per share 32.8 31.9 31.9 70.2
Less exceptional items - - 2.4 -
Adjusted earnings per share 32.8 31.9 34.3 70.2
6. Reconciliation of operating profit to net cash inflow from continuing
activities
Unaudited Unaudited Unaudited Audited
Six months to Six months to Six months to Twelve months to
30 June 2024 30 June 2023 30 June 2023 31 December 2023
Restated (Note 2)
£'000 £'000 £'000 £'000
Cash flow from operations
Operating profit 4,521 4,513 4,872 10,252
Exceptional Income - - (359) -
Adjustments for
Depreciation and amortisation 1,865 1,753 1,753 3,510
Profit on disposal of property, plant and equipment (5) (1) (16)
(1)
Charge for share based payment (81) 91 91 53
Decrease in retirement benefit obligations (875) (875) (875) (1,750)
Changes in working capital
Inventory 131 (3,265) (3,265) (6,007)
Trade and other receivables (2,964) 861 861 2,346
Trade and other payables (3,596) (2,641) (2,641) (67)
Cash inflow from operations (1,004) 436 436 8,321
7. Basis of preparation and accounting policies
The financial information included in the interim results announcement for the
six months to 30 June 2024 was approved by the Board on 4 September 2024.
The interim financial information for the six months to 30 June 2024 has not
been audited or reviewed and does not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006. The Company's statutory
accounts for the year ended 31 December 2023, prepared in accordance with
international accounting standards in conformity with the requirements of the
Companies Act 2006.
The interim financial statements have been prepared under the historical cost
convention as modified by the revaluation of land and buildings and financial
assets and liabilities (including derivative instruments) at fair value
through the profit and loss account. The same accounting policies,
presentation and methods of computation are followed in the interim financial
statements as were applied in the Group's last audited financial statements
for the year ended 31 December 2023.
Statutory accounts for the year ended 31 December 2023 have been delivered to
the Registrar of Companies.
8. Share buybacks
The Company did not buy back any ordinary shares during the first six months
of the year but may consider making further ad hoc share buybacks going
forward at the discretion of the Board and subject to the shareholder
authorities approved at the 2024 Annual General Meeting.
The half-yearly report and this announcement will be available shortly on the
Company's website www.churchill1795.com
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