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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Churchill China Plc | LSE:CHH | London | Ordinary Share | GB0001961035 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1,175.00 | 1,150.00 | 1,200.00 | 1,175.00 | 1,175.00 | 1,175.00 | 14,343 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Misc Homefurnishings Stores | 83.08M | 7.9M | 0.7179 | 16.37 | 129.22M |
TIDMCHH
RNS Number : 5928P
Churchill China PLC
11 June 2020
For immediate release 11 June 2020
CHURCHILL CHINA plc
("Churchill China" or the "Company")
AGM STATEMENT
Churchill China plc (AIM: CHH), the manufacturer of innovative performance ceramic products serving hospitality markets worldwide, will hold its Annual General Meeting at 12 noon today. At the meeting, Alan McWalter, Chairman, will make the following statement:
"I would like to update you on the progress our business has made since our 2019 Preliminary Results announcement on 8 April 2020.
As we anticipated at the time, the impact of the COVID-19 lockdown in the UK and overseas on our sales to hospitality markets has been significant. Following a strong start to the year, trading in April and May was well below normal levels. A number of actions were implemented to mitigate the effect of this reduction in activity, with output, cost and liquidity levels being carefully managed. We have, however, continued to despatch orders from our UK, European and North American warehouses throughout the second quarter of the year.
We are now beginning to see the first signs of an improvement in trading with growing levels of orders and activity. Hospitality outlets in our major European markets have now largely re-opened albeit with some level of restrictions. The UK's exit from lockdown has begun and we anticipate increased market demand over the next few months. However we still expect overall monthly revenues to remain below 2019 levels for some time as hospitality market activity re-adjusts.
During May we re-opened our manufacturing operations in Stoke on Trent at a reduced level of output and under safe working conditions. Output will now be progressively increased until revised operating levels are reached later in the summer. We have commenced a process to adjust costs across our business consistent with these lower levels of activity and as such we have entered into a consultation period with our employees in relation to the potential reduction in the size of our workforce. We hope that this period will allow us to mitigate the effect of this workforce reduction on our employees. No decision has yet been made on the number of redundancies that may result from this process.
Our operational and financial position remains strong and we will continue to target growth in export markets where we have significant potential to increase both market share and revenue over the long term. We have an experienced management team and the Company retains a high degree of flexibility to respond to the anticipated recovery in business conditions. We will also continue to invest in the development of our business."
For further information, please contact:
Churchill China plc Tel: 01782 577566 David O'Connor / David Taylor / James Roper Buchanan Tel: 020 7466 5000 Mark Court / Charlotte Slater Investec Tel: 020 7597 5970 David Flin / Alex Wright / Virginia Bull
This announcement contains information which, prior to its disclosure, was considered inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
AGMKKKBNABKDPAD
(END) Dow Jones Newswires
June 11, 2020 02:00 ET (06:00 GMT)
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