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CHH Churchill China Plc

1,165.00
-35.00 (-2.92%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  -35.00 -2.92% 1,165.00 1,130.00 1,200.00 1,200.00 1,165.00 1,200.00 22,310 15:57:43
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Misc Homefurnishings Stores 83.08M 7.9M 0.7179 16.23 128.12M

Churchill China PLC FCA Results Moratorium and COVID-19 Update (3973H)

24/03/2020 12:41pm

UK Regulatory


Churchill China (LSE:CHH)
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From Mar 2019 to Mar 2024

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TIDMCHH

RNS Number : 3973H

Churchill China PLC

24 March 2020

 
 For immediate release   24 March 2020 
 

CHURCHILL CHINA plc

("Churchill China" or the "Company")

FCA Results Moratorium and COVID-19 update

Churchill China plc (AIM: CHH), the manufacturer of innovative performance ceramic products serving hospitality markets worldwide, makes the following announcement.

The Financial Conduct Authority (FCA) and Financial Reporting Council (FRC) have issued guidance asking public companies to delay the release of Preliminary Results for at least two weeks. Accordingly Churchill China will delay the release of its Preliminary Results for the year ended 31 December 2019, originally scheduled on Thursday 26 March 2020. The Company will await further guidance from the FCA with regard to the timing of the publication of its Preliminary Results.

In advance of the issue of the Company's audited Preliminary Results, we today release the following unaudited financial information for the year to 31 December 2019, which confirms a strong performance during the year.

Revenue: GBP67.5m (2018: GBP57.5m)

Profit before income tax: GBP11.3m, including exceptional credits of GBP0.1m (2018: GBP8.9m after exceptional costs of GBP0.5m).

Net cash and deposits: (excluding lease liabilities) GBP15.6m (2018: GBP17.4m).

COVID-19

The hospitality sector we serve has already been affected by COVID-19 and the level of impact on Churchill's operations remains uncertain. Management has acted quickly to develop and implement plans aimed at preserving the safety of our employees and the long term health of the business. These contingency plans have focussed on significantly reducing the cash cost of our operations in the short term.

Substantially the largest part of Churchill's cost base is represented by direct materials, manpower and energy costs. Recent announcements in relation to Government support for employment will facilitate this cost reduction programme and we have taken the decision to temporarily suspend manufacturing operations until the business environment is clearer. This will significantly reduce our cost of operation without impacting customer service levels which will be fulfilled from existing inventory.

The Company has a positive cash position and a strong balance sheet. We retain the ability to act quickly to actively manage cash outflows in the short and medium term.

Owing to the evolving COVID-19 position and consequent lack of visibility, no formal guidance will be given on future financial performance until further notice.

For further information, please contact:

 
 Churchill China plc                          Tel: 01782 577566 
 David O'Connor / David Taylor 
 
 Buchanan                                    Tel: 020 7466 5000 
 Mark Court / Charlotte Slater 
 
 Investec Bank plc 
 David Flin / Alex Wright / David Anderson   Tel: 020 7597 5970 
 

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

MSCUSOURRKUOUAR

(END) Dow Jones Newswires

March 24, 2020 08:41 ET (12:41 GMT)

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