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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -15.00 | -1.71% | 860.00 | 850.00 | 900.00 | 900.00 | 875.00 | 900.00 | 5,828 | 16:35:18 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Homefurnishings Stores | 82.34M | 7.72M | 0.7017 | 12.47 | 96.23M |
From Nov 2022 to Nov 2024
TIDMCHH
RNS Number : 3787M
Churchill China PLC
14 September 2023
14 September 2023
CHURCHILL CHINA PLC
("Churchill" or the "Company" or the "Group")
INTER IM RESULTS
For the six months ended 30 June 2023
Solid revenue and significant margin progress in the first half
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, 2023.
Highlights:
Financial
Hot Features
Premium
Six months to 30 June 2023 Six months to 30 June 2022 % change
Revenue GBP44.0m GBP41.4m 6.3%
--------------------------- --------------------------- ---------
Operating profit GBP4.9m GBP3.5m 39.0%
--------------------------- --------------------------- ---------
Profit before tax and exceptional items GBP5.0m GBP3.4m 47.1%
--------------------------- --------------------------- ---------
Adjusted* earnings per share 34.3p 24.7p 38.9%
--------------------------- --------------------------- ---------
Statutory earnings per share 31.9p 28.9p 10.4%
--------------------------- --------------------------- ---------
Interim dividend per share 11.0p 10.5p 4.8%
--------------------------- --------------------------- ---------
Net cash and deposits GBP9.9m GBP15.7m (36.9)%
--------------------------- --------------------------- ---------
-- Operating profit before exceptional items increased year on year by 39% to GBP4.9m (2022 H1: GBP3.5m, FY2022: GBP9.1m)
-- Profit after exceptional items and before tax for the period was GBP4.7m, an increase of 20% (2022 H1: GBP3.9m, FY2022: GBP9.6m)
-- Adjusted* earnings per share were 34.3p (H1 2022: 24.7p, FY2022: 66.9p)
-- Interim dividend of 11.0 pence per share (H1 2022: 10.5 pence per share, FY2022: 31.5 pence per share)
-- Net cash and deposits at 30 June 2023 of GBP9.9m (H1 2022: GBP15.7m, FY2022: GBP14.7m) reflecting planned increases in stocks and reduction of creditors
Business
-- Revenue in the period increased by 6% to GBP44.0m (H1 2022: GBP41.4m, FY2022: GBP82.5m) -- Hospitality revenue increased by 9.2% -- Stocks successfully built to meet orderbook demand -- Strong demand from customers in the period -- Operating margins improved by 3% as labour efficiency improves -- Price per piece sustained in line with 2022
-- 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:
"We are pleased to report a healthy increase in revenue and profit in the first half of the year and that despite some market headwinds the Group is in a good position to meet the Board's profit expectations for the full year."
Analyst meeting
An in-person meeting for analysts will be held at 10.00am today, 14 September 2023, at Buchanan, 107 Cheapside, London EC2V 6DN, along with an online facility. Please contact Buchanan at ChurchillChina@buchanan.uk.com for further details.
* 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 / Alex Wright / William Brinkley
Chairman's Statement
We are pleased to report continued revenue, margin and profit improvement for the Group during the first half of the year.
Sales revenues increased by 6.3% overall and by 9.2% in our target hospitality market. Volumes were down year on year due to the general macro-economic climate and in particular the soft trading conditions within the UK. This is as a result of our strategic focus on value added product, which has increased its share of total revenue by 1% year on year and helped to improve the margin performance of the business.
Increased production costs, driven by both material and labour, have been mitigated by the price increases implemented last year and improvements in labour efficiencies and efficient energy purchasing has meant that margin expectations should be met for the year.
The build of stock has continued in the first half of the year with the aim of returning to pre-pandemic levels of customer service. This task is almost complete and as a result the order book has returned to normal levels, with much improved delivery times as a result. Our performance product is continuing to gain traction in our overseas markets, sales in which are up 12% on prior year.
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.
Financial Review
Total revenues increased 6.3% in the period from GBP41.4m to GBP44.0m (FY2022: GBP82.5m). Revenue increases were due in large part to the price increases implemented in 2022 which have helped with a softer volume requirement in the period.
Hospitality showed a 9.2% increase over H1 2022 and material sales performed strongly in the period.
Good progress has been made on gross margin improvement in the period. A 3% improvement was shown in H1 and this is expected to continue as agency staffing levels are reduced and energy prices, already forward purchased, feed through in H2. The Company expects gross margin to continue improving in the short to medium term.
Operating profit before exceptional expenses increased from GBP3.4m in H1 2022 to GBP5.0m in the current period, an increase of 47%. Operating profit was 12.5% ahead at GBP4.5m against GBP4.0m in H1 2022.
Adjusted earnings per share before exceptional expenses were 34.3p (H1 2022: 24.7p, FY2022: 66.9p).
Basic earnings per share were 31.9p (H1 2022: 28.9, FY2022: 71.7p).
Profit before taxation after exceptional items was GBP4.7m (H1 2022: GBP3.9m, FY2022: GBP9.6m).
During the period the Company completed its planned increase in stock levels to facilitate improved customer service. The required level of inventory has now been achieved, with the result that cash has reduced in the period from GBP14.7m at year end to GBP9.9m at the end of June.
Capital expenditure has continued at the same level as previous year, with GBP2.7m spent in the period (H1 2022: GBP2.7m, FY2022: GBP4.9m).
Dividends
During the period the Company paid GBP2.3m in dividend payments and is pleased to announce that the Directors recommend an interim dividend of 11.0 pence per share (H1 2022: 10.5 pence per share, FY2022: 31.5 pence per share) an increase of approximately 5% on the previous year despite the increase in corporation tax in the current year to 25% (2022: 19%). This improvement in dividend is in keeping with the Company's aim of increasing returns to shareholders and our confidence in the ongoing performance of the business. This dividend will be payable on 13 October 2023 to shareholders on the register at 22 September 2023.
Business
The first half of the year has been very positive for the business, with the Company performing well against its objectives. A slight reduction in volume, driven by the wider global macro-economic environment highlights the importance of the Company's focus on defined market segments, quality product, customer service and the transitioning of customers into value added offerings.
The Company continues to focus on export to countries where our market share is low and where opportunities abound for continued growth.
Ceramics
Hospitality revenue for the period was up 9.2% with Europe faring particularly well at 15% above 2022 levels. Volume for the period was however, down on H1 2022 by 7.8% with over 75% of this reduction coming from the UK, mirroring the slowdown in the UK market.
Our end user hospitality venues appear to have maintained revenues, whilst margins are being squeezed. This has had the effect of delaying purchasing decisions within the marketplace. There is a good level of enquiries which the Company expects will begin to convert to orders later in the year.
New product launch performance has been strong, with sales more than double those of 2022 and returning to levels seen pre-pandemic. The schedule for launches has returned to normal and the sales from last year's new products are well ahead of target.
The prospective pipeline on new installations remains healthy, particularly in overseas markets. Despite an increase in the lead time from enquiry to order, it is expected that a number of these orders will materialise as the general climate improves and as we enter the key end of year period.
Volume of added value products remained at similar percentage levels to 2022 however the revenue value of this increased by 9.7%.
Materials
Furlong Mills external sales were up 24% year on year with intercompany sales to Churchill up by a broadly similar 26% during the period. Furlong is in a similar position to Churchill with efficiencies delivering an improvement to margin and maintaining the Company's expectations on bottom line profitability. The Company has forward purchased some of its volatile priced stock in order to protect against rising commodity pricing and therefore cost input rises will be kept to a minimum for the foreseeable future.
Operations
As we communicated last year, the Company was constrained by labour availability and lower levels of workforce experience. The normalisation of our stock position and the current volumes have allowed manufacturing to focus on yield improvements along with a reduction in agency staff. This, combined with the natural improvement in colleague experience, is starting to bear fruit through better efficiencies in manufacturing, along with lower levels of waste, and it is through these important value-added activities that the Company expects to improve margins in the immediate future.
During the period the Company has continued the installation of 1MW of solar panel arrays which will deliver up to 33% of the factory electricity requirement in the peak summer months. In addition to this our energy hedging strategy continues to be to forward purchase contracts when those prices are favourable and to de-risk future costs.
The Company continues to invest in its automated pressure cast operation with the addition of an additional 25% of capacity in this area and further capital spend approved to increase the flexibility and efficiency. Staff training has also been focused on this area to improve productivity and yields from the operation and additional work has been completed at Furlong Mills to improve the material flow to pressure cast production.
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 has commenced the journey to identify the impact of our supply chain emissions and to address the impact of our market offering through packaging recycling.
We have continued our journey 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 their colleagues. In addition, the Company continues to engage with local schools to promote the benefits of a career in manufacturing.
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.
The Company has always strived to adhere to good governance principles. In line with this the Company is currently continuing with its succession activities with the recruitment of a new Audit Committee Chair and expects to be fully compliant with current guidance on Board Composition before the 2024 AGM.
People
The Company continues to appreciate the high level of commitment and engagement of our colleagues and was pleased to be able award an above inflation pay rise in April, at a time when many are struggling in their home lives with rapidly rising costs. Churchill remains committed to offering the local community a long-term destination for employment.
Outlook
We believe that the Company is well placed to improve profitability and move towards the levels of efficiency and productivity that were evident prior to the pandemic and indeed the first half performance in 2023 illustrates further progress on this journey. This performance improvement is expected to continue into the second half of 2023, albeit against the backdrop of a potentially worsening macroeconomic situation. The Company remains ungeared and in the current rising interest rate environment this is a welcome position. Rising interest rates will naturally have an impact on consumer discretionary spend and therefore impact our markets. The Company will continue to closely monitor the situation and will respond proportionately. Overall, the Group is in a good position to meet the Board's profit expectations for the full year.
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.
Robin GW Williams
Chairman
13 September 2023
Churchill China plc
Consolidated Income Statement
for the six months ended 30 June 2023
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2023 30 June 2022 31 December 2022
GBP'000 GBP'000 GBP'000
Note
Revenue 1 44,042 41,375 82,528
=========== =========== ===========
Operating profit before exceptional
item 1 4,872 3,508 9,142
Exceptional items 2 (359) 471 547
---------------------------------------- ----- ------------------- ------------------- -------------------
Operating Profit 1 4,513 3,979 9,689
Finance income 3 207 15 60
Finance costs 3 (34) (93) (148)
------------------ ------------------ ------------------
-------------------------------------- ----- ------------------- ------------------- -------------------
Profit before exceptional item and
income tax 5,045 3,430 9,054
Exceptional items 2 (359) 471 547
--------------------------------------- ----- ------------------- ------------------- -------------------
Profit before income tax 4,686 3,901 9,601
Income tax expense 4 (1,183) (713) (1,706)
------------------ ------------------ ------------------
Profit for the period 3,503 3,188 7,895
=========== =========== ===========
Pence
per Pence per Pence per
share share share
Adjusted earnings per
ordinary share 5 34.3 24.7 66.9
Basic earnings per ordinary
share 5 31.9 28.9 71.7
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2023
Unaudited Unaudited Audited
Twelve months
Six months to Six months to to
31 December
30 June 2023 30 June 2022 2022
GBP'000 GBP'000 GBP'000
Other comprehensive income
Items that will not be reclassified to profit
and loss:
Actuarial gain on retirement benefit
obligations (net) - - 9,332
Items that may be reclassified subsequently
to profit
and loss
Exchange differences - - 58
--------------- -------------- ---------------
Other comprehensive income - - 9,390
Profit for the period 3,503 3,188 7,895
--------------- --------------- ----------------
Total comprehensive income for the period 3,503 3,188 17,285
========== ========= ==========
All above figures relate to continuing operations
Churchill China
plc
Consolidated Balance
Sheets
as at 30 June
2023
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant
and equipment 24,056 22,318 23,039
Intangible assets 760 908 849
Deferred income
tax assets 130 1,591 132
Retirement benefit
assets 7,889 - 6,924
------------------ ------------------- ----------------------
32,835 24,817 30,944
------------------ ------------------- ----------------------
Current assets
Inventories 19,154 11,097 15,889
Trade and other
receivables 12,928 14,651 14,380
Other financial
assets 3,604 5,016 5,057
Cash and cash equivalents 6,332 10,650 9,604
------------------ ------------------- ----------------------
42,018 41,414 44,930
------------------ ------------------- ----------------------
Total assets 74,853 66,231 75,874
========== ========== =============
Liabilities
Current liabilities
Trade and other
payables (11,566) (13,666) (14,291)
----------------- ---------------- ---------------------
Total current liabilities (11,566) (13,666) (14,291)
----------------- ---------------- ---------------------
Non-current liabilities
Lease liabilities
payables (554) (515) (477)
Deferred income
tax liabilities (4,794) (2,048) (4,458)
Retirement benefit
obligations - (6,353) -
----------------- ---------------- ---------------------
Total non-current
liabilities (5,348) (8,916) (4,935)
----------------- ---------------- ---------------------
Total liabilities (16,914) (22,582) (19,226)
========== ========== =============
Net assets 57,939 43,649 56,648
========== ========== =============
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 1,431 1,230 1,344
Retained earnings 53,488 39,399 52,284
----------------- ---------------- ---------------------
Total equity 57,939 43,649 56,648
=========== ========== =============
Churchill China plc
Consolidated Statement of Changes in Equity
as at 30 June Issued
2023
Retained share Share Treasury Other Total
earnings capital premium shares reserves Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January 2022 38,117 1,103 2,348 (80) 1,195 42,683
Comprehensive
income
Profit for the period 3,188 - - - - 3,188
Other comprehensive
income
Depreciation transfer
- gross 6 - - - (6) -
Depreciation transfer
- tax (2) - - - 2 -
Deferred tax - - - - - - -
change in rate
Currency translation - - - - - -
------------------------------------- --------- -------- -------- --------- --------- --------
Total comprehensive
income 3,192 - - - (4) 3,188
------------------------------------- --------- -------- -------- --------- --------- --------
Transactions with
owners
Share based payment - - - - 39 39
Dividends (1,907) - - - - (1,907)
Treasury Shares - - - (351) - (351)
Deferred tax -
share based payment (3) - - - - (3)
Total transactions
with owners (1,910) - - (351) 39 (2,222)
------------------------------------- --------- -------- -------- --------- --------- --------
Balance at 30
June 2022 39,399 1,103 2,348 (431) 1,230 43,649
------------------------------------- --------- -------- -------- --------- --------- --------
Comprehensive
income
Profit for the period 4,707 - - - - 4,707
Other comprehensive
income
Depreciation transfer
- gross 6 - - - (6) -
Depreciation transfer
- tax (1) - - - 1 -
Re-measurement of retirement
benefit obligations - net of tax 9,332 - - - - 9,332
Currency translation - - - - 58 58
------------------------------------- --------- -------- -------- --------- --------- --------
Total comprehensive income 14,044 - - - 53 14,097
------------------------------------- --------- -------- -------- --------- --------- --------
Transactions with owners
Dividends relating to 2022 (1,155) - - - - (1,155)
Share based payment - - - - 61 61
Deferred tax - share based payment (4) - - - - (4)
Total transactions with owners (1,159) - - - 61 (1,098)
------------------------------------- --------- -------- -------- --------- --------- --------
Balance at 31 December 2022 52,284 1,103 2,348 (431) 1,344 56,648
------------------------------------- --------- -------- -------- --------- --------- --------
Churchill China plc
Consolidated Statement of Changes in Equity
as at 30 June 2023 Issued
Retained share Share Treasury Other Total
earnings capital premium shares reserves Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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)
Treasury Shares - - - - - -
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
------------------------------------- --------- -------- -------- --------- --------- --------
Churchill China plc
Consolidated Cash Flow Statement
for the six months ended 30 June 2023
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2023 30 June 2022 31 December 2022
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Cash generated from operations (note 6) 436 2,008 4,939
Interest received 117 15 60
Interest paid (34) (21) (35)
Income tax paid (90) (333) (991)
----------------- ----------------- ------------------
Net cash generated from operating activities 429 1,669 3,973
----------------- ----------------- -----------------
Investing activities
Purchases of property, plant and equipment (2,680) (2,644) (4,618)
Proceeds on disposal of property, plant and
equipment 34 5 15
Purchases of intangible assets (33) (25) (86)
Net Sale/(Purchase) of other financial
assets 1,453 (1,011) (1,052)
----------------- ----------------- -----------------
Net cash used in investing activities (1,226) (3,675) (5,741)
----------------- ----------------- -----------------
Financing activities
Dividends paid (2,310) (1,907) (3,062)
Treasury shares - (352) (351)
Principal element of finance lease payments (165) (131) (263)
----------------- ----------------- -----------------
Net cash generated by / (used in) financing
activities (2,475) (2,390) (3,676)
----------------- ----------------- -----------------
Net (decrease)/ increase in cash and cash
equivalents (3,272) (4,396) (5,444)
Cash and cash equivalents at the beginning of
the period 9,604 15,046 15,046
Exchange gain/(loss) on cash and cash
equivalents - - 2
----------------- ----------------- -----------------
Cash and cash equivalents at the end of the
period 6,332 10,650 9,604
----------------- ----------------- -----------------
1. Segmental analysis
for the six months ended 30 June 2023
Unaudited Unaudited Audited
Six months Six months Twelve months
to to to
30 June
2023 30 June 2022 31 December 2022
GBP'000 GBP'000 GBP'000
Revenue
by class
of business
Ceramics 40,101 37,737 75,335
Materials 8,002 6,408 13,500
-------------------------- ------------------------- -----------------------------------
48,103 44,145 88,835
Inter segment (4,061) (2,770) (6,307)
-------------------------- ------------------------- -----------------------------------
44,042 41,375 82,528
--------------------------- -------------------------- ------------------------------------
Revenue
by
destination
United Kingdom 15,668 16,040 33,244
Rest of
Europe 19,970 17,431 31,888
USA 4,801 3,926 8,715
Rest of
the World 3,603 3,978 8,681
-------------------------- -------------------------- -----------------------------------
44,042 41,375 82,528
--------------------------- -------------------------- ------------------------------------
1. Segmental analysis (continued)
for the six months ended 30 June 2023
Unaudited Unaudited Audited
Six months Six months Twelve months
to to to
30 June
2023 30 June 2022 31 December 2022
GBP'000 GBP'000 GBP'000
Operating
profit
before
exceptional
items
Ceramics 4,208 2,985 7,932
Materials 664 523 1,210
-------------------------- ------------------------- -----------------------------------
4,872 3,508 9,142
--------------------------- -------------------------- ------------------------------------
Exceptional
items
Ceramics (359) 471 484
Materials - - 63
-------------------------- ------------------------- -----------------------------------
(359) 471 547
--------------------------- -------------------------- ------------------------------------
Operating
profit
after
exceptional
items
Ceramics 3,849 3,456 8,416
Materials 664 523 1,273
-------------------------- ------------------------- -----------------------------------
4,513 3,979 9,689
Unallocated
items
Finance income 207 15 60
Finance costs (34) (93) (148)
--------------------------- -------------------------- ------------------------------------
Profit before
income tax 4,686 3,901 9,601
--------------------------- -------------------------- ------------------------------------
2. Exceptional items
During the six months to 30 June 2022, Churchill China plc received a further GBP34,000 in relation to the voluntary wind up of the British Pottery Manufacturers' Federation, of which the Company was a 23.53% shareholder (in addition to the GBP471,000 received during 2022). Due to the nature of this income, the amount received has been treated as exceptional. A total exceptional cost was also recognised of GBP393,000 in relation to employee restructuring costs.
3. Finance income and costs
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2023 30 June 2022 31 December 2022
GBP'000 GBP'000 GBP'000
Finance income
Other interest receivable 117 15 60
Interest on pension scheme 90 - -
Finance income 207 15 60
-------------- -------------- -----------------
Finance costs
Interest paid (34) (21) (35)
Interest on pension scheme - (72) (113)
Finance costs (34) (93) (148)
-------------- -------------- -----------------
The interest income arising from pension schemes is a non-cash item.
4. Income tax expense
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2023 30 June 2022 31 December 2022
GBP'000 GBP'000 GBP'000
Current taxation 839 392 631
Deferred taxation 344 321 1,075
Income tax expense 1,183 713 1,706
-------------- -------------- -----------------
5. Earnings per ordinary share
Basic earnings per ordinary share is based on the profit after taxation attributable to owners of the Company of GBP3,503,000 (June 2022: GBP3,188,000; December 2022: GBP7,895,000) and on 10,997,835 (June 2022: 11,020,612; December 2022: 11,009,068) 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 Audited
Six months to Six months to Twelve months to
30 June 2023 30 June 2022 31 December 2022
Pence per share Pence per share Pence per share
Basic earnings per share 31.9 28.9 71.7
Less exceptional items 2.4 (4.2) (4.8)
---------------- ---------------- -----------------
Adjusted earnings per share 34.3 24.7 66.9
---------------- ---------------- -----------------
6. Reconciliation of operating profit to net cash inflow from continuing activities
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2023 30 June 2022 31 December 2022
GBP'000 GBP'000 GBP'000
Cash flow from operations
Operating profit 4,872 3,508 9,142
Exceptional Income (360) 471 547
Adjustments for
Depreciation and amortisation 1,753 1,481 2,983
Profit on disposal of property, plant and equipment (1) - (4)
Charge for share based payment 91 39 100
Decrease in retirement benefit obligations (875) (875) (1,750)
Changes in working capital
Inventory (3,265) (611) (5,403)
Trade and other receivables 861 (3,833) (3,067)
Trade and other payables (2,640) 1,828 2,391
Cash inflow from operations 436 2,008 4,939
-------------- -------------- -----------------
7. Basis of preparation and accounting policies
The financial information included in the interim results announcement for the six months to 30 June 2023 was approved by the Board on 13 September 2023.
The interim financial information for the six months to 30 June 2023 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 2022, 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 2022.
Statutory accounts for the year ended 31 December 2022 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 2023 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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END
IR FLFEAADIVLIV
(END) Dow Jones Newswires
September 14, 2023 02:00 ET (06:00 GMT)
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