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30 Aug 2018 | 09:17

Churchill China delivers bumper profits as margins, revenues grow

Churchill China said Thursday first-half profit rose by nearly a quarter supported by increased revenues and margins.

For the six months ended 30 June 2018, profit before tax rose 24% to £3.3m and revenue rose 6% to £27.2m.

Revenue was held back, however, by a £0.9m plunge in UK sales. But growth in hospitality revenue, which accounts for more than 90% of total sales, more than offset lower retail sales, the company said.

The operating margin increased from 10.3% to 11.9%, as the proportion of revenue from sales of added value product increased.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 15% to £4.2m.

The interim dividend was raised by 18% to 8.7p. 'The first half year is increasingly important within our overall annual performance as our business becomes more orientated towards export markets where demand is generally evenly split between the first and second half years,' the company said.

At 9:17am: (LON:CHH) Churchill China PLC share price was +12p at 1012p

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