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LONDON (Alliance News) - Ceramic products maker Churchill China PLC on Thursday posted higher pretax profit and revenue for 2015 and said it was confident on 2016 after a good start.
The company said pretax profit for the year to the end of December grew 16% to GBP5.0 million from GBP4.3 million in 2014. Gross margins for the group remained broadly flat as a hit from the weak euro was balanced out by improved profits from added-value products.
Revenue grew 5.0% to GBP46.8 million from GBP44.5 million, driven by 8.0% growth in sales to the hospitality industry. Sales to retail customers also grew in the year, slightly ahead of Churchill China's expectations.
The company will pay a final dividend of 12.7 pence per share, up 15% from 11.0p in 2014, taking its total dividend to 18.3p from 16.1p.
"Our business plan continues to evolve steadily with clear targets within an established strategic framework. We will continue building a business for the long term based on excellence in design, quality and customer service, supported by a well invested manufacturing operation and strong balance sheet," said Chairman Alan McWalter.
"The current year has started well, and the board looks forward with confidence," he added.
Churchill China shares were flat at 770.00 pence Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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