Churchill China PLC - Stoke-on-Trent, England-based ceramic products' manufacturer - Says 2023 profit is in line with market forecasts, despite a "challenging" second half. Revenue for the year dipped to GBP82.1 million from GBP82.5 million in 2022. Decline in revenue offset by "improving manufacturing yields" after overcoming staffing issues. Adds that a reduction in agency staff in the fourth quarter of 2023 supported margin improvement. Looking ahead, it expects demand to "remain weak" for at least the first half of 2024, citing a "challenging" macroeconomic situation in the UK and Europe.
Chair Robin Williams says: "We are pleased that we have delivered a good result in 2023 and have continued to improve profitability and levels of efficiency despite the difficult trading conditions. Churchill China is a resilient business and whilst the outlook for 2024 remains challenging, we are confident that our long-term strategy positions the company well to benefit when demand improves."
The company expects to release its 2023 financial results in April.
Current stock price: 1,240.00 pence, down 6.4% in London on Wednesday morning
12-month change: down 5.7%
By Sabrina Penty, Alliance News reporter
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Churchill China (CHH)