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Churchill China PLC shares jumped on Tuesday, after it said it expects full-year profit to be at the upper end of analyst expectations.
Churchill China is a Stoke-on-Trent, England-based ceramic products’ manufacturer for hospitality markets. Its shares were up 6.3% to 1,270.00 pence each in London on Tuesday around midday.
Churchill China said it expects pretax profit for 2022 to be at the upper end of analyst expectations. The company’s compiled range of market expectations for pretax profit is £8.0 million to £8.8 million. In 2021, it reported pretax profit of £6.0 million.
‘Despite ongoing market uncertainty we have continued to grow revenue in export markets and our UK market position has benefited from our ability to offer a high level of service,’ the company said.
It added that margin levels reman lower than in previous years, although there was ‘some’ improvement in the second half of the year as the company managed the challenges of increased material and energy costs.
Further, Churchill China said its outstanding order book remains above normal levels and progress has been made in improving supply to customers towards the end of the year.
Looking ahead, Churchill China said it will continue to build its market position for the long-term and invest in strategic initiatives aligned to market development, operational efficiency and energy management.
The company plans to announce its preliminary results for 2022 in April.
By Sophie Rose, Alliance News reporter
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