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Churchill China PLC on Thursday reported gains in market share and increased pricing underpinned strong growth in annual revenue and profitability. The Stoke-on-Trent, England-based ceramic products manufacturer said in the year to December 31 revenue rose 36% to £82.5 million from £60.8 million in the previous year, while pretax profit jumped to £9.6 million from £6.0 million. Basic earnings per share near doubled to 71.7 pence from 37.8 pence before while a final dividend of 21.0 pence per share meant a total payout for the year of 31.5 pence, up 76% from last year’s 24.0 pence. Revenue benefited as a result of market share gain, resulting in increased volumes, and higher price levels implemented to help mitigate the effect of input cost inflation during the period. Gross margins remained lower than their long term average with output and efficiency levels during the year affected by the availability of labour and higher input prices for materials and energy. By division, revenue rose 40% in Hospitality and by 37% in Materials. Looking ahead, the company said 2023 has started well, with targets met for the first three months of the year, with a satisfactory level of activity across its markets. Chair Alan McWalter said: ‘We look forward to delivering an improved performance in 2023.’ Churchill also confirmed Finance Director David Taylor has stepped down with effect from yesterday. The news was first announced in December. Taylor is being succeeded by Marc Sinclair who will join the company on June 1. Shares in Churchill China rose 4.2% to 1,292 pence each in London on Thursday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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