Churchill China has released its results for the six months to June 30, 2021. Total revenues came in at £23.9 million, 27 per cent up from the £18.9 million YOY with pre-tax profits at £1 million.
In a statement to the stock exchange, chairman Alan McWalter said: “I am pleased to report that Churchill’s trading has continued to recover strongly following the easing of covid-related market restrictions in the UK, Europe and other export markets in the second quarter of 2021. “Our decision to maintain operational levels when many of our markets were dormant has allowed us to secure a swift recovery as market demand has increased. Current trading is at levels ahead of the comparable period in 2019 and whilst market activity has not yet fully returned, we believe we have secured further gains in market share across our key markets in line with our long term growth objectives.”
The company’s performance during the first half of 2021 reflects the impact of market restrictions on the hospitality industry with early sales below expectations due to the ongoing lockdowns in the UK, Europe and USA. However, as restrictions relaxed – first in the UK and USA and later in Europe – the company saw a strong increase in orders. Manufacturing output is now at 70 per cent of that for the first half of 2019, but the company is now increasing its output.
Share