Inside Churchill China
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Revenue and profit took a massive hit at Churchill China in 2020 in what has been described as an ‘extraordinary’ year for the business.
The pottery giant saw revenue fall by more than £31 million during the 12-month period, dropping 46 per cent from £67.5 million in 2019 to £36.4 million.
The ceramics seller said it was not “currently appropriate” to declare a final dividend The Raku range. Photo credit: Churchill China PLC
Churchill China PLC (LON:CHH) saw its full-year profits shattered as sales were affected by the Coronavirus pandemic and the consequent restrictions on hospitality markets worldwide.
The ceramics maker posted a pre-tax profit before exceptional items of £848,000 for 2020, down 92% from the previous year, as revenue slumped 46% to £36.4mln.
“Despite our core hospitality markets being amongst the most affected by COVID, we remained profitable across the year, maintained a strong financial position and continued to invest in and develop our business for the longer term,” said chairman Alan McWalter.
These UK shares still look like great buys to me
More on: Image source: Getty Images
Among the UK shares I began building a position in following the pandemic-related sell-off last year were battered ceramic tableware manufacturer
Churchill China(LSE: CHH) and laser-guided equipment specialist
Somero Enterprises(LSE: SOM). Today, I’m taking a look at how they’ve performed since.
Contrarian pick
As might be expected, Churchill’s share price tumbled last year as the hospitality sector closed its doors. As setbacks go, it’s hard to imagine anything worse for this ‘picks and shovels’ business than a raging pandemic. Today’s full-year numbers for 2020 show just how bad things were for the company.