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(CHH.L) Churchill China PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 04-11-09 | RNS |
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RNS Number : 9765B Churchill China PLC 04 November 2009
CHURCHILL CHINA PLC 04 November 2009 Exercise of options and Total Voting Rights Churchill China plc announces that pursuant to the exercise of options under the terms of the Approved Executive Share Option Scheme on 03 November 2009, 10,000 shares have today been issued from treasury. The exercise price was 208p per share. Following the options exercise the Company's capital consists of 10,947,876 Ordinary Shares of which 35,400 Ordinary Shares are held in Treasury. Therefore, the total number of voting rights in Churchill China Plc is 10,912,476. The figure 10,912,476 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Churchill China plc under the FSA's Disclosure and Transparency Rules. For further information, please contact:
David Taylor
Andrew Emmott ENDS. This information is provided by RNS The company news service from the London Stock Exchange END
MSCBIBFTMMMMBIL More |
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| 09-09-09 | RNS |
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RNS Number : 8043Y Churchill China PLC 09 September 2009
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
existing shares to which voting rights are attached: 2 Reason for the notification (please tick the appropriate box or boxes): YES An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
different from 3.):
which the threshold is crossed or reached:
reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
This information is provided by RNS The company news service from the London Stock Exchange END
HOLLLMATMMAMBLL More |
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| 27-08-09 | AFX UK Focus |
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LONDON, Aug 27 (Reuters) - Churchill China PLC:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 27-08-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 0773Y
Churchill China PLC
27 August 2009
For Immediate Release 27 August 2009
CHURCHILL CHINA plc
INTERIM RESULTS
For the six months ended 30 June 2009
Churchill China plc, the manufacturer and global distributor of ceramic tableware and household products to hospitality and retail markets, is pleased to announce its interim results for the six months ended 30 June 2009.
KEY POINTS
* Sales revenue of £19.7m (2008: £20.3m)
* Profit before exceptional items and taxation £0.4m (2008: £1.2m)
* Operating profit £0.4m (2008: £0.8m)
* Earnings per share 2.6p (2008: 8.3p)
* Interim dividend 4.8p (2008: 4.8p)
* Cash £5.8m (2008:£8.4m)
Commenting on the results, Jonathan Sparey, Chairman said:
"I am pleased to report that the Group's overall performance in the first half of the year has been in line with expectations for the half year to 30 June 2009. We remain on track to deliver expected profitability for the full year, which is, as normal, weighted heavily to the stronger second half. Whilst being cautious in relation to the impact of continued economic uncertainty in the short term, we remain confident in our business model, overall strategy and ability to create shareholder value."
For further information, please contact:
Churchill China plc Today on: 020 7466 5000
Andrew Roper/David Taylor thereafter on: 01782 577566
Buchanan Communications Tel No: 020 7466 5000
Tim Anderson/Lisa Baderoon/Rebecca Skye Dietrich
Brewin Dolphin Investment Banking Tel No: 0845 270 8610
Andrew Emmott
Chairman's Statement
Introduction
I am pleased to report that in the first half of the year the Group's overall performance has been in line with expectations for the half year to 30 June 2009. Churchill's profitability was lower than the corresponding period last year principally as a function of lower sales to our Hospitality customers, reflecting weak economic conditions, but revenue growth to Retail customers was well ahead of last year. We remain on track to deliver expected profitability for the full year, which is, as normal, weighted heavily to the stronger second half.
Financial review
Group revenue for the six months to 30 June 2009 was £19.7m, down 3% against the first half of last year (2008: £20.3m). The performance of our businesses has remained at reasonable levels with a contribution before central overheads of £1.8m compared to £2.2m in 2008.
Group operating profit was £0.4m (2008: £0.8m) which principally reflected the impact of lower sales to Hospitality customers. In addition, Group margins were affected by a lower contribution from manufactured product as we switched the production of sourced lines to the UK to allow us to optimise our inventory and cash position. This was partially offset by a stronger performance in the Retail business.
Pre tax profit was well below the corresponding period last year at £0.4m (2008: £1.2m) reflecting the lower operating profit and the absence of a decent return on our cash balances. Last year we enjoyed £0.4m of finance and other income in the first half.
Adjusted earnings per share were 2.6p (2008: 8.3p).
Operating cash generation was good at £0.8m (2008: negative £0.8m) as stock levels were held constant despite lower sales, and working capital was tightly controlled.
Overall cash balances remained at a healthy £5.8m after dividend payments of £1.0m (2008: £1.0m) and capital expenditure of £1.5m (2008: £1.2m) mainly in respect of our now completed new warehouse.
Dividend
The Board is recommending an unchanged dividend of 4.8p per share. The generation of long term returns to shareholders remains a key priority. We have enjoyed good underlying cash generation as a function of tight working capital management and cost control and have a strong, ungeared balance sheet. The dividend will be paid on 5 October 2009 to shareholders on the register on 11 September 2009.
Hospitality
Sales to our Hospitality customers were £11.2m (2008: £12.5m) reflecting a general softening of demand in several markets given prevailing economic conditions. As a result the net contribution was lower at £1.0m (2008: £1.8m).
UK sales were £7.2m (2008:£7.9m) down 9%. Nearly all the sales shortfall in the UK was attributable to a very poor performance in the month of June which has not been repeated in subsequent months. A major UK distributor ceased trading in the second quarter, the ripple effect of which stimulated a wave of destocking and working capital reduction.
In the market as a whole there is evidence that whilst the number of people eating out has been relatively stable, there has been a reduction in spend per head and a general trading down with considerable promotional activity by our customers. This trend may be short lived but it has been pronounced in recent months.
Export sales were down 14% at £4.0m (2008: £4.6m). Churchill is fortunate to benefit from recurring replacement business but any down turn in new installations will affect sales in all markets especially those countries where Churchill is a relatively new entrant. As yet there is little sign of recovery in the Spanish economy where we have a leading position and our sales were 22% below 2008 levels.
We believe that despite sluggish export markets, there are several opportunities to grow sales across a variety of sectors. We continue to invest heavily in new product and market development.
Distributors and end users, who are now more focussed on the minimisation of working capital, place high value on Churchill's unrivalled service and performance in use and we believe this places us in a strong position when demand recovers.
Retail
Sales to our Retail customers improved by 9% to £8.5m (2008: £7.9m) reflecting a good performance in UK volume channels as well as increased activity with middle market customers. Contribution before group overheads almost doubled to £0.8m (2008: £0.4m).
The quality, versatility and design content of our mug portfolio, in particular, has established Churchill as the market leader in this sector; demand for Cath Kidston and Alex Clark mugs has been particularly strong. Our partnership with Disney also enables us to sell to a wide range of outlets not necessarily associated with homewares.
The major new initiative of 2009 has been the launch of ranges for Jamie Oliver. We have concentrated on product and customer development since we won the licence. The revenue that this has generated in the first half has been minimal, however we anticipate good sales in the second half of 2009 and should achieve our revenue objectives in 2010. New product ranges have been well received by major retailers.
A plethora of innovative surface and shape designs, attractive merchandising and a cross section of brands have been key to sales growth and this creativity in our approach to the Retail market will be sustained. Licensors and customers increasingly appreciate Churchill's long term commitment to service, innovation and in-house technical expertise.
Management changes
We have recently implemented a number of important changes to responsibilities of the senior executives reporting to Andrew Roper, CEO. David O'Connor, previously MD of the Retail business and in charge of logistics, has assumed responsibility as MD of the Hospitality business. Iain Hicks has broadened his responsibilities to cover logistics, sourcing and IT. David Taylor has been appointed MD of the Retail business, working closely with the Retail Sales and Marketing Director, whilst retaining his role as Finance Director. They are all highly experienced executives and their changed responsibilities, which have been under consideration for some time, are designed to optimise the effectiveness of the senior management team.
Prospects
Current trading in both divisions remains in line with our performance targets. The outlook for our Hospitality business can be characterised as steady with recent signs of improvement. It is difficult to judge whether we will experience the sales uplift that normally occurs in the final quarter, although that is our current expectation.
We anticipate that our Retail business will continue to gain momentum through the next few months, supported by new ranges, new licences and new listings but progress will be more significant in 2010 as the full impact of the Jamie Oliver and other new marketing activities is felt.
Whilst being cautious in relation to the impact of continued economic uncertainty in the short term, we remain confident in our business model, overall strategy and ability to create shareholder value.
Jonathan Sparey
Chairman
26 August 2009
Churchill China plc
Consolidated Statement of Comprehensive Income
for the year ended 30 June 2009
Audited
Unaudited Unaudited Twelve months to
Six months to Six months to 31 December 2008
30 June 2009 30 June 2008 Before
Exceptional Exceptional
Note Total Total items Items Total
£000 £000 £000 £000 £000
Revenue 19,667 20,307 41,969 - 41,969
Operating profit 1 408 818 2,804 - 2,804
Share of results of associated (14) 40 (71) - (71)
company
Net finance income 2 10 359 629 - 629
Profit before income tax 404 1,217 3,362 - 3,362
Income tax expense 3 (121) (306) (938) (919) (1,857)
Profit for the period 283 911 2,424 (919) 1,505
Other comprehensive
income/(expense)
Actuarial loss on retirement - - (1,022) - (1,022)
benefit obligations
Exchange differences (18) - 43 - 43
Other comprehensive (18) - (979) 0 (979)
income/(expense) for the
period
Total comprehensive income / 265 911 1,445 -919 526
(expense) for the period
Attributable to: 265 911 1,445 -919 526
Equity holders of the parent
All the above figures relate to continuing operations
Pence per Pence per Pence
Share Share Per share
Basic earnings per ordinary 4 2.6 8.3 13.8
share
Diluted basic earnings per ordinary 4 2.6 8.3 13.7
share
Churchill China plc
Consolidated Balance Sheets
As at 30 June 2009
Unaudited Unaudited Audited
30 June 30 June 31 December
2009 2008 2008
£000 £000 £000
Assets
Non Current Assets
Property, plant and equipment 14,690 11,402 13,889
Intangible assets 387 39 397
Investment in associates 729 854 743
Deferred income tax assets 572 257 586
16,378 12,552 15,615
Current Assets
Inventories 8,555 8,675 8,477
Trade and other receivables 7,374 8,573 8,631
Cash and cash equivalents 5,826 8,378 7,738
21,755 25,626 24,846
Total Assets 38,133 38,178 40,461
Liabilities
Current Liabilities
Trade and other payables (6,140) (6,638) (7,466)
Current income tax liabilities (489) (549) (689)
(6,629) (7,187) (8,155)
Non current Liabilities
Deferred income tax liabilities (1,974) (896) (2,055)
Retirement benefit obligations (1,645) (586) (1,640)
Total non current liabilities (3,619) (1,482) (3,695)
Total liabilities (10,248) (8,669) (11,850)
Net Assets 27,885 29,509 28,611
Capital and reserves attributable to
equity holders of the Company
Issued share capital 1,095 1,095 1,095
Share premium account 2,332 2,332 2,332
Treasury shares (138) (138) (138)
Retained earnings 23,372 25,033 24,086
Other reserves 1,224 1,187 1,236
27,885 29,509 28,611
Churchill China plc
Statement of Cash Flows
for the six months ended 30 June 2009
Unaudited Unaudited Audited
Six months to Six months to Tweleve months to
30 June 2009 30 June 2008 31 December 2008
£000 £000 £000
Cash generated from / (used
by) operations
Interest received 803 (826) 2,502
Interest paid 70 285 444
Income tax paid - - (29)
(304) (195) (483)
Net cash from / (used by) 569 (736) 2,434
operating activities
Investing activities
Purchases of property, plant (1,490) (1,230) (4,199)
and equipment
Proceeds on disposal of 13 66 107
property, plant and equipment
Purchases of intangible assets - (17) (382)
Net cash used in investing (1,477) (1,181) (4,474)
activities
Financing activities
Issue of ordinary shares - 9 22
Purchase of treasury shares - (147) (160)
Dividends paid (1,003) (1,007) (1,531)
Net cash used in financing (1,003) (1,145) (1,669)
activities
Net decrease in cash and cash (1,911) (3,062) (3,709)
equivalents
Cash and cash equivalents at 7,738 11,440 11,440
the beginning of the year
Exchange (losses) / gains on (1) - 7
cash and cash equivalents
Cash and cash equivalents at 5,826 8,378 7,738
the end of the year
1. Segmental analysis
For the six months ended 30 June 2009
Hospitality Retail Unallocated Total
£000 £000 £000 £000
6 months to 30 June 2009
Revenue 11,141 8,526 - 19,667
Contribution to group overheads 968 812 - 1,780
Group overheads - - (1,372) (1,372)
Operating profit 968 812 (1,372) 408
Share of results of associate (14) (14)
company
Net finance income 10 10
Profit before income tax (1,376) 404
Income tax expense (121)
Profit for the period 283
6 months to 30 June 2008
Revenue 12,449 7,858 - 20,307
Contribution to group overheads 1,764 451 - 2,215
Group overheads - - (1,397) (1,397)
Operating profit 1,764 451 (1,397) 818
Share of results of associate 40 40
company
Net finance income 359 359
Profit before income tax (998) 1,217
Income tax expense (306)
Profit for the period 911
12 months to 31 December 2008
Revenue 24,952 17,017 - 41,969
Contribution to group overheads 3,668 1,709 - 5,377
Group overheads - - (2,573) (2,573)
Operating profit 3,668 1,709 (2,573) 2,804
Share of results of associated (71) (71)
company
Net finance income 629 629
Profit before income tax (2,015) 3,362
Income tax expense (1,857)
Profit for the period 1,505
2. Finance income and costs
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2009 30 June 2008 31 December 2008
£000 £000 £000
Other interest receivable 70 285 444
Net finance (cost) / credit (60) 74 214
pensions
Finance income 10 359 658
Other interest - - (29)
Finance costs - - (29)
Net finance income 10 359 629
The net finance (cost) / credit arising from pension schemes is a non cash item.
3. Income tax expense
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2009 30 June 2008 31 December 2008
£000 £000 £000
Current tax 102 251 680
Deferred tax 19 55 258
Deferred tax - exceptional - - 919
Income tax expense 121 306 1,857
During 2008, the UK tax regime in relation to Industrial Buildings Allowances (IBAs) was changed following the enactment of certain provisions contained in the Finance Act 2008. As a result IBAs will be phased out in the period 2008 to 2011. The Group provided £nil (2008 full year: £919,000) for the deferred tax liability arising from this change and the charge was treated as exceptional. There was no cash outflow in relation to this change in the year.
4. Earnings per ordinary share
Basic earnings per ordinary share is based on the profit on ordinary activities after taxation and on 10,902,476 (2008: 10,945,524) ordinary shares, being the weighted average number of ordinary shares in issue during the year.
Adjusted earnings per ordinary share is based on the profit on ordinary activities after taxation and adjusted to take into account exceptional profit on disposal of fixed assets.
Unaudited Unaudited Audited
Six months to Year to Twelve months to
30 June 31 December 31 December
2009 2008 2008
Pence per Pence per Pence per
share share share
Basic earnings per share 2.6 8.3 13.8
Adjustments:
Deferred taxation - - - 8.4
industrial buildings allowance
Adjusted earnings per share 2.6 8.3 22.2
Diluted basic earnings per ordinary share is based on the profit on ordinary activities after taxation and on 10,917,916 (2008: 11,009,079) ordinary shares, being the weighted average number of ordinary shares in issue during the year of 10,902,476 (2008: 10,945,524) increased by 15,440 (2008: 63,555) shares, being the weighted average number of ordinary shares which would have been issued if the outstanding options to acquire shares in the Group had been exercised at the average price during the period.
Diluted adjusted earnings per ordinary share is based on the profit on ordinary activities after taxation and adjusted to take into account exceptional profit on disposal of fixed assets.
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2009 31 December 31 December 2008
Pence per Pence per Pence per
share share share
Basic earnings per share 2.6 8.3 13.7
Adjustments:
Deferred taxation - - - 8.4
industrial buildings allowance
Diluted adjusted earnings per 2.6 8.3 22.1
share
5. Reconciliation of operating profit to cash generated from / (used by) operations
Unaudited Unaudited Audited
Six months to Six months to Twelve months to
30 June 2009 30 June 2008 31 December 2008
£000 £000 £000
Cash generated from operations
Operating profit 408 818 2,804
Adjustments for
Depreciation 690 607 1,070
Profit on disposal of (4) (20) (35)
property, plant and equipment
Charge for share based payment 11 12 23
Decrease in retirement benefit (141) (120) (240)
obligations
Changes in working capital:
Inventory (78) (2,015) (1,817)
Trade and other receivables 1,237 1,033 1,021
Trade and other payables (1,320) (1,141) (324)
Cash generated from / (used 803 (826) 2,502
by) operations
6. Basis of preparation and accounting policies
The interim financial information for the period to 30 June 2009 has not been audited or reviewed and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The Company's statutory accounts for the year ended 31 December 2008, prepared in accordance with accounting standards adopted for use in the European Union (International Financial Reporting Standards - IFRS), have been delivered to the Registrar of Companies; the report of the auditors on these accounts was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985.
The interim financial statements have been prepared in accordance with IFRS as adopted by the European Union, IFRIC interpretations and the Companies Act 1985 applicable to companies reporting under IFRS, under the historical cost convention as modified by the revaluation of land and buildings, available for sale financial assets, and financial assets and liabilities (including derivative instruments) at fair value through the profit and loss account. The same accounting policies, presentation and methods of computation are followed in the interim financial statements as were applied in the Group's last audited financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFEDTVIRFIA
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| Date/Time | Subject | Author | ||
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I see that with only 2 trades, 1 buy, 1 sell the price is up 4%. The bid / offer spread seems huge but I don't know if this is supposed to put people off buying, selling or both.
Does anyone have a view on CHH as a recovery stock when the economy picks up? More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 18-05-05 | ||||
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I Have still not found out if the large trades where sell or buys but the intra day chart seems to show an upswing in the price when the big trades go through. Looks to me like they could therefore be buys and if so someone is putting large wedges into this stock at this low price with that mutch money at stake surely they know what they are doing?
If only somone could confirm the trades. If anyone has level 2 does this show. if so could you tell me? cheers More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 18-05-05 | ||||
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I imagine they are all buys. The sell will be a protected trade which will mark at the end of the day.
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| 18-05-05 | ||||
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a lot of the large trades are disguised, does anyone know if they are buys or sells?
would be interesting if any of them where buys More | View thread (4) | Respond | Login to Vote up | Login to Vote down |
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