Page 1

RNS Number : 2996K Churchill China PLC 01 September 2021 For immediate release 1 September 2021 CHURCHILL CHINA plc ( " Churchill " or the " Company " or the " Group " ) INTERIM RESULTS For the six months ended 30 June 2021 Recovery well established with market share gains Churchill China plc ( AIM : CHH ) , the manufacturer of innovative performance ceramic products serving hospitality markets worldwide , is pleased to announce its Interim Results for the six months ended 30 June 2021 . Key Highlights : Financial Operating profit before exceptional items £ 1.1m ( 2020 H1 : £ 0.5m , FY2020 : £ 0.9m ) Profit before exceptional items and tax £ 1.0m ( 2020 H1 : £ 0.5m , FY2020 : £ 0.8m ) Reported profit / ( loss ) before tax after exceptional items £ 1.0m ( 2020 H1 : ( £ 0.4m ) , FY2020 : £ 0.1m ) Adjusted basic earnings per share 4.5p ( 2020 H1 : 3.5p , FY2020 : 6.5p ) Basic earnings / ( loss ) per share 4.5p ( 2020 H1 : ( 2.9p ) , FY2020 : 1.0p ) Re - instated interim dividend of 6.7p per share declared July 2021 ( 2020 H1 : nil ) Net cash and deposits of £ 13.4m ( 2020 H1 : £ 16.3m FY2020 : £ 14.0m ) Cash generated from operations £ 0.9m ( 2020 H1 : £ 3.4m , FY2020 : £ 1.8m ) Business o Working capital increase as revenues rebuild Total revenues £ 23.9m ( 2020 H1 : £ 18.9m FY2020 : £ 36.4m ) o 74 % of 2019 H1 ( 2020 H1 : 59 % , FY2020 : 54 % ) Strong performance following lifting of COVID restrictions o Group : May / June 2021 recovered to 2019 levels o Hospitality : May / June 2021 105 % of 2019 Continued market share gains across key markets Service levels maintained Further investment in UK manufacturing Continued progress on implementation of strategic plans Alan McWalter , Chairman of Churchill China , commented : ' We remain confident that we will make good progress against our business and financial targets in both the short and long term . ' A conference call for analysts will be held at 10.00am today 1 September 2021. Analysts who require dial - in details please contact Buchanan at ChurchillChina@buchanan.uk.com or telephone 020 7466 5000 . For further information , please contact : Churchill China plc Tel : 01782 577566 David O'Connor / David Taylor / James Roper Buchanan Tel : 020 7466 5000 Mark Court / Sophie Wills Investec Tel : 020 7597 5970 David Flin / Alex Wright / Ben Farrow CHAIRMAN'S STATEMENT Introduction 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 . Our commitment to maintaining customer service levels led us to build inventory during 2020 and the early part of 2021 and this has allowed us to meet increasing order levels in the second quarter and into the third quarter of the year . We are now raising manufacturing output to maintain customer service in support of the recovery in demand . Page 1 of 10