Interim report
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RNS Number : 6410TChurchill China PLC07 September 2026 7 September 2026 CHURCHILL CHINA PLC ("Churchill" or the "Company" or the "Group") INTERIM RESULTS For the six months ended 30 June 2026 Stabilised hospitality sales and continued cost control Churchill China plc (AIM:CHH), the manufacturer of innovative performance ceramic products serving hospitality marketsworldwide, is pleased to announce its Interim Results for the six months ended 30 June 2026. Highlights: Financial Six months to 30 June 2026 Six months to 30 June 2025 % change Revenue £37.4m £38.5m -2.9% Operating profit before exceptional items £2.3m £2.8m -17.9% Profit before tax and exceptional items £2.5m £3.1m -19.4% Profit after tax £1.7m £2.3m -26.1% Statutory earnings per share 15.3p 21.0p -27.1% Adjusted earnings per share* 16.8p 21.0p -20.0% Interim dividend per share 7.0p 7.0p 0.0% Net cash generated from/(used in) operations £0.8m (£0.2m) +500% Net cash and deposits £8.5m £5.6m +51.8% *Adjusted for exceptional items and tax effects thereof, for reference, total exceptionals are £220k (£125k ERP implementation, £95k pension buy-inadvisory costs). · Revenue in the period decreased by 2.9% to £37.4m (H1 2025: £38.5m, FY2025: £76.3m) European and US saleswere slightly ahead compared to H1 2025, with the Rest of the World region broadly in line. UK hospitality saleswere down 3.3% and material sales were behind 2025 by 16.5%.· Operating profit before exceptional items was £2.3m, £0.5m (17.9%) lower (H1 2025: £2.8m, FY2025: £5.6m)reflecting reduced revenues and increased warehousing and distribution costs.· Profit before tax and exceptional items down to £2.5m (19.4% lower) (H1 2025: £3.1m, FY2025: £6.0m)· Profit after tax for the period was £1.7m, a decrease of 26.1% (H1 2025: £2.3m, FY2025: £4.4m).· Basic Earnings per share were 15.3p (H1 2025: 21.0p, FY2025: 39.7p).· Interim dividend maintained at 7.0 pence per share (H1 2025: 7.0 pence per share, FY2025: 21.0 pence per share).· Net cash and deposits at 30 June 2026 of £8.5m (H1 2025: £5.6m, FY2025: £10.8m) showing improved cashgeneration versus June 2025 and a healthy balance sheet. Business · Sales decline from 2025 has stabilised in a contracting market.· Tangible improvements in factory performance from capital projects with more automation investment planned.· Stock further reduced in H1 driving cash generation.· Sales revenues from pressure cast products have improved year on year, with volume growth in the period, andMarch saw the successful introduction of 187 new products.· The hospitality markets continue to face structural headwinds, compounded by the ongoing geopolitical tensions inthe Middle East. Outlook · Performance has been broadly in line with expectations with profitability improving in Q2.· The operational issues faced in H2 2025 have been resolved giving confidence for margins for the second half of theyear.
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· Our focus remains on strengthening our competitive position and building on our market share gains, whilstdelivering sustainable productivity and cost improvements.· We remain a well invested business in structured markets with a high percentage of our revenue originating fromreplacement orders at good margins.· As we move towards Q4, our most significant trading period, we continue to expect full year profitability to be in linewith expectations. James Roper, Chief Executive Officer, commented: "As I take on the role of Chief Executive Officer, I am proud to continue my family's long association with Churchill and to leada business with such a strong heritage, market position and culture. While near-term market conditions remain challenging, Iam confident in the strength of our competitive position and product proposition. We are well placed to outperform themarkets in which we operate and to create long-term value for shareholders. Looking ahead, a key priority for me is to accelerate sales growth and increase Churchill's share of the markets we serve. Weare focused on winning market share, securing new project business, broadening our customer base and ensuring that theinvestments we have made in our products, people and manufacturing capabilities translate into sustainable profitablegrowth." Analyst meeting An in-person meeting for analysts will be held at 10.00am today, 7 September 2026, at Burson Buchanan's offices, RoseCourt, 2 Southwark Bridge Road, London, SE1 9HS. For analysts requiring an online facility, please contact Burson Buchananat ChurchillChina@buchanan.uk.com for further details. For further information, please contact: Churchill China plc Tel: 01782 577566 Michael Cunningham / James Roper Burson Buchanan Tel: 020 7466 5000 Helen Tarbet / Sophie Wills / Abigail Gilchrist ChurchillChina@buchanan.uk.com Panmure Liberum Limited (Nominated Advisor and Sole Broker) Tel: 020 3100 2000 Edward Thomas / John More/ Izzy Anderson Chief Executive's Statement The first half of 2026 has shown clear signs of trading stability in most areas of the business, and particularly in Europe.Overall, our external sales in H1 were £37.4m (H1 2025: £38.5m). The reduction was mainly in the UK, across both hospitalitysales and materials. The hospitality sector has continued face challenging market conditions, with the ongoing conflict in the Middle East placingpressure on sentiment in all geographies, leading to overall contracting markets. We believe we are increasing share and areoutperforming our competition. We are well placed to take advantage of any increase in demand. We continue to invest heavily in the factory with plans to spend £3.2m in the current year on primarily productivity andefficiency projects. We are pleased with the improvements seen so far in yields and manufacturing costs from our newequipment, and the future pipeline of projects will continue this trend. We continue to offer outstanding service and quality and are still highly optimistic for the future. Financial Review The year has delivered mixed results with Europe (2026; £16.3m, 2025; £16.2m) and total US sales (2026; £4.3m, 2025;£4.2m) slightly ahead of 2025. The Rest of the World region was broadly in line with sales of £2.7m vs £2.8m in 2025. Finally,the UK was behind with hospitality sales of £11.8m vs £12.2m in 2025. Material sales were as expected at £2.5m (H1 2025;£3.0m, FY 2025; £6.1m), the well publicised closure of the Denby factory has had minimal impact as they were not asignificant customer but reflects the continuing pressures being felt by the ceramics industry in Stoke-on-Trent. The materials division has made the appropriate adjustments to its cost base and as a result the profit before tax was aheadof 2025 at the half year. Contribution margin in H1 has improved by 0.2% despite production in Q1 running below sales levels, Production wasincreased in Q2 with the factory operating at improved levels of performance, which should continue through the secondhalf of the year. Headcount in the factory is now below the level at June 2025 but production levels have increased, this hasled to a positive impact on factory performance. Profit before taxation and exceptional items at £2.5m (H1 2025: £3.1m, FY2025: £6.0m) was 19.4% lower than prior year,driven primarily by the costs for the European Distribution Centre where rent stepped up in June 2025 due to the loss of theco-tenant. In addition, profitability has been impacted by increased costs in carriage incurred since the commencement ofthe conflict in the Middle East. The Company has taken steps to pass these charges onto customers through carriagesurcharges and as a result the impact is expected to be lessened in H2. During the period there are expenses that are non-underlying and have been classed as exceptional. These costs relate toour current ERP upgrade programme. The current system ceases to be supported in March 2028 and so upgrading hasbecome essential. The total project cost will be circa £1.6m, completing in late 2027. The other expenses classified asexceptional are the costs relating to the current buy-in process of the defined benefit pension scheme. These costs are non-cash as they are being funded from the scheme surplus. The Company entered the year forward purchased for energy at the level of 84% which has insulated us from the worstimpacts of fluctuating energy prices due to the conflict in the Middle East. We have made substantial forward purchases for
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2027, albeit not yet at the same levels as 2026. Basic earnings per share were therefore 15.3p (H1 2025: 21.0p, FY2025: 39.7p), a decrease of 27.1%. Trade receivables remained flat compared to year end during the period at £11.4m. Given the current trading environmentthe Company has amended its policy on insurance of debtors and all regions including the UK are now insured. The Companyhas however not seen any increase in stressed debtors and continues to manage these on a very prudent basis. Our cashposition has improved significantly compared to June 2025, partly due to reduction in stock levels in line with expectations,with the half year being the low point for cash during the year. Capital expenditure is running broadly in line with expectations and there will be continued investment in H2 as the factoryimprovement programme continues. A second flat making machine (automated equipment for forming plates, saucers andsimilar items) has been ordered in August following the successful implementation of the first, this second machine willdeliver slightly improved capacity and speed, building on our learnings from the first machine. Dividends The Company has paid £1.5m as a final dividend payment for 2025, following the decision to realign the dividend to currentprofitability levels. We are pleased to announce an interim dividend of 7.0 pence per share (H1 2025: 7.0 pence per share,FY2025: 21.0 pence per share). The dividend will be paid on 16 October 2026 to shareholders on the register as at 18September 2026. The Company continues to aim for a progressive dividend however given the current trading conditions it isfelt that this level of dividend continues to allow for the required capital expenditure and the decisions around capitalallocation that the Company are currently considering. Hospitality sales Hospitality sales for the first half of 2026 were behind 2025 by 2.2% (prior year 4.9% lower). The ongoing contraction of theindependent restaurant segment has had the largest impact on performance in all markets. We are pleased however, thatnew project business remains at good levels, in particular in the hotel, business and leisure segments. UK sales havecontinued to face market headwinds in H1 due to reduced sector confidence. Our European market has stabilised after the sales reductions seen in 2025. Sales in Germany, where we have focussed onsalesforce development have grown. Sales in Italy have also been encouraging, whilst sales in France and Spain were slightlybehind 2025. Sales in North America were lower following market disruption affecting customer confidence caused by the Middle Eastconflict and Tariff uncertainty. We expect to see performance improve throughout the second half and have a strong orderpipeline. Rest of the World sales were impacted by lower project wins in Asia and the Middle East however performance inCentral/South America and the Caribbean has been encouraging. It has been pleasing to see the stabilising of pressure cast product, which was the area showing the biggest decline in 2025.The ongoing introduction of new pressure cast and inkjet products has had a positive impact on sales whilst maintainingmargins. As a result, value added product sales have held broadly steady in the period and our average price per piece soldhas increased by 2.3%. Whilst the market has not yet returned to growth the stabilised performance in the first half shows the strength of ourcompetitive position. Our sales and marketing remain focussed on securing new project wins in the growing segments of themarkets, with Germany delivering a particularly pleasing performance. Materials Furlong Mills' external sales in the period were 16.5% lower than prior year with intercompany sales up 3.9% during thesame period. As previously communicated, despite the loss of a small customer to insolvency and our competitor moving todirect supply the Company's profit before tax increased during the period. Operations Churchill has continued to invest in automation and new equipment with a focus on utilising AI systems to improve thisefficiency and agility. The plan for capital investment this year is ahead of 2025 however given lead times much of this willcome on stream in 2027. The flat making machine which entered production in 2025 is now delivering significant reductionsin waste and improvements in consumable consumption, as well as reduced labour inputs. Our new auto packing line hasreduced packing material costs and labour costs and we are currently working with suppliers to develop an AI solution forproduct selection and quality control. Continuous improvement initiatives are a major focus for the business, through investing in people and process to reducelosses, improve productivity and reduce waste, factory performance and yields in Q2 have seen a solid improvement. We arepleased that we have achieved our targets, with nearly 200 colleagues trained to at least white belt standard in Six Sigma, ofwhich over 40 are at, or training for, higher levels of competence. The focus in 2026 has been to optimise factory throughput,matching production to sales and maintaining inventory at consistent levels. Factory recoveries have therefore improvedfrom those seen in 2025 with a significant improvement in Q2 vs Q1. It is envisaged that this recovery will continue into thesecond half. Environmental, Social and Governance ("ESG") We continue to realise the benefits of our ongoing investments in energy efficiency and carbon reduction. During the periodwe installed our third glaze pre-heater. The electrification of our glazing lines has delivered a significant improvement in theworking environment for our colleagues whilst also reducing the Group's carbon footprint. We have also seen increased renewable energy generation from our 5,000 installed solar panels, reducing our reliance onpurchased electricity, while lowering both operating costs and carbon emissions. National grid infrastructure constraintscontinue, to restrict our ability to become more self sufficient and add more generation capacity. The Company continues to engage with sector bodies and government to challenge for support for the sector and we werepleased to note the announcement of £120m of support for the UK ceramics industry. Whilst the details of this support arenot yet apparent the broad shape is that half will be available for operational expenses support and the remainder for capitalprojects.
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As previously announced James Roper has been appointed as the new Chief Executive Officer and we are pleased that wewill continue to benefit from David O'Connor's experience; A formal search process is underway to identify a new CFO. Outlook Trading conditions across our markets remain challenging, with customer confidence continuing to be influenced by widereconomic uncertainty and geopolitical tensions. Encouragingly, trading in Europe has stabilised in the first half, our marketposition has strengthened, and the operational improvements delivered through our ongoing investment programme areexpected to support further margin progression during the second half. While we continue to expect full year profitability tobe in line with expectations, the achievement of those expectations is dependent upon revenue performance in the finalquarter, which is traditionally our most significant trading period. We are well positioned to benefit from any improvement indemand, visibility beyond the near term remains limited and we continue to monitor market conditions carefully. Overall, theBoard believes the Group is well placed for the future, supported by its strong market position, operational investmentprogramme and robust balance sheet. James RoperChief Executive Officer7 September 2026 Statement of Directors' Responsibilities The interim financial information for the six months to 30 June 2026 has not been audited or reviewed and does notconstitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The Company's statutoryaccounts for the year ended 31 December 2025, were prepared in accordance with international accounting standards inconformity with the requirements of the Companies Act 2006. The Directors confirm that, to the best of their knowledge:· the condensed interim financial statements have been prepared in accordance with the applicable accountingstandards and on a basis consistent with the Company's most recent annual financial statements; and· the interim management report includes a fair review of the information required by AIM Rule 18, namely anindication of important events that have occurred during the first six months of the financial year and their impacton the financial statements. Churchill China plc Consolidated Income Statement for the six months ended 30 June 2026 Unaudited Unaudited AuditedSix monthsto Six monthsto Twelve monthsto30 June2026 30 June2025 31 December2025 £'000 £'000 £'000 Note Revenue 1 37,434 38,467 76,277 Operating profit before exceptional items 2,346 2,834 5,643 Exceptional items 2 (220) - - Operating profit 2,126 2,834 5,643 Finance income 3 259 310 559 Finance costs 3 (102) (44) (175) Profit before exceptional items and income tax 2,503 3,100 6,027 Exceptional items 2 (220) - - Profit before income tax 2,283 3,100 6,027 Income tax expense 4 (604) (789) (1,666) Profit for the period 1,679 2,311 4,361 Pence per Pence per Pence per share share share Basic earnings per ordinary share 5 15.3 21.0 39.7 Adjusted earnings per ordinary share 5 16.8 21.0 39.7 All of the above figures relate to continuing operations.
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Consolidated Statement of Comprehensive Incomefor the six months ended 30 June 2026 Unaudited Unaudited AuditedSix monthsto Six monthsto Twelve monthsto30 June2026 30 June2025 31 December2025 £'000 £'000 £'000 Profit for the period 1,679 2,311 4,361 Other comprehensive expense Items that will not be reclassified to profit andloss: Remeasurements of post-employment benefitobligations net of tax - - (445)Items that may be reclassified subsequently toprofit and loss: Currency translation differences - - (11) Other comprehensive expense for the period - - (456) Total comprehensive income for the period 1,679 2,311 3,905 Amounts in the statement above are disclosed net of tax. Churchill China plc Consolidated Statement of Financial Position as at 30 June 2026 Unaudited Unaudited Audited30 June2026 30 June2025 31 December2025 £'000 £'000 £'000 Assets Non-current assets Property, plant and equipment 25,661 24,353 26,467 Intangible assets 375 556 454 Deferred tax assets 177 131 177 Retirement benefit assets 7,879 8,409 7,651 34,092 33,449 34,749 Current assets Inventories 20,963 22,406 21,328 Trade and other receivables 13,912 13,407 13,445 Cash and cash equivalents 8,529 5,600 10,808 43,404 41,413 45,581 Total assets 77,496 74,862 80,330 Liabilities Current liabilities Trade and other payables (7,722) (7,919) (10,495) (7,722) (7,919) (10,495) Non-current liabilities Lease liabilities (2,197) (411) (2,477) Deferred income tax liabilities (5,844) (5,872) (5,819) Total non-current liabilities (8,041) (6,283) (8,296) Total liabilities (15,763) (14,202) (18,791) Net assets 61,733 60,660 61,539
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Equity attributable to owners of the Company Issued share capital 1,103 1,103 1,103 Share premium account 2,348 2,348 2,348 Treasury shares (431) (431) (431) Other reserves 1,246 1,160 1,195 Retained earnings 57,467 56,480 57,324 Total equity 61,733 60,660 61,539 Churchill China plc Consolidated Statement of Changes in Equity for the six months ended 30 June 2026 Issued Share Retained share premium Treasury Other Totalearnings capital account shares reserves equity£'000 £'000 £'000 £'000 £'000 £'000 Balance at 1 January 2025 57,083 1,103 2,348 (431) 1,160 61,263 Comprehensive income: Profit for the period 2,311 - - - - 2,311Total comprehensive income 2,311 - - - - 2,311 Transactions with owners: Dividends (2,914) - - - - (2,914)Total transactions with owners (2,914) - - - - (2,914) Balance at 30 June 2025 56,480 1,103 2,348 (431) 1,160 60,660 Comprehensive income/(expense): Profit for the period 2,050 - - - - 2,050Other comprehensive income / (expense): Depreciation transfer - gross 12 - - - (12) -Depreciation transfer - tax (3) - - - 3 -Re-measurement of post -employmentbenefit obligations - net of tax (445) - - - - (445)Currency translation - - - - (11) (11)Total comprehensive income 1,614 - - - (20) 1,594 Transactions with owners: Dividends (770) - - - - (770)Share based payment - - - - 55 55 Total transactions with owners (770) - - - 55 (715) Balance at 31 December 2025 57,324 1,103 2,348 (431) 1,195 61,539 Comprehensive income/(expense): Profit for the period 1,679 - - - - 1,679Other comprehensive income / (expense): Depreciation transfer - gross 6 - - - (6) -Depreciation transfer - tax (2) - - - 2 -Total comprehensive income 1,683 - - - (4) 1,679 Transactions with owners: Dividends (1,540) - - - - (1,540)Share based payment - - - - 55 55Total transactions with owners (1,540) - - - 55 (1,485) Balance at 30 June 2026 57,467 1,103 2,348 (431) 1,246 61,733 Churchill China plc Consolidated Statement of Cash Flows for the six months ended 30 June 2026
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Unaudited Unaudited AuditedSix monthsto Six monthsto Twelve monthsto30 June2026 30 June2025 31 December2025 £'000 £'000 £'000 Cash flows from operating activities Cash generated from operations 1,748 1,099 9,282 Interest received 31 80 111 Interest paid (102) (44) (175) Income taxes paid (848) (1,287) (1,773) Net cash generated from/(used in) operating activities 829 (152) 7,445 Cash flows from investing activities Purchases of property, plant and equipment (1,104) (1,283) (2,451) Proceeds on disposal of property, plant and equipment - 5 32 Purchases of intangible assets - (13) (2) Net cash used in investing activities (1,104) (1,291) (2,421) Cash flows from financing activities Dividends paid (1,540) (2,914) (3,684) Principal element of leases (464) (143) (632) Net cash used in financing activities (2,004) (3,057) (4,316) Net increase/(decrease) in cash and cash equivalents (2,279) (4,500) 708 Cash and cash equivalents at the beginning of the period 10,808 10,100 10,100 Cash and cash equivalents at the end of the period 8,529 5,600 10,808 Churchill China plcReconciliation of Operating Profit to Net CashInflow from Operating Activities for the six months ended 30 June 2026 Unaudited Unaudited AuditedSix monthsto Six monthsto Twelve monthsto30 June2026 30 June2025 31 December2025 £'000 £'000 £'000 Continuing operating activities Operating profit before exceptional items 2,346 2,834 5,643 Exceptional items (220) - - Operating profit 2,126 2,834 5,643 Adjustments for: Depreciation and amortisation 2,143 1,581 3,806 Gain on disposal of property, plant and equipment - (5) (24) Charge for share-based payments 55 - 55 Pension administrative costs - - 382 Other income (46) - (309) Changes in working capital: Inventory 365 912 1,990 Trade and other receivables (292) (1,216) (1,254) Trade and other payables (2,603) (3,007) (1,007) Net cash inflow from operations 1,748 1,099 9,282
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1. Segmental analysis Unaudited Unaudited AuditedSix monthsto Six monthsto Twelve monthsto30 June2026 30 June2025 31 December2025 £'000 £'000 £'000 Market segment - Revenue Ceramics 34,930 35,468 70,171 Materials 5,671 6,048 12,485 40,601 41,516 82,656 Intra group revenue (3,167) (3,049) (6,379) 37,434 38,467 76,277 Geographical segment - Revenue United Kingdom 14,192 15,187 31,459 Rest of Europe 16,263 16,215 30,520 USA 4,271 4,222 8,558 Rest of the World 2,708 2,843 5,740 37,434 38,467 76,277 The profits of the business are allocated as follows: Unaudited Unaudited Audited Six monthsto Six monthsto Twelve monthsto 30 June2026 30 June2025 31 December2025 £'000 £'000 £'000 Segmental Ceramics 1,357 1,962 3,133 Materials 989 872 2,510 Operating profit before exceptional items 2,346 2,834 5,643 Unallocated items Exceptional items (220) - - Operating profit 2,126 2,834 5,643 Finance income 259 310 559 Finance costs (102) (44) (175) Profit before exceptional items and income tax 2,503 3,100 6,027 Exceptional items (220) - - Profit before income tax 2,283 3,100 6,027 2.Exceptional items Operating profit is stated both before and after the effect of exceptional items of £220,000 (30 June 2025: £nil; 31 December 2025: £nil) but beforethe Group's finance income and costs and taxation. The Group has adopted an income statement format which seeks to highlight significant items within the Group results for the period. Such items areconsidered by the Directors to be exceptional in size and/or nature rather than being representative of the underlying trading of the Group. The exceptional items in the six months to 30 June 2026 relate to costs incurred in connection with the implementation of a new Group-wideenterprise resource planning ("ERP") system, which is expected to deliver significant operational and strategic benefits across the Group. Costs of£125,000 were incurred in the period in relation to this transformational project (30 June 2025: £nil; 31 December 2025: £nil). Exceptional items also include pension administration and advisory costs associated with the progression of the Group's defined benefit pensionscheme towards a buy-in arrangement as a precursor to a full buy-out. Costs of £95,000 were incurred in the six months to 30 June 2026 in relationto this activity (30 June 2025: £nil; 31 December 2025: £nil).
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The Directors apply judgement in assessing the particular items which, by virtue of their size and/or nature, are separately disclosed in the incomestatement and notes to the financial statements as "Exceptional items". The Directors believe that the separate disclosure of these items is relevantto an understanding of the Group's financial performance. 3.Finance income and costs Unaudited Unaudited AuditedSix monthsto Six monthsto Twelve monthsto30 June2026 30 June2025 31 December2025 £'000 £'000 £'000 Interest income on cash and cash equivalents 31 80 111 Interest on defined benefit scheme 228 230 448 Finance income 259 310 559 Interest on lease liabilities (93) (32) (139) Other interest (9) (12) (36) Finance costs (102) (44) (175) Net finance income 157 266 384 The interest income arising from pension schemes is a non-cash item. 4.Income tax expense Unaudited Unaudited AuditedSix monthsto Six monthsto Twelve monthsto30 June2026 30 June2025 31 December2025 £'000 £'000 £'000 Current tax 579 709 1,536 Deferred tax 25 80 130 Income tax expense 604 789 1,666 5.Earnings per ordinary share Basic earnings per ordinary share is based on the profit after income tax and on 10,997,835 ordinary shares (30 June 2025: 10,997,835; 31 December2025: 10,997,835) ordinary shares, being the weighted average number of ordinary shares in issue during the period. Adjusted basic earnings per shareis calculated after adjusting for the post-tax effect of exceptional items (see note 2). Unaudited Unaudited AuditedSix monthsto Six monthsto Twelve monthsto30 June2026 30 June2025 31 December2025 Penceper share Penceper share Penceper share Basic earnings per share(Based on earnings 30 June 2026 £1,679,000; 30 June 2025: £2,311,000;31 December 2025: £4,361,000) 15.3 21.0 39.7Add Exceptional items (30 June 2026 £165,000 (post tax); 30 June 2025: £nil; 31 December 2025: £nil) 1.5 - -Adjusted basic earnings per share(Based on earnings 30 June 2026 £1,844,000; 30 June 2025: £2,311,000;31 December 2025: £4,361,000) 16.8 21.0 39.7 6. Basis of preparation and accounting policies The financial information included in the interim results announcement for the six months to 30 June 2026 was approved by the Board on 4September 2026. The interim financial information for the six months to 30 June 2026 have not been audited or reviewed and does not constitute statutory accountswithin the meaning of Section 434 of the Companies Act 2006. The Company's statutory accounts for the year ended 31 December 2025 wereprepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006.
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The interim financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings andfinancial 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 financialstatements for the year ended 31 December 2025. Statutory accounts for the year ended 31 December 2025 have been delivered to the Registrar of Companies. 7. Share buybacks The Company did not buy back any ordinary shares during the first six months of the year but may consider making further ad hoc share buybacks going forward at the discretion of the Board and subject to the shareholder authorities approved at the 2026 Annual General Meeting. The half-yearly report and this announcement will be available shortly on the Company's website www.churchill1795.com This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END