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Churchill China expecting ‘substantial growth’ in 2022 after meeting 2021 revenue estimates

Written by on 07/01/2022


Pottery giant Churchill China says it is on track to meet market expectations for 2021 after seeing strong revenue growth in the second half of the year.

In a recent trading update, the Stoke-on-Trent-based company revealed that it predicts pre-tax profits to be around £5.6 million for the 12 months to December 31, 2021.

In the last year, the firm says it has continued to address the issues set by the pandemic and remains focused on ‘securing long-term market share gains’.

It has also accelerated its investment plans to reflect the need to reduce energy costs and to improve productivity.

Now bosses say they are confident that the business will show ‘further substantial growth’ in 2022.

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The trading update said: “We have exceeded our earlier revenue estimates but have experienced higher production cost levels as we have quickly scaled output to meet demand and cost inflation has risen.

“Revenue has continued to grow strongly and second half sales, particularly in hospitality, have shown growth against 2019 comparatives.

“Order levels have been high as overall supply into the market from our competitors has remained constrained.

“We have performed particularly well in Europe where sales have exceeded 2019 levels across the year as a whole.”



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It added: “Our market leading position has allowed us to bring forward our normal price rise and implement a higher than normal increase to offset some of the effects of higher cost inflation.

“The necessity to scale production quickly in order to meet this increased demand has created additional pressure on our operations alongside cost inflation, leading to some inefficiencies within our manufacturing unit.
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“We expect these effects to continue into 2022, but to show progressive improvement over the year as a whole.

“We believe that profitability in 2022 will show further substantial growth on 2021’s outfall.
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“The current business environment has created both opportunities and challenges, we remain clear that we will continue to make progress against our strategic objectives across 2022.”

For the six months to June 30, 2021, Churchill China recorded revenue of £23.9 million which was up 27 per cent from the £18.9 million it recorded for the first half of 2020.

At that point, pre-tax profits had doubled to £1 million from £0.5 million in the previous year.



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