RNS Number : 3787M
Churchill China PLC
14 September 2023
 

14 September 2023

A logo with a lion head in a circle Description automatically generated

CHURCHILL CHINA PLC

("Churchill" or the "Company" or the "Group")

 

INTERIM RESULTS

For the six months ended 30 June 2023

 

Solid revenue and significant margin progress in the first half

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, 2023.

Highlights:

Financial


Six months to 30 June 2023

Six months to 30 June 2022

% change

Revenue

£44.0m

£41.4m

     6.3%

Operating profit

£4.9m

£3.5m

   39.0%

Profit before tax and exceptional items

£5.0m

£3.4m

   47.1%

Adjusted* earnings per share

34.3p

24.7p

   38.9%

Statutory earnings per share

31.9p

28.9p

   10.4%

Interim dividend per share

11.0p

10.5p

     4.8%

Net cash and deposits

£9.9m

£15.7m

(36.9)%

 

·    Operating profit before exceptional items increased year on year by 39% to £4.9m (2022 H1: £3.5m, FY2022: £9.1m)

·    Profit after exceptional items and before tax for the period was £4.7m, an increase of 20% (2022 H1: £3.9m, FY2022: £9.6m)

·    Adjusted* earnings per share were 34.3p (H1 2022: 24.7p, FY2022: 66.9p)

·    Interim dividend of 11.0 pence per share (H1 2022: 10.5 pence per share, FY2022: 31.5 pence per share)

·    Net cash and deposits at 30 June 2023 of £9.9m (H1 2022: £15.7m, FY2022: £14.7m) reflecting planned increases in stocks and reduction of creditors

Business

·    Revenue in the period increased by 6% to £44.0m (H1 2022: £41.4m, FY2022: £82.5m)

·    Hospitality revenue increased by 9.2%

·    Stocks successfully built to meet orderbook demand

·    Strong demand from customers in the period

·    Operating margins improved by 3% as labour efficiency improves

·    Price per piece sustained in line with 2022

·    Investment strategy continues to focus on innovation, automation and, energy efficiency to drive long term, sustainable, profit growth

Robin Williams, Chairman of Churchill China, commented:

"We are pleased to report a healthy increase in revenue and profit in the first half of the year and that despite some market headwinds the Group is in a good position to meet the Board's profit expectations for the full year."

Analyst meeting

An in-person meeting for analysts will be held at 10.00am today, 14 September 2023, at Buchanan, 107 Cheapside, London EC2V 6DN, along with an online facility. Please contact Buchanan at ChurchillChina@buchanan.uk.com for further details.

 

* Adjusted earnings per share is calculated after adjusting for the post tax effect of exceptional items

 

For further information, please contact:

 

Churchill China plc

Tel: 01782 577566

David O'Connor / Michael Cunningham / James Roper




Buchanan

Tel: 020 7466 5000

Mark Court / Sophie Wills / Abigail Gilchrist


ChurchillChina@buchanan.uk.com


 


Investec

Tel: 020 7597 5970  

David Flin / Alex Wright / William Brinkley

 

Chairman's Statement

We are pleased to report continued revenue, margin and profit improvement for the Group during the first half of the year.

Sales revenues increased by 6.3% overall and by 9.2% in our target hospitality market. Volumes were down year on year due to the general macro-economic climate and in particular the soft trading conditions within the UK. This is as a result of our strategic focus on value added product, which has increased its share of total revenue by 1% year on year and helped to improve the margin performance of the business.

Increased production costs, driven by both material and labour, have been mitigated by the price increases implemented last year and improvements in labour efficiencies and efficient energy purchasing has meant that margin expectations should be met for the year.

The build of stock has continued in the first half of the year with the aim of returning to pre-pandemic levels of customer service. This task is almost complete and as a result the order book has returned to normal levels, with much improved delivery times as a result. Our performance product is continuing to gain traction in our overseas markets, sales in which are up 12% on prior year.

Overall, the continued solid performance, despite difficult trading conditions, continues to highlight the resilience of the Company's long term strategy and the strength of the Churchill brand.

Financial Review

Total revenues increased 6.3% in the period from £41.4m to £44.0m (FY2022: £82.5m). Revenue increases were due in large part to the price increases implemented in 2022 which have helped with a softer volume requirement in the period.

Hospitality showed a 9.2% increase over H1 2022 and material sales performed strongly in the period.

Good progress has been made on gross margin improvement in the period. A 3% improvement was shown in H1 and this is expected to continue as agency staffing levels are reduced and energy prices, already forward purchased, feed through in H2. The Company expects gross margin to continue improving in the short to medium term.

Operating profit before exceptional expenses increased from £3.4m in H1 2022 to £5.0m in the current period, an increase of 47%. Operating profit was 12.5% ahead at £4.5m against £4.0m in H1 2022.

Adjusted earnings per share before exceptional expenses were 34.3p (H1 2022: 24.7p, FY2022: 66.9p).

Basic earnings per share were 31.9p (H1 2022: 28.9, FY2022: 71.7p).

Profit before taxation after exceptional items was £4.7m (H1 2022: £3.9m, FY2022: £9.6m).

During the period the Company completed its planned increase in stock levels to facilitate improved customer service. The required level of inventory has now been achieved, with the result that cash has reduced in the period from £14.7m at year end to £9.9m at the end of June.

Capital expenditure has continued at the same level as previous year, with £2.7m spent in the period (H1 2022: £2.7m, FY2022: £4.9m).

Dividends

During the period the Company paid £2.3m in dividend payments and is pleased to announce that the Directors recommend an interim dividend of 11.0 pence per share (H1 2022: 10.5 pence per share, FY2022: 31.5 pence per share) an increase of approximately 5% on the previous year despite the increase in corporation tax in the current year to 25% (2022: 19%). This improvement in dividend is in keeping with the Company's aim of increasing returns to shareholders and our confidence in the ongoing performance of the business. This dividend will be payable on 13 October 2023 to shareholders on the register at 22 September 2023.

Business

The first half of the year has been very positive for the business, with the Company performing well against its objectives. A slight reduction in volume, driven by the wider global macro-economic environment highlights the importance of the Company's focus on defined market segments, quality product, customer service and the transitioning of customers into value added offerings.

The Company continues to focus on export to countries where our market share is low and where opportunities abound for continued growth.

Ceramics

Hospitality revenue for the period was up 9.2% with Europe faring particularly well at 15% above 2022 levels. Volume for the period was however, down on H1 2022 by 7.8% with over 75% of this reduction coming from the UK, mirroring the slowdown in the UK market.

Our end user hospitality venues appear to have maintained revenues, whilst margins are being squeezed. This has had the effect of delaying purchasing decisions within the marketplace. There is a good level of enquiries which the Company expects will begin to convert to orders later in the year.

New product launch performance has been strong, with sales more than double those of 2022 and returning to levels seen pre-pandemic. The schedule for launches has returned to normal and the sales from last year's new products are well ahead of target.

The prospective pipeline on new installations remains healthy, particularly in overseas markets. Despite an increase in the lead time from enquiry to order, it is expected that a number of these orders will materialise as the general climate improves and as we enter the key end of year period.  

Volume of added value products remained at similar percentage levels to 2022 however the revenue value of this increased by 9.7%.

Materials

Furlong Mills external sales were up 24% year on year with intercompany sales to Churchill up by a broadly similar 26% during the period. Furlong is in a similar position to Churchill with efficiencies delivering an improvement to margin and maintaining the Company's expectations on bottom line profitability. The Company has forward purchased some of its volatile priced stock in order to protect against rising commodity pricing and therefore cost input rises will be kept to a minimum for the foreseeable future.

Operations

As we communicated last year, the Company was constrained by labour availability and lower levels of workforce experience. The normalisation of our stock position and the current volumes have allowed manufacturing to focus on yield improvements along with a reduction in agency staff. This, combined with the natural improvement in colleague experience, is starting to bear fruit through better efficiencies in manufacturing, along with lower levels of waste, and it is through these important value-added activities that the Company expects to improve margins in the immediate future.

During the period the Company has continued the installation of 1MW of solar panel arrays which will deliver up to 33% of the factory electricity requirement in the peak summer months. In addition to this our energy hedging strategy continues to be to forward purchase contracts when those prices are favourable and to de-risk future costs.

The Company continues to invest in its automated pressure cast operation with the addition of an additional 25% of capacity in this area and further capital spend approved to increase the flexibility and efficiency. Staff training has also been focused on this area to improve productivity and yields from the operation and additional work has been completed at Furlong Mills to improve the material flow to pressure cast production.

 Environmental, Social and Governance ('ESG')

As an energy intensive industry, the Company is focussed on reducing the energy consumption within our operations. As already mentioned, the Company has invested heavily in solar arrays, but in addition the Company looks on energy as a strategic area for development, as our customers, shareholders, and employees expect an environmentally aware approach to our production techniques. As a result, the Company is investing in research to identify new processes and materials to reduce the energy required to produce our product. In addition to this the Company has commenced the journey to identify the impact of our supply chain emissions and to address the impact of our market offering through packaging recycling.

We have continued our journey to improve our engagement with our workforce, particularly within the context of the wider macro-economic environment. We supply support to assist employees in managing their day-to-day finances through helplines and, for those who request it we assist with language lessons to integrate employees into the workplace and to facilitate their interaction with their colleagues. In addition, the Company continues to engage with local schools to promote the benefits of a career in manufacturing.

As a larger employer the Company also focuses on delivering high quality employment with the opportunity for advancement at all levels of the organisation. Colleagues are encouraged to cross-skill and all sections and levels of the business have succession planning as a core requirement.

The Company has always strived to adhere to good governance principles. In line with this the Company is currently continuing with its succession activities with the recruitment of a new Audit Committee Chair and expects to be fully compliant with current guidance on Board Composition before the 2024 AGM.

People

The Company continues to appreciate the high level of commitment and engagement of our colleagues and was pleased to be able award an above inflation pay rise in April, at a time when many are struggling in their home lives with rapidly rising costs. Churchill remains committed to offering the local community a long-term destination for employment.

Outlook

We believe that the Company is well placed to improve profitability and move towards the levels of efficiency and productivity that were evident prior to the pandemic and indeed the first half performance in 2023 illustrates further progress on this journey. This performance improvement is expected to continue into the second half of 2023, albeit against the backdrop of a potentially worsening macroeconomic situation. The Company remains ungeared and in the current rising interest rate environment this is a welcome position. Rising interest rates will naturally have an impact on consumer discretionary spend and therefore impact our markets. The Company will continue to closely monitor the situation and will respond proportionately. Overall, the Group is in a good position to meet the Board's profit expectations for the full year.

The Board remains positive that the Company is resilient and operating in the optimal market segments to deliver long term growth such that, regardless of the short-term impacts of the economic environment, the Company will continue to deliver growth over the longer term.

 

Robin GW Williams

Chairman

13 September 2023

 

 

 

Churchill China plc








Consolidated Income Statement







for the six months ended 30 June 2023











Unaudited


Unaudited


Audited





Six months to


Six months to


Twelve months to





30 June 2023


30 June 2022


31 December 2022





£'000


£'000


£'000




Note






Revenue



1

44,042


41,375


82,528





===========


===========


===========





 





Operating profit before exceptional item



1

4,872


3,508


9,142

Exceptional items



2

(359)


471


547

Operating Profit



1

4,513


3,979


9,689





 





Finance income



3

207


15


60

Finance costs



3

(34)


(93)


(148)





------------------


------------------


------------------

Profit before exceptional item and income tax



5,045


3,430

 

9,054

Exceptional items


2

(359)


471

 

547

Profit before income tax



4,686


3,901

 

9,601





 





Income tax expense


4

(1,183)


(713)

 

(1,706)





------------------


------------------


------------------

Profit for the period



3,503


3,188

 

7,895





===========


===========


===========





 









 









 














 

 





Pence per

Pence per


Pence per





share

share


share












Adjusted earnings per ordinary share


5

34.3


24.7




66.9

Basic earnings per ordinary share


5

31.9


28.9




71.7



 

 

































 

 

Consolidated Statement of Comprehensive Income

for the six months ended 30 June 2023

 












Unaudited


Unaudited


Audited






Six months to


Six months   to


Twelve months

 to






30 June 2023


30 June 2022


31 December 2022






£'000


£'000


£'000












Other comprehensive income








Items that will not be reclassified to profit and loss:







Actuarial gain on retirement benefit obligations (net)


-


-


9,332


Items that may be reclassified subsequently to profit

 






and loss




 






Exchange differences



-


-


58






 ---------------


-------------- 


--------------- 


Other comprehensive income


-


-


9,390




 






Profit for the period




3,503


3,188


7,895



 





---------------


---------------


----------------


Total comprehensive income for the period


3,503


3,188


17,285






==========


=========


==========






 









 















 

All above figures relate to continuing operations

 

 

 

 

Churchill China plc









Consolidated Balance Sheets








as at 30 June 2023













Unaudited


Unaudited


Audited





30 June


30 June


31 December





2023


2022


2022





£'000


£'000


£'000

Assets









Non-current assets








Property, plant and equipment



24,056


22,318


23,039

Intangible assets




760


908


849

Deferred income tax assets




130


1,591


132

Retirement benefit assets



7,889


                  -


6,924





32,835


24,817


30,944

Current assets









Inventories




19,154


11,097


15,889

Trade and other receivables



12,928


14,651


14,380

Other financial assets



3,604


5,016


5,057

Cash and cash equivalents



6,332


10,650


9,604





42,018


41,414


44,930










Total assets




74,853


66,231


75,874





==========


==========


=============

Liabilities









Current liabilities









Trade and other payables



(11,566)


(13,666)


(14,291)





-----------------


----------------


---------------------

Total current liabilities



(11,566)


(13,666)


(14,291)





-----------------


----------------


---------------------

Non-current liabilities








Lease liabilities payables



(554)


(515)


(477)

Deferred income tax liabilities



(4,794)


(2,048)


(4,458)

Retirement benefit obligations



-


(6,353)


-





-----------------


----------------


---------------------

Total non-current liabilities



 

(5,348)


(8,916)


(4,935)





-----------------


----------------


---------------------

Total liabilities




(16,914)


(22,582)


(19,226)





==========


==========


=============

Net assets




57,939


43,649


56,648





==========


==========


=============










Equity








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




1,431


1,230


1,344

Retained earnings




53,488


39,399


52,284





-----------------


----------------


---------------------

Total equity




57,939


43,649


56,648





===========


==========


=============

  

Churchill China plc








Consolidated Statement of Changes in Equity






as at 30 June 2023



Issued

 







Retained

share

Share

Treasury

Other

Total




earnings

capital

premium

shares

reserves

Equity




£'000

£'000

£'000

£'000

£'000

£'000

 







 

Balance at 1 January 2022


38,117

1,103

2,348

(80)

1,195

42,683

Comprehensive income








Profit for the period



3,188

-

-

-

-

3,188

Other comprehensive income








Depreciation transfer - gross


6

-

-

-

(6)

-

Depreciation transfer - tax


(2)

-

-

-

2

-

Deferred tax - change in rate


-

-

-

-

-

-

Currency translation


-

-

-

-

-

-

Total comprehensive income


3,192

-

-

-

(4)

3,188










Transactions with owners








Share based payment


-

-

-

-

39

39

Dividends


(1,907)

-

-

-

-

(1,907)

Treasury Shares


-

-

-

(351)

-

(351)

Deferred tax - share based payment


(3)

-

-

-

-

(3)

Total transactions with owners


(1,910)

-

-

(351)

39

(2,222)










Balance at 30 June 2022


39,399

1,103

2,348

(431)

1,230

43,649

Comprehensive income








Profit for the period



4,707

-

-

-

-

4,707

Other comprehensive income








Depreciation transfer - gross


6

-

-

-

(6)

-

Depreciation transfer - tax


 (1)

-

-

-

1

-

Re-measurement of retirement

benefit obligations - net of tax

9,332

-

-

-

-

9,332

Currency translation


-

-

-

-

58

58

Total comprehensive income


14,044

-

-

-

53

14,097










Transactions with owners








Dividends relating to 2022


(1,155)

-

-

-

-

(1,155)

Share based payment


-

-

-

-

61

61

Deferred tax - share based payment

(4)

-

-

-

-

(4)

Total transactions with owners


(1,159)

-

-

-

61

(1,098)










Balance at 31 December 2022


52,284

1,103

2,348

(431)

1,344

56,648



 

Churchill China plc








Consolidated Statement of Changes in Equity






as at 30 June 2023



Issued

 







Retained

share

Share

Treasury

Other

Total




earnings

capital

premium

shares

reserves

Equity




£'000

£'000

£'000

£'000

£'000

£'000

 







 

Balance at 1 January 2023


52,284

1,103

2,348

(431)

1,344

56,648









Comprehensive income



 

 

 



Profit for the period


3,503

-

-

-

-

3,503

Other comprehensive income:



 

 

 



Depreciation transfer - gross


7

-

-

-

(7)

-

Depreciation transfer - tax


(2)

-

-

-

 2      

-

Total comprehensive income


3,508

-

-

-

(5)

3,503










Transactions with owners








Share based payment


-

-

-

-

92

92

Dividends

(2,310)

-

-

-

-

(2,310)

Treasury Shares

-

-

-

-

-

-

Deferred tax - share based payment

6

-

-

-

-

6

Total transactions with owners


(2,304)

-

-

-

92

(2,212)










Balance at 30 June 2023


53,488

1,103

2,348

(431)

1,431

57,939

 

 

 

Churchill China plc







Consolidated Cash Flow Statement







for the six months ended 30 June 2023











Unaudited


Unaudited


Audited





Six months to


Six months to


Twelve months to





30 June 2023


30 June 2022


31 December 2022





£'000


£'000


£'000










Cash flows from operating activities








Cash generated from operations (note 6)


436

 

2,008


4,939


Interest received




117

 

15


60

Interest paid




(34)

 

(21)


(35)

Income tax paid




(90)

 

(333)


(991)





-----------------

 

-----------------


------------------

Net cash generated from operating activities

429

 

1,669


3,973






-----------------

 

-----------------


-----------------

Investing activities



 

 





Purchases of property, plant and equipment


(2,680)

 

(2,644)


(4,618)


Proceeds on disposal of property, plant and equipment

34

 

5


15


Purchases of intangible assets



(33)

 

(25)


(86)


Net Sale/(Purchase) of other financial assets



1,453

 

(1,011)


(1,052)






-----------------

 

-----------------


-----------------

Net cash used in investing activities


(1,226)

 

(3,675)


(5,741)






-----------------

 

-----------------


-----------------

Financing activities



 

 






Dividends paid




(2,310)

 

(1,907)


(3,062)

Treasury shares




-

 

(352)


(351)

Principal element of finance lease payments




(165)

 

(131)


(263)





-----------------

 

-----------------


-----------------

Net cash generated by / (used in) financing activities


(2,475)

 

(2,390)


(3,676)






-----------------

 

-----------------


-----------------

Net (decrease)/ increase in cash and cash equivalents


(3,272)

 

(4,396)


(5,444)






 

 




Cash and cash equivalents at the beginning of the period

9,604

 

15,046


15,046


Exchange gain/(loss) on cash and cash equivalents

-

 

-


2






-----------------

 

-----------------


-----------------

Cash and cash equivalents at the end of the period

6,332

 

10,650


9,604



-----------------

 

-----------------


-----------------


 

 

 

  1. Segmental analysis





for the six months ended 30 June 2023





 





Unaudited


Unaudited


Audited





Six months to


Six months to


Twelve months to





30 June 2023


30 June 2022


31 December 2022





£'000


£'000


£'000

Revenue by class of business









Ceramics




40,101


37,737


75,335

Materials




8,002

 

6,408


13,500





 --------------------------


 -------------------------


 -----------------------------------





48,103


44,145


88,835

Inter segment




(4,061)


(2,770)


(6,307)





 --------------------------


 -------------------------


 -----------------------------------





44,042


41,375


82,528





---------------------------


--------------------------


------------------------------------

Revenue by destination









United Kingdom




15,668


16,040


33,244

Rest of Europe




19,970


17,431


31,888

USA




4,801


3,926


8,715

Rest of the World




3,603


3,978


8,681





 --------------------------


 --------------------------


 -----------------------------------





44,042


41,375


82,528





---------------------------


--------------------------


------------------------------------

 



 

 1. Segmental analysis (continued)





for the six months ended 30 June 2023





 

 




Unaudited


Unaudited


Audited

 




Six months to


Six months to


Twelve months to

 




30 June 2023


30 June 2022


31 December 2022

 




£'000


£'000


£'000

Operating profit before exceptional items









Ceramics




4,208


2,985


7,932

Materials




664


523


1,210





 --------------------------


 -------------------------


 -----------------------------------





4,872


3,508


9,142





---------------------------


--------------------------


------------------------------------

Exceptional items




 





Ceramics




(359)


471


484

Materials




-


-


63





 --------------------------


 -------------------------


 -----------------------------------





(359)


471


547





---------------------------


--------------------------


------------------------------------

Operating profit after exceptional items




 





Ceramics




3,849


3,456


8,416

Materials




664


523


1,273





 --------------------------


 -------------------------


 -----------------------------------





4,513


3,979


9,689





 





Unallocated items




 





Finance income




207


15


60

Finance costs




(34)


(93)


(148)





---------------------------


--------------------------


------------------------------------

Profit before income tax




4,686


3,901


9,601





---------------------------


--------------------------


------------------------------------





 





 

 

           2. Exceptional items                                                                                                                                                                               

During the six months to 30 June 2022, Churchill China plc received a further £34,000 in relation to the voluntary wind up of the British Pottery Manufacturers' Federation, of which the Company was a 23.53% shareholder (in addition to the £471,000 received during 2022). Due to the nature of this income, the amount received has been treated as exceptional. A total exceptional cost was also recognised of £393,000 in relation to employee restructuring costs.

 

 

 

 

 

3. Finance income and costs





Unaudited


Unaudited


Audited





Six months to


Six months to


Twelve months to





30 June 2023


30 June 2022


31 December 2022





£'000


£'000


£'000

Finance income









Other interest receivable



117


15


60

Interest on pension scheme



90


-


-





 





Finance income




207


15


60





 





Finance costs




 





Interest paid



(34)


(21)


(35)

Interest on pension scheme



-


(72)


(113)





 





Finance costs




(34)


(93)


(148)

 

The interest income arising from pension schemes is a non-cash item.

 

4. Income tax expense



Unaudited


Unaudited


Audited



Six months to


Six months to


Twelve months to



30 June 2023


30 June 2022


31 December 2022



£'000


£'000


£'000








Current taxation


839


392


631

Deferred taxation


344


321


1,075

Income tax expense

1,183


713


1,706

 

5. Earnings per ordinary share                                                                                                                                                                              

Basic earnings per ordinary share is based on the profit after taxation attributable to owners of the Company of £3,503,000 (June 2022: £3,188,000; December 2022: £7,895,000) and on 10,997,835 (June 2022: 11,020,612; December 2022: 11,009,068) ordinary shares, being the weighted average number of ordinary shares in issue during the period. Adjusted earnings per ordinary share is calculated after adjusting for the post tax effect of exceptional items (see note 2).




Unaudited


Unaudited


Audited




Six months to


Six months to


Twelve months to




30 June 2023


30 June 2022


31 December 2022




Pence per share


Pence per share


Pence per share

 








Basic earnings per share


31.9


28.9


71.7

Less exceptional items



2.4


(4.2)


(4.8)

Adjusted earnings per share



34.3


24.7


66.9




 





 

 

 

6. Reconciliation of operating profit to net cash inflow from continuing activities

 





Unaudited


Unaudited


Audited





Six months to


Six months to


Twelve months to





30 June 2023


30 June 2022


31 December 2022





£'000


£'000


£'000

Cash flow from operations







Operating profit




4,872


3,508


9,142

Exceptional Income




(360)


471


547

Adjustments for




 





Depreciation and amortisation




1,753


1,481


2,983

Profit on disposal of property, plant and equipment

(1)


-


(4)

Charge for share based payment



91


39


100

Decrease in retirement benefit obligations


(875)


(875)


(1,750)

Changes in working capital



 





Inventory




(3,265)


(611)


(5,403)

Trade and other receivables



861


(3,833)


(3,067)

Trade and other payables



(2,640)


1,828


2,391





 





Cash inflow from operations



436


2,008


4,939

 

 

7. Basis of preparation and accounting policies                                                                                                                   

The financial information included in the interim results announcement for the six months to 30 June 2023 was approved by the Board on 13 September 2023.

The interim financial information for the six months to 30 June 2023 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 2022, prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006.

The interim financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings 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 for the year ended 31 December 2022.

Statutory accounts for the year ended 31 December 2022 have been delivered to the Registrar of Companies.

8. 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 2023 Annual General Meeting.                                

The half-yearly report and this announcement will be available shortly on the Company's website www.churchill1795.com

 

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