Churchill China PLC
15 May 2002
For Immediate Release 15 May 2002
CHURCHILL CHINA plc
AGM Trading Statement
At the Company's Annual General Meeting, Stephen Roper, Chairman, made the
following statement.
'As I stated at the time of our Preliminary Results announcement in March, it
was anticipated that the Group's performance in the first half of 2002 would be
constrained by a continuation of the slower trading experienced in the second
half of 2001. Trading since our announcement has remained in line with these
expectations. Sales in the Group's Dining Out division are presently ahead of
2001 with encouraging progress being achieved, particularly in export markets.
New product launches have also been well received. Sales within the Dining In
division are, as expected, behind last year. As a result Group sales are
currently below the corresponding period in 2001.
Both last year and over the last few months of 2002 we have initiated a number
of measures to reduce cost levels within the Group including the consolidation
of the majority of the Dining In divisions' manufactured output within the
Marlborough site. These initiatives are now largely complete.
We continue to anticipate that trading conditions for both divisions will
improve in the second half year and that as a result we will demonstrate solid
profitability.'
Contact
Stephen Roper - Churchill China plc - 01782 577566
Tim Anderson - Buchanan Communications - 020 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
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