Churchill China PLC
7 January 2002
For Immediate Release 7 January 2002
CHURCHILL CHINA PLC
TRADING UPDATE - GROUP MEETS MARKET EXPECTATIONS
EXCEPTIONAL PROFIT ON DISPOSAL OF LAND
Further to our announcement of 9 November 2001, Churchill China plc is now
pleased to announce that following a strong trading performance in the final
weeks of the year it expects to meet current market forecasts for the period
ended 31 December 2001 and that profits will be well ahead of the
corresponding figures for last year.
The last quarter of the year is always an important time for sales to the
catering industry from Churchill's Dining Out division. The Board is pleased
to report that the division has met its sales targets despite more challenging
conditions facing the Group's customers in the London and US hotel markets.
Churchill has maintained its strong position within the general UK catering
market and has achieved further growth in mainland Europe.
The Dining In division, which supplies the retail sector, has also met
expectations with strong pre-Christmas sales including the Harry Potter range
of ceramic products.
In addition to expecting to achieve current market expectations, the Group's
2001 results will also include an exceptional gain of approximately £300,000
on a disposal of land. This sale is part of an ongoing disposal programme of
surplus assets.
Stephen Roper, Chairman said :-
'Despite a number of adverse market events during 2001 the Group remains in
robust health and we continue to grow both turnover and profit. I
congratulate all our team and look forward to more progress in 2002'.
For further information please contact:-
Stephen Roper, Chairman - Churchill China plc 01782 577 566
David Taylor, Finance Director - Churchill China plc
Tim Anderson - Buchanan Communications 020 7466 5000
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