Churchill China PLC said Monday that 2020 pretax profit fell along with revenue and that the board won't declare a final dividend for the year.
The U.K. manufacturer of ceramic products said that pretax profit was 91,000 pounds compared with GBP11.3 million for 2019. Revenue fell to GBP36.4 million from GBP67.5 million the year before. The company said this was due to the effects of the coronavirus pandemic and restrictions on sales. The company said ceramic revenue fell to GBP33.1 million compared with GBP62.7 million the year before.
The board said it will review its dividend policy at the earliest opportunity once a clearer trading pattern has emerged during the first half of the year. "Despite the level of government restrictions on worldwide hospitality markets in the fourth quarter of 2020 and the first quarter of 2021, there is now growing evidence from enquiries, order levels and sales that activity levels are recovering across our markets," the company said.
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