Business
AGM Trading Statement
AGM Trading Statement.
About this update from Churchill China Plc
[{"type":"text","content":"\n Churchill China PLC\n17 May 2006\n\nFor Immediate Release 17 May 2006\n\n CHURCHILL CHINA plc\n AGM Trading Statement\n\nAt the Company's Annual General Meeting, Stephen Roper, Chairman, will make the\nfollowing statement:\n\n'Group sales for the four months to the end of April 2006 were marginally ahead\nof our expectations and as anticipated were below the levels recorded in the\ncorresponding period of 2005 as we continued to actively manage the mix of our\nbusiness towards more profitable distribution channels.\n\nWe have continued to make good progress against our target of improved profit\nfor the year and this has been enhanced by improved capital utilisation and cost\nsavings from a number of investment projects.\n\nThe principal reason for the fall in Group sales is the planned transfer of\nlower price Retail business from a full service model through our UK operations\nto shipment direct from source to both our UK and export markets. This revised\nstrategy is designed to improve both our competitive position and operating\nperformance and has been well received by customers. Sales of Hospitality\nproducts are marginally below anticipated levels, however good progress has been\nmade in our key markets, the UK, Spain and the USA. Overall sales are marginally\nbelow 2005 with reduced sales to some lower margin export markets.\n\nWe continue to generate cash through careful management of our working capital\nbase and disposal of surplus assets. We are confident that the optimism\nexpressed in our Preliminary Results statement in March remains appropriate and\nthat we will deliver an improved performance at the half year and for the year\nas a whole.'\n\n\nFor further information, please contact:\n\nStephen Roper, Chairman or David Taylor, Finance Director Tel No: 01782 577566\nChurchill China plc\n\nTim Anderson/Lisa Baderoon/Rebecca Skye Dietrich\nBuchanan Communications Limited Tel No: 020 7466 5000\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2313,"tagName":"div"}]