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At its AGM today, Stephen Roper, chairman of Churchill China, told shareholders that the good trading over the first four months has helped ensure 'sound progress' against management expectations and the comparable position last year. Performance in each of the group's target markets has been 'most satisfactory', he said, adding that cash generation remains strong.
Investment in growth areas continues apace and the group is pursuing 'a number of new opportunities' to develop further profitable business operations.
Overall, Churchill, which aspires for its products 'to be every chef's first choice', remains confident that it will deliver an improved performance both at the half-year in June and across 2007 as a whole.
The upbeat update follows a strong set of 2006 results in March, with a particularly strong second half helping to boost full year pre-exceptional pretax profits by 20% to £ 3.1m. Pretax profits more than doubled to £5.7 from £2.8m as turnover edged up by £1.4m to £47.8m. The good full year outturn was despite a slump in retail sales in the first half and the impact of higher energy prices, especially in the fourth quarter.
The full year results led to the shares jumping 9% and they have continued to be buoyed by positive sentiment and growing confidence in management's ability to deliver.
There was a quite strong run just ahead of today's statement and in the wake of the very positive update, the shares rose another 5p or 1.7% to 297.5p, giving a forward PER of 14, falling to 13.3 in 2008. The prospective yield is a very decent 4.2%.
At its AGM today, Stephen Roper, chairman of Churchill China, told shareholders that the good trading over the first four months has helped ensure 'sound progress' against management expectations and the comparable position last year. Performance in each of the group's target markets has been 'most satisfactory', he said, adding that cash generation remains strong.
Investment in growth areas continues apace and the group is pursuing 'a number of new opportunities' to develop further profitable business operations.
Overall, Churchill, which aspires for its products 'to be every chef's first choice', remains confident that it will deliver an improved performance both at the half-year in June and across 2007 as a whole.
The upbeat update follows a strong set of 2006 results in March, with a particularly strong second half helping to boost full year pre-exceptional pretax profits by 20% to £ 3.1m. Pretax profits more than doubled to £5.7 from £2.8m as turnover edged up by £1.4m to £47.8m. The good full year outturn was despite a slump in retail sales in the first half and the impact of higher energy prices, especially in the fourth quarter.
The full year results led to the shares jumping 9% and they have continued to be buoyed by positive sentiment and growing confidence in management's ability to deliver.
There was a quite strong run just ahead of today's statement and in the wake of the very positive update, the shares rose another 5p or 1.7% to 297.5p, giving a forward PER of 14, falling to 13.3 in 2008. The prospective yield is a very decent 4.2%.
