Profit at Churchill China shot up 61 per cent last year, with revenue also showing a strong increase.
Annual results published by the Stoke-on-Trent ceramics manufacturer show pre-tax profit of £9.6 million for the 12 months to 31 December, 2022.
Revenue rose by 36 per cent, to £82.5 million, during the same period.
Hospitality sales during the year increased by 40 per cent against 2021. This increase reflected higher price levels, but also higher sales volumes which rose by 23 per cent against the prior year.
However, retail sales were down 33 per cent and now represent less than five per cent of Churchill’s ceramics revenues.
The company has said there is “good” demand from distributors and end users, and that 2023 has started well, with first quarter targets met. It expects an “improved” performance this year.
Chairman Alan McWalter has thanked the firm’s “talented and committed” workforce for its contribution to the results.
His report adds: “We delivered a strong performance in 2022, growing both revenue and profitability despite a number of challenges.
“This performance reflects not just the attractiveness of our markets but the strength of our established position and the long-term approach that we will continue to follow.
“Churchill is a resilient, adaptable business that benefits from a clear focus on delivering outstanding performance products, value and service to its customers and prospers as a result.
“We have a clear strategy and a long-term approach to business which underpins our confidence in our future prospects.”
The report has also highlighted the progress of Furlong Mills, the ceramics materials manufacturer purchased by Churchill China from Portmeirion in 2019.
This company, also based in the city, saw performance improve following a substantial increase in demand from Churchill and a general increase in business from the UK ceramic tableware industry.
Overall revenues rose by 54 per cent, with the increase from external customers being almost £2 million, 37 per cent.
