Churchill China (CHH) H1 2026 TU earnings summary

Executive summary

• Trading performance stabilised in H1 2026 after declines in 2025, with sales broadly in line with the prior year.

• Added-value hospitality product sales showed stability, reflecting success in securing new business and market share gains.

• Operational improvements and disciplined investment are delivering productivity and waste reduction benefits.

Financial highlights

• External sales for H1 2026 were £37.4m, compared to £38.5m in H1 2025, indicating resilient performance amid subdued demand.

• Cash balances increased to £8.8m at 30 June 2026 from £5.6m a year earlier, driven by strong cash generation and working capital management.

Outlook and guidance

• Sales visibility remains limited, with the final quarter being significant for full-year performance.

• The company expects limited exposure to short-term energy price fluctuations due to significant hedging.

• Focus remains on maximising long-term value per share and positioning for market recovery.