By Kyle Morris
Churchill China PLC said Friday that it expects to meet market expectations for pretax profit for 2021.
The U.K. manufacturer of ceramic products said that it has exceeded earlier revenue estimates, but higher production costs have been booked due to the scaling of output to meet demand and cost inflation has risen. It added that it has increased prices to offset some of the effects of higher cost inflation.
Churchill China said it believes that 2022 profitability will show further substantial growth on year.
According to a company-compiled consensus, market expectations for 2021 pretax profit is 5.6 million pounds ($7.6 million).
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