STOCKS NEWS EUROPE-Churchill China down after H1
Shares in Churchill China (CHCH.L) fall 3 percent as the company's first-half numbers disappoint investors, with Seymore Pierce cutting its rating to "hold" from "buy", saying the group's first-half pretax profit fell below its expectations.
The manufacturer and distributor of ceramic tableware and household products reports a drop in pretax profit to 0.4 million pounds from 1.2 million pounds a year ago, as sales fall to 19.7 million pounds from 20.3 million pounds.
The company says it remains cautious on the remainder of 2009, although it expects to meet profit expectations.
As a result, Seymour Pierce is reducing its top end of consensus pretax profit forecast for 2009 to 2.1 million pounds from 2.4 million pounds, taking EPS from to 13.4 pence from 15.5 pence and making similar revisions for 2010.
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