Churchill China PLC (LON:CHH) has put off the resumption of its dividend until the end of the year after slipping to a loss in the first half of 2020.
The ceramics seller swung to a reported loss of £0.4mln for the first six months of the year from a pre-tax profit of £4.3mln a year ago.
This was a result of sales tumbling 41% to £18.9mln after the coronavirus pandemic shattered what had been a serene start to the year when sales had been up 33%.
UK sales fell 46% to £6.8mln and export sales dropped 38% to £12mln.
Directors said: “We believe that the company retains the capacity to propose and pay an interim dividend, but that at present we should balance the current uncertainty in our markets ahead of an immediate return to dividend.”
With the fourth quarter of the year traditionally a crucial trading period, Churchill said it will review dividend policy and the declaration of an interim dividend again at the end of the year.