Cranswick see 21% surge in profit
Meat suppliers and pork specialist, Cranswick, have reported profit rises of 21% in the last six months, up to £22.5m from £18.5m year-on-year.
The Hull-based company, who this year acquired meat producers Kingston Foods, said its revenues were up by 5%, while earnings per share increased by 23%.
Cranswick said it would raise its dividend to 9.4 pence, from 9 pence per share in the same period last year, and Chairman Martin Davey congratulated the management team’s expertise, enthusiasm and commitment.
He added: “It is pleasing to report continued growth in sales, in what continues to be a difficult economic and consumer environment, reflecting the ongoing popularity of pork with the consumer, driven by both the versatility and the low relative price of pork to other proteins.
“Kingston Foods has made an encouraging contribution to the Group since acquisition and has further extended Cranswick’s customer portfolio and strengthened the Group’s cooked meat production capability.
“Rising input costs were a feature of trading during the period and this has continued into the second half, although efficiency improvements brought about by investment undertaken by the business and ongoing constructive pricing discussions with customers have helped offset the full impact of this.
“The Board currently anticipates a more balanced trading performance between the first and second halves compared to last year when there was a strong second half bias.”
Mr Davey concluded by saying the business strategy for the coming year remains unchanged, and growth would be generated by acquisitions and “organic initiatives.”
This was posted in Bdaily's Members' News section by Miranda Dobson .