Cranswick plc (“Cranswick” or “the Company”) – first quarter trading statement
The following statement on current trading will be made at the Company’s Annual General Meeting later this morning:
“The results for last financial year were very pleasing:
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Turnover was up 19 per cent to £525 million. |
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Profit before taxation and exceptional gains rose 12 per cent to £32.4 million. |
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Earnings per share pre exceptional gains rose 5 per cent to 50.1 pence. |
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The dividend was raised 10 per cent to 18.1 pence per share. |
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Underlying cash generation continued to be strong. |
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DeliCo was acquired on 1 November 2006 and successfully integrated. |
The current financial year has started in a very positive way.
Sales in the first quarter have increased by 25 per cent compared to the same period last year to £151 million, continuing the strong growth trend of recent years.
Food sales showed an increase of 26 per cent of which 22 per cent reflects organic growth. All product categories delivered double digit growth. As anticipated DeliCo is operating at a level significantly ahead of that at the time of its acquisition in November 2006. Agri sales were 8 per cent up, despite the sale of the animal feed business in the first quarter, reflecting an increase in pig marketing. In the pet business sales were 10 per cent higher. Whilst individual product categories are subject to differing raw material pricing dynamics the overall margin performance is in line with management’s expectations.
In May the Company purchased new freehold premises which are currently being equipped to produce the Jack Scaife range of premium bacon to cope with the anticipated continued growth in that part of the business. The new facility is due to be commissioned in the Autumn.”
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