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17 November 2008
Cranswick plc, the food producer, announces its unaudited results for the six months ended 30 September 2008.
Highlights:
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Sales up 9 per cent at £321.2m
(2007: £294.3m) |
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Profit before tax rose 5 per cent to £18.5m
(2007: £17.6m)* |
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Earnings per share up 8 per cent at 28.9p
(2007: 26.8p)* |
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Dividend increased by 8 per cent to 7.0p per share (2007: 6.5p) |
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Strong cash generation |
* before exceptional items
Cranswick Chairman Martin Davey said: “It is pleasing to be able to report once more to Shareholders that Cranswick has continued its record of growth. This is especially encouraging given the challenges of raw material inflation, significant currency fluctuations and weakening economic activity.”
“In the food business there was success in growing the range of products supplied into our customer base across the categories of premium, standard plus, standard and ‘value’.”
“It was good to see growth in sales of ‘air-dried’ bacon from the new bacon factory following substantial recent investment. Further growth in the customer base for this premium bacon is anticipated during the second half of the year.”
“Investment continues to be made in new product development to bring fresh ideas to the consumer.”
“Whilst enormous cost pressures have been experienced, and dealt with, over the past year the signs are that this inflationary element has peaked. The Company is strongly cash generative and has proven management teams across the Group in which the Board has full confidence to continue Cranswick’s successful development.”
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