18 May 2009
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Cranswick plc (“Cranswick” or “the Company”), the food producer, announces its audited preliminary results for the year ended 31 March 2009.
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Total sales up 9 per cent to £653m (2008: £599m)† |
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Total pre-tax profit rose 9 per cent to £36.7m (2008: £33.7m)*† |
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Recommended final dividend of 14.7p – up 10 per cent. |
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Earnings per share up 9 per cent at 53.7p (2008: 49.1p)*‡ |
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Pet division sold since year end |
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Contracts exchanged to acquire Bowes of Norfolk |
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Shares admitted to FTSE 250 |
* pre-exceptional items.
† include the results of the pet activities which have been treated as discontinued in the Group Income Statement.
‡ on continuing operations.
Chairman Martin Davey said: “There were a number of challenges in the year including inflation, the impact of sterling’s devaluation and the pressures faced by the consumer as a result of the difficult economic environment. Sales of pork products have proved resilient in the face of this not least because of pork’s competitive pricing by comparison to other meats.
“Rising raw material prices were dealt with either by absorption through efficiency gains, passed on by way of higher selling prices or by a combination of both.
“The decision was made last year to focus fully on the food business and last month the Board announced the sale of the pet activities and that contracts had been exchanged for the acquisition of the Bowes of Norfolk pork processing business.
“Reported sales for the continuing food business increased 9 per cent to £607 million and profit before tax rose 8 per cent to £34.7m.
“This has been a successful year for the Company and the continued development of the business was recognised by Cranswick’s admission to the FTSE 250 during the year which increases the potential investor base.
“Cranswick has a well invested asset base, is strongly cash generative, has skilled operational management teams and is positioned in a number of growth categories of the food sector. The Company has commenced the new financial year in line with management expectations and is well placed to continue its successful development”.
Download the full report here.
24 April 2009
Cranswick announces today that following a competitive tender process it has completed the sale of its pet activities, Cranswick Pet Products (“CPP”) and Tropical Marine Centre (“TMC”), as part of a management buy-out. The management buy-out team comprises of main board director Derek Black, TMC managing director Paul West and certain other members of the respective management teams. Derek Black has resigned from the main board.
Commenting on the sale, Chairman Martin Davey said:
“We would like to take this opportunity to thank Derek and Paul and all the employees of CPP and TMC for their contribution to Cranswick over many years and to wish them all the best in their new venture. Derek has been with Cranswick since 1980 and was appointed a main board director in 1988. Paul joined TMC as managing director in 1997. Cranswick is now wholly focused on its food activities and will continue with its strategy to grow both organically and through acquisition as demonstrated by the recently announced acquisition of Bowes.”
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