May 24th 2010
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Revenues up 22 per cent to £740m (2009: £607m) * |
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Pre-tax profit rose 26 per cent to £43.8m (2009: £34.7m) * |
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Earnings per share up 30 per cent at 69.7p (2009: 53.7p) *† |
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Recommended final dividend of 17.0p – up 16 per cent |
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Interest cover 21 times (2009: 10 times)* |
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Net debt reduced by £11.9m to £54.7m |
“The borrowings of the business are conservatively structured and interest was covered 21 times compared to 10 times a year ago.
“The Company is well positioned to meet the increasing demand for UK pork products. The business has developed significant expertise in the supply chain, building on its origins in pig feed production and the rearing of pigs, and through acquisitions, joint ventures and organic initiatives it now has market leading positions in a number of categories.
“The past year has seen increased expenditure by the consumer on products such as air-dried bacon, premium sausages, fresh pork and ham and this looks set to continue as the value and versatility of pork, the ‘alternative white meat’, are increasingly appreciated.
“With experienced management throughout the Group and a well invested asset base the Board is confident in the successful long term development of the business and is encouraged by the positive start made in the current financial year.”
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