July 2008
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:
• Turnover increased by 17 per cent to £599 million.
• Pre-tax profit up 8 per cent to £35.3 million*.
• Earnings per share rose 11 per cent to 55.9 pence*.
• The dividend was raised 10 per cent to 19.9 pence per share.
• Strong sales increases in both food and pet businesses.
• Continuing investment in facilities.
• Board confident of further successful development.
* including exceptional gains
The current financial year has started in line with the Board’s expectations.
Sales in the first quarter have increased by 10 per cent compared with the same period last year to £161 million. This represents an increase of 13 per cent on a like-for-like basis, excluding the animal feed business which was disposed of during the first quarter of the prior year.
Food sales showed an increase of 12 per cent, with volume growth across all categories. In the pet business, sales were 34 per cent higher.
Raw material cost increases have been incorporated into selling prices on a phased basis during the first quarter. Whilst further inflation cannot be ruled out, the Board remains confident of the Group’s prospects for the future.”
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