The six months to 30 September 2009 saw a pleasing trading performance and the Company’s activities becoming fully focused on the food sector. The sale of the pet business was completed in April and was followed in June by the acquisition of the pork processing activities of Bowes of Norfolk Limited, now renamed Cranswick Country Foods Norfolk (“CCF Norfolk”).
Excluding sales from the pet business, turnover rose by 19 per cent of which 7 per cent was attributable to the newly acquired CCF Norfolk. Overall operating margin was similar to that achieved for the last financial year.
The integration of CCF Norfolk is progressing as planned. Whilst sales have been in line with expectations, the business has been impacted by the rise in pig prices to record levels, although prices now appear to have peaked.
Net debt reduced during the period reflecting the net cash inflow from operations and corporate activity, partly offset by a seasonal increase in working capital.
The Company intends to announce its interim results on 16 November 2009.
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