January 2009
Cranswick has continued to perform in line with management’s expectations. This was pleasing given the ongoing challenges of significant currency fluctuations and weakening economic activity. Total sales for the Company in the quarter to 31 December 2008 were £164m, an increase of 7 per cent compared to the same period last year.
In the food division, turnover increased by 6 per cent compared with the same period last year. There were notable increases in a number of categories, with sales of continental products 15 per cent higher, pork sales up by 14 per cent and sales of sausages and sandwiches ahead by 7 per cent and 6 per cent respectively.
Turnover in the pet division, which accounted for 7 per cent of total Company sales in the quarter, was up by 16 per cent, as the strong growth seen in the first half of the year continued. Sales in the pet products business rose by 16 per cent and the new Lisbon branch which opened in October helped aquatic sales move ahead by 17 per cent.
Cash generation from operating activities remained strong. The Company has put in place a new, three year, bank facility and this provides appropriate headroom going forward.
Cranswick is in a very strong position in each of its markets supported by production facilities in which there is ongoing investment in pursuit of improved efficiencies and which are amongst the best in the sector. The outlook for the year remains unchanged.
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