April 2008
Cranswick anticipates that the Company’s performance for the full year to 31 March 2008 will be in line with market expectations. The Company is achieving price increases in the primary processing part of the business as supply tightens and anticipates similar success in further product processing to offset increasing raw material costs resulting from global commodity price rises and the strong euro.
Total sales for the year were 21 per cent higher than the previous year on a like-for-like basis with food sales 20 per cent higher and pet sales 28 per cent higher.
In the fourth quarter sales of food products increased by 20 per cent and all product categories showed double digit growth. During the quarter the production of premium bacon was successfully consolidated into the new factory at Sherburn. Turnover in the pet division, which accounted for 8 per cent of total Company sales in the quarter, was up by 44 per cent due to a combination of volume gains and input cost recovery in the pet food business. Total sales in the quarter were up by 19 per cent on a like-for-like basis.
With strong market positions, well invested plants, and the progress being made on input cost recovery, the Company is well placed to continue its successful development.
It is intended that the preliminary results for the year ended 31 March 2008 will be announced on 19 May 2008.
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