Cranswick H1 revenues steady, debt shrinks
Food supplier Cranswick said revenues were steady in the first half of 2014, as strong sales growth across most product categories offset a reduction in fresh pork sales.
Cranswick
4,290.00p
16:35 26/04/24
The group's revenues for the six months ended 30 September fell slightly from £483.5m to £481.5m, while adjusted profit before tax rose 11.4% to £25.8m.
The group added that the work to extend the Delico cooked meats facility in Milton Keynes was completed on time and to budget and it expects the investment to provide additional capacity and improved production yields.
Crasnwick said that a major upgrade to its Norfolk fresh pork site was nearing completion and was expected to deliver similar benefits.
"Subsequent to the period end, the Company acquired Benson Park Limited, a Hull based, leading producer of premium British cooked poultry which serves the fast growing food to go sector,” said group chairman Martin Davey.
“This is an important acquisition for Cranswick in meeting the Company's stated strategic aim of broadening both the protein range and the customer base of the business.”
Meanwhile, the pastry division was delivering very encouraging sales levels though it remained some way short of the targeted returns, the company said in a statement.
Adjusted earnings per share rose 7.3% ahead to 41.1p, while dividend per share was increased 6% to 10.6p, while net debt fell 39.8% to £22.4m.