24th May 2016 06:47
LONDON (Alliance News) - Cranswick PLC on Tuesday reported growth in profit in its recently-ended financial year, boosted by revenue growth in all but one of its product categories and said it is well-positioned for the future.
The pork and poultry food producer said its pretax profit in the year ended March 31 grew to GBP58.7 million from GBP52.8 million the year before as revenue rose to GBP1.07 billion from GBP1.00 billion.
Cranswick said strong sales growth was achieved across most categories, including poultry from the Benson Park business which it acquired in 2014. Sales volume grew by 12% in the year.
By category, sales of fresh pork were up 9%, sausages were up 1%, bacon was up 12%, premium poultry was up 24%, pastry was up 31%, continental products were up 11% and sandwiches were up 3%. Cooked meats was the only category to post a sales decline, of 4%, reflecting overall category deflation and lower volume to one retail customer, Cranswick said.
Cranswick will pay a total dividend of 37.5p, up 10% from the 34.0p it paid the prior year.
"The business has made significant progress both commercially and strategically over the past year. There are strong customer relationships, a broadening product portfolio and growing export channels. Aligned with well-invested and efficient production facilities, skilled management teams and a strong balance sheet this gives the board confidence that Cranswick is well positioned to meet the challenges that may arise and to continue its successful long-term development," Chairman Martin Davey said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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