30th Jul 2018 08:35
LONDON (Alliance News) - Cranswick PLC said Monday that trading in the first quarter of its financial year was in line with the board's view, as it expected revenue growth on last year.
The FTSE 250-listed pork, chicken and pastry producer said it expects revenue, for the three months to June 30, to be 3.2% higher than the comparative period a year ago. For the first half of 2017 the company posted revenue of GBP714.6 million.
Total export revenue was "modestly ahead" of the same period last year, the company added.
The company said that it commissioned a new purpose-built factory in Bury, Greater Manchester, which will provide additional capacity to support further growth.
Additionally, Cranswick added that it started work at its new poultry processing facility in Suffolk, southeast England, which will double current capacity.
Despite the current investments, at the end of the quarter, the company held GBP8 million of funds on its balance sheet, compared to GBP18 million in debt in the comparative year ago period.
"With experienced management at all levels of the group, a strong range of products, a well-invested asset base and a robust financial position, the outlook for the current financial year remains unchanged, and the board is confident in the continued long-term success and development of the business," the company said.
Cranswick said it will post its interim results on November 27.
The stock was trading down 1.0% at 3,272.00 pence each early Monday morning.
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