7th Oct 2013 06:37
LONDON (Alliance News) - Food producer Cranswick plc (CWK.L), in its trading update, reported that its first-half underlying turnover rose by 13 percent year-over-year, with the fresh pork and bacon divisions growing particularly strongly. According to the company, the attractiveness, versatility and low relative price of pork to other proteins remain key to this positive trend.
Half-yearly total sales were 15 percent ahead after considering the Kingston Foods' contribution and modest third party sales made by Wayland Farms, primarily to meet internal requirements.
During the first half, trading has seen strong sales growth coupled with the challenge of managing further significant raw material price inflation, driven by robust demand for British pig meat. The pig prices grew in the first quarter, as anticipated.
Looking ahead, UK pig prices are expected to remain at historical highs at least through to the end of the calendar year. The financial year outturn would be largely dependent on the Group's ability to mitigate these costs via. further operating efficiencies and the outcome of on-going talks with customers. The board now sees annual operating profits at a similar level to the prior year.
Copyright RTT News/dpa-AFX
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