24th Nov 2020 10:22
(Alliance News) - Cranswick PLC on Tuesday said it had a "very positive" first half of its financial year as profit widened on uplifted output and strong revenue growth.
The FTSE 250-listed food producer posted a pretax profit for the 26 weeks ended September 26 of GBP53.7 million, rising 13% from GBP47.4 million a year before.
The Kingston upon Hull, England based company's revenue jumped 21% year-on-year to GBP931.6 million from GBP770.0 million.
"The first half of the year has been very positive seeing strong growth in group revenue and the ongoing successful development of the poultry activities. The well-publicised surge in supermarket sales, triggered earlier in the year with the lockdown restrictions, led to an uplift in output which came alongside continued strong growth in export revenue," Cranswick said.
Cranswick buffed its interim dividend by 12% to 18.7 pence, from 16.7 pence a year prior.
Going forward, Chief Executive Adam Couch said: "Although we remain cautious about the longer-term economic impact of Covid-19 and the continued uncertainty surrounding the ongoing Brexit negotiations, we are well positioned to address these challenges.
"Our outlook for the current year is unchanged and we have a solid platform from which to continue Cranswick's successful long-term development."
Cranswick shares were up 2.4% at 3,712.32 pence each in London on Tuesday morning.
By Greg Roxburgh; [email protected]
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