21st May 2019 08:59
LONDON (Alliance News) - FTSE 250-listed meat processing firm Cranswick PLC boosted its annual dividend Tuesday despite profit and revenue shrinking in a "competitive" market and as it continues to invest in growth.
For the year ended March, pretax profit narrowed 1.7% to GBP86.5 million from GBP88.0 million the year prior. This was after revenue fell 1.4% to GBP1.44 billion from GBP1.46 billion the year before.
"The last year was one of consolidation following three years of very strong growth," Cranswick Chief Executive Officer Adam Couch said. "We delivered this year's results against a backdrop of highly competitive market conditions and ongoing, Brexit related, political and economic uncertainty."
Cranswick proposed a 40.0 pence per share final dividend, up 3.6% from 38.6p the year prior. For the full year, the dividend rose 4.1% to 55.9p from 53.7p the year before.
"We invested at record levels across our asset base and made further strong progress against our strategic objectives," Couch added. "We continue to build a platform and lay down the pipeline for future growth."
During the year, Cranswick invested GBP79 million to add capacity, extend capability and drive efficiencies at its operations. The firm added that the construction of a new poultry primary processing facility in Suffolk was "progressing to plan."
"I am confident that continued focus on the strengths of our business, which include its long-standing customer relationships, breadth and quality of products, robust financial position and industry leading infrastructure, will support the further successful development of Cranswick over the longer term," Couch continued.
Shares in Cranswick were 1.2% higher at 2,896.00 pence on Tuesday.
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