1st Oct 2015 06:13
LONDON (Alliance News) - Cranswick PLC Thursday said revenue in the first half of its financial year grew slightly ahead of the board's expectations and said it remains well-positioned to achieve further growth during the rest of the year.
The pork and poultry producer said that total revenue in the six months to September 30 rose 10% on the same period the year before, driven by strong volume growth across most product categories and a positive contribution from poultry producer Benson Park which it bought last year.
Cranswick added that the next phase of development of its Norfolk primary processing facility will start in the third quarter. The GBP6 million investment will increase capacity and operating efficiencies, it said.
Meanwhile, the major capital investment programme at Benson Park remains on track and will be commissioned ahead of the 2015 peak Christmas trading period.
"Cranswick continues to work closely with its customers and to maintain its focus on service, quality and innovation to deliver exciting, competitively priced products in market conditions that are expected to remain competitive through the second half of the year. This approach, allied to a broadening product portfolio and an anticipated strong Christmas trading period, means the business remains very well-placed to deliver further growth this financial year," the company said in a statement.
"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 board remains confident in the continued long-term success and development of the business," Cranswick added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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