29th Jan 2015 08:01
LONDON (Alliance News) - Cranswick PLC Thursday said trading in its financial third quarter was in line with expectations, but revenue fell as lower input prices were passed on to its customers.
The FTSE 250-listed food producer said total sales in the three months to the end of December were marginally higher year-on-year. Underlying sales volumes, stripping out the contribution from the Benson Park acquisition made last year, rose 2%, with fresh pork returning to growth in the quarter.
But underlying revenue fell 3% as lower input prices were passed on to customers, Cranswick said. Export sales continued to improve, with sales to non-European markets rising 38% year-on-year.
Cranswick said its markets remain competitive but said the integration of the Benson Park business is on schedule and added further capital investment in the Benson Park business will be completed in its financial year to the end of March.
The group said it remains confident it will meet full year expectations.
By Sam Unsted; [email protected]; @SamUAtAlliance
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