23rd Mar 2005 07:00
Cranswick PLC23 March 2005 Cranswick plc ("Cranswick" or "Company" or "Group") Pre close period update Cranswick will announce its preliminary results for the year ending 31 March2005 on 24 May 2005. In advance of this, Cranswick is pleased to announce thatit anticipates that the Group's performance for the full year to 31 March 2005will be in line with expectations despite the challenging trading environmentexperienced in the fourth quarter. Current indications for the fourth quarter are that total sales, excludingPerkins Chilled Foods acquired in January 2005, will be some 7% higher than thesame period last year. Of this, sales of food products will be 17% higher withfresh pork, charcuterie and sandwiches continuing to show particularly stronggrowth. Although, as expected, animal feed sales will be significantly downfollowing the rationalisation of milling capacity undertaken earlier in thefinancial year, there has been a significant improvement in bottom linecontribution. Perkins Chilled Foods continues to integrate well. Pet sales for the fourth quarter will be some 10% down in comparison to the sameperiod last year due largely to a lack of promotional activity on pet food. Following the Cottingham fire in June last year, discussions are progressingwith insurers regarding the claim. Cautious assumptions have been made inarriving at the amount of the claim to be included in the full year results. Following completion of work on the new sausage factory in Hull and the new petfood facility at Driffield the Company is now at the end of its major capitalexpenditure programme to provide the foundations for future organic growth. Consequently, borrowings are expected to reduce in line with marketexpectations. Martin Davey, Chairman of Cranswick, commented: "With the recent investment in production facilities and the acquisition of Perkins Chilled Foods the Company is well positioned to continue its record of growth" The information provided above in respect of the Company's performance for theyear ending 31 March 2005 is indicative, subject to final review, and has notbeen audited. Enquiries: Martin Davey - Chairman ) ) 01377 270649John Lindop - Finance Director ) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Cranswick