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Wednesday, October 07, 2009
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Cranswick Sales Up on Record Hog Prices

UK - Pork supplier Cranswick said first-half sales rose in line with expectations, helped by an acquisition, but the business had been impacted by the rise in pig prices to record levels.

Cranswick - which supplies fresh pork and gourmet sausages to the food retail and manufacturing sectors - however, said prices now appeared to have peaked.

Excluding sales from the pet business, turnover rose 19 per cent, of which 7 per cent was related to the newly acquired Cranswick Country Foods Norfolk.

The sale of Cranswick's pet business was completed in April, reports Reuters. Net debt fell during the period, reflecting the net cash inflow from operations and corporate activity, partly offset by a seasonal increase in working capital.

The company's shares were trading down 2.5 per cent at 680 pence at 8:19 a.m. on Wednesday on the London Stock Exchange.

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