Cranswick Turns the Corner21 May 2012
UK - Pig meat processor and food producer Cranswick has announced a strong recovery in the second half of the year following challenges in the first half.
In the company's preliminary results for the year Cranswick shows underlying sales ahead by 10 per cent at £821 million.
Reported revenues were up by eight per cent to £821 million compared to £758 million in 2011. Operating profit was down by five per cent at £46.7m compared to £49.2 million last year, but pre-tax profit rose by three per cent to £48.4 million compared to £47.1 million.
Earnings per share were up by 6 per cent at 78.6p compared to 74.5p in 2011.
The company's net debt was reduced by £26.6 million to £21.7 million.
Cranswick Chairman Martin Davey said: "Against a background of strong raw material price increases early in the financial year and a continued challenging environment for the consumer, the Company recovered strongly during the second half and recorded its highest ever sales and second best trading profit in its history.
"Underlying sales rose 10 per cent in the year and reflected growth across most product sectors.
"Cash flow in the period was robust notwithstanding the investment in the Company's asset base of £20 million to expand production capacity, improve efficiency and broaden the product range.
"The Board announces today that, as planned for some time, Bernard Hoggarth will be standing down from his position as Chief Executive at the forthcoming Annual General Meeting, to be held on 1 August 2012, and will take up the part-time role of Commercial Director. Adam Couch will be appointed CEO when Bernard stands down. Adam was appointed COO a year ago as part of the Board's strategy for succession planning, and has been with the Company for over 20 years."
ThePigSite News Desk