Cranswick Profits Rise

UK - UK pig meat processor, Cranswick, has seen pre-tax profit rise by 26 per cent to 343.8 million compared to 334.7million in 2009.
calendar icon 24 May 2010
clock icon 3 minute read

Revenues were up by 22 per cent to £740 million compared to £607 million last year. according to the preliminary results for the year to the end of March.

Earnings per share rose by 30 per cent at 69.7p.

The company said its net debt was reduced by £11.9 million over the year to £54.7 million.

Cranswick Chairman Martin Davey said: "During the past year the Company has continued to progress and has further established its presence in the UK food sector. There has again been significant investment in the Group's asset base to enable the organic growth of the business to be maintained.

"The borrowings of the business are conservatively structured and interest was covered 21 times compared to 10 times a year ago.

"The Company is well positioned to meet the increasing demand for UK pork products. The business has developed significant expertise in the supply chain, building on its origins in pig feed production and the rearing of pigs, and through acquisitions, joint ventures and organic initiatives it now has market leading positions in a number of categories.

"The past year has seen increased expenditure by the consumer on products such as air-dried bacon, premium sausages, fresh pork and ham and this looks set to continue as the value and versatility of pork, the 'alternative white meat', are increasingly appreciated.

"With experienced management throughout the Group and a well invested asset base the Board is confident in the successful long term development of the business and is encouraged by the positive start made in the current financial year."

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