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Cranswick Reports Positive Trading Performance

by 5m Editor
6 October 2010, at 11:15am

UK - The six months to 30 September 2010 saw a positive trading performance.

There was continued strong sales growth with reported turnover increasing by 8 per cent. Adjusting for the impact of the cooked meats transaction referred to below, the headline increase was 12 per cent.

Good progress has been made at CCF Norfolk in driving through operating efficiencies and during the period record weekly volumes were processed at the site.

Overall operating margin was in line with management’s expectations.

The extension of the Lazenby’s sausage facility and the new abattoir at the Company’s primary pork processing site in Hull will both be fully commissioned in October and work on the extension of the air-dried bacon facility at Sherburn-in Elmet, near Leeds, is also well advanced.

On 9 July, the principal assets of the Company’s Deeside cooked meats facility were transferred to Farmers Boy (Deeside) Limited, a company within the Wm Morrison Supermarkets plc group, with 49 per cent of the shares in Farmers Boy (Deeside) Limited being received as consideration.

Cash generation from operating activities was strong during the period resulting in net debt at the half-year end being substantially lower than that of a year ago and below the 354 million reported at the previous quarter end.

The Company intends to announce its interim results on 15 November 2010.