Cranswick Foods Reports Positive Earnings Momentum

UK - Among the highlights mentioned in the company's six-month results are the approaching completion of a significant upgrade to its fresh pork site in Norfolk.
calendar icon 24 November 2014
clock icon 3 minute read

Among the highlights of Cranswick's unaudited results for the six months ended 30 September 2014, announced today are revenues of £481.5 million (2013: £483.5 million) and adjusted group operating margin of 5.4 per cent - up from 4.9 per cent in 2013.

Adjusted profit before tax was up by 11.4 per cent to £25.8 million from £23.2 million in 2013.

Adjusted earnings per share is 7.3 per cent ahead at 41.1 pence (2013: 38.3 pence), and dividend per share is 6.0 per cent higher at 10.6 pence (from 10.0 pence last year).

Net debt has been reduced by 39.8 per cent to £22.4 million, from £37.2 million a year ago.

Statutory profit before tax stands at £24.6 million (£26.1 million in 2013) and statutory earnings per share is 39.2 pence, compared to 43.5 pence in 2013.

Among the Company's operational highlights is the extension of the Delico cooked meats facility in Milton Keynes, which was completed on time and to budget.

A significant upgrade to the Norfolk fresh pork site is nearing completion and Benson Park Limited, a leading producer of premium British cooked poultry, has been acquired subsequent to the half year end.

Martin Davey, Cranswick’s Chairman commented: “It is pleasing to report to Shareholders that adjusted profit before tax for the six months increased 11.4 per cent to £25.8 million from £23.2 million in the corresponding period last year. Earnings per share on the same basis rose 7.3 per cent to 41.1 pence compared to 38.3 pence previously.

“Subsequent to the period end, the Company acquired Benson Park Limited, a Hull-based, leading producer of premium British cooked poultry which serves the fast growing food to go sector. This is an important acquisition for Cranswick in meeting the Company’s stated strategic aim of broadening both the protein range and the customer base of the business.

“The interim dividend is being increased by 6.0 per cent to 10.6 pence per share from 10.0 pence previously.

“With experienced management at all levels of the Group, a strong and continually evolving range of products along with a robust financial position the Board remains confident in the continued long term success and development of the business.”

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