July 14, 2010

 

Cranswick posts increase in Q1 sales

 
 

British pork supplier Cranswick Plc said on Tuesday (July 13) first-quarter sales rose 19% as most of its product categories delivered strong growth, reflecting higher volumes.

 

The company, which supplies fresh pork and gourmet sausages to Britain's food retailing and manufacturing sectors, said it started the current financial year in line with its expectations.

 

"Whilst there was a reduction in sales of continental products, there were substantial gains in fresh pork, bacon and sandwiches and continued growth in cooked meats and sausages," the company said in a statement.

 

For the three months ended June 30, total sales came in at GBP198 million (US$301.08 million), excluding revenue from the pet business, which was sold in April 2009.

 

The increase in sales reflects organic growth of 6%, and 13% from CCF Norfolk which it acquired in June 2009, Cranswick said.

 

The company's net debt at end-June stood at GBP54 million (US$82.1 million), which was lower than the year-end levels and down 16% from a year ago.

 

Cranswick shares closed at 860 pence on Monday (July 12) on the London Stock Exchange.