November 16, 2010


Cranswick's profit rise on higher pork product demand


Cranswick Plc posted a 12% rise in first-half pre-tax profit on higher demand for pork-based products, and raised its interim dividend by 10%.


The company, which supplies fresh pork and gourmet sausages to Britain's food retailing and manufacturing sectors, said it was confident of the second half.


"The business is moving into new categories, which will lead to further growth opportunities," Chief Executive Bernard Hoggarth said.


For the six months ended September 30, pre-tax profit was GBP23.8 million (US$38.4 million), compared with GBP21.3 million (US$34.24 million) last year. Revenue grew 8% to GBP384.3 million (US$617.85 million).


Cranswick shares, which have risen 16% over the past one year, closed at 786 pence on Friday (Nov 12) on the London Stock Exchange.