November 17, 2009

 

Cranswick posts positive results in H1 profits

 

 

British pork supplier Cranswick has posted a 22-percent rise in first-half pretax profit from continuing operations, helped by higher sales to grocery retailers and European discounters.

 

The company, which supplies fresh pork and gourmet sausages to the UK's food retail and manufacturing sectors, also boosted its interim dividend to 8 pence from 7 pence.

 

In the six months ended September 30, Cranswick earned GBP21.3 million, compared with GBP17.5 million in the year-ago period. Revenue rose 19 percent to GBP355.6 million.

 

Cranswick recently sold its pet business to focus on the food sector and reports that the market for premium sausage products was on the rise as cash-strapped consumers continued to eat at home.

 

The company said its cash flow remained strong and it trimmed net debt by GBP5.6 million to GBP61.0 million during the first half.

 

US$1 = GBP0.59 (Nov 17)