November 26, 2020
Cranswick reports 31% higher first-half profits thanks to stay-at-home consumers
UK-based Cranswick Plc posted 31% higher first-half profits thanks to stay-at-home consumers that purchased more of the company's pork and chicken products, resulting in the company increasing its interim dividend, Reuters reported.
Despite its strong performance, Cranswick said it remained cautious of the long-term COVID-19 economic impact and uncertainties with regard to current Brexit discussions.
The company said there is the risk of volatility within its supply chains and uncertainty within its customer base because of Brexit and whether a Free Trade Agreement can be ratified.
Cranswick, a major pork and chicken supplier to British grocery retailers that owns farms, reported adjusted group operating profit of GBP 62 million ($82.69 million; US$1.34) for the six months ended September 26, compared with GBP 47.4 million (~US$63.4 million) in 2019.
The company increased its interim dividend to 18.7 pence per share for year ending March 27, 2021. Its total revenue rose 21% in the reported period to GBP 931.6 million (US$1.24 billion).