Cranswick reports rise in adjusted pre-tax profits

ADJUSTED pre-tax profits are up at East Yorkshire food producer Cranswick.

In its results for the six months to the end of September 2014, the business reported an 11.4% increase in adjusted pre-tax profit to £25.8m on revenues of £481.5m, down from £483.5m in the same period last year. Cranswick said this 0.4% decrease was a result of business lost earlier in the year which is now being recovered.

Martin Davey, Cranswick’s chairman, said in a statement this morning that 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.

“It is pleasing to report to shareholders that adjusted profit before tax for the six months increased 11.4% to £25.8m from £23.2m in the corresponding period last year,” he said.  “Earnings per share on the same basis rose 7.3% to 41.1p compared to 38.3p previously.
 
“Subsequent to the period end, the company acquired Benson Park, 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% to 10.6p per share from 10p previously.”
 
Cranswick was formed in the early 1970s by farmers in East Yorkshire to produce animal feed and has since evolved into a business focused on the supply of food products to the UK food retail and food service sectors. The firm is well-known for the production of gourmet sausages and is involved in the breeding and rearing of premium British pigs and also supplies fresh pork, cooked meats, premium cooked poultry, air-dried bacon, charcuterie, sandwiches and pastry products.  Products are sold primarily under retailers own labels including Sainsbury’s ‘Taste The Difference’ and Tesco’s ‘Finest’ as well as under a number of brands such as ‘Simply Sausages’, ‘The Black Farmer’, ‘Weightwatchers’ and ‘Red Lion Foods’.

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