City Briefs: Cranswick; Carclo
CRANSWICK today said with its robust financial position, it is confident in the long-term success and development of the business.
The East Yorkshire firm, which processes and supplies fresh pork, sausage, bacon, cooked meats, charcuterie, pastry products and sandwiches, today announced that total sales for the year increased by 13% for the year ended March 31 2014.
In a trading update ahead of its full year results next month, the group said strong growth was seen across most product categories, particularly fresh pork, bacon and cooked meats. Pastry sales also continue to grow strongly following the successful launch of several new product ranges during the year and export sales were well ahead of the levels reported in the previous financial year, reflecting robust demand for pork products in Far Eastern markets, Cranswick said.
Cranswick said strong cash generation from operating activities through the final quarter will result in year-end net debt being substantially lower than at the end of quarter three and below the level reported at the last financial year end.
The group added: “With experienced management at all levels of the group, a strong range of products, a well invested asset base and a robust financial position, the board remains confident in the continued long term success and development of the business.”
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TECHNOLOGY-led plastics business, Carclo, today said it has traded in line with expectations.
In a trading update this morning, the Ossett-based firm said its technology arm, Conductive Inkjet Technology (CIT), saw coated film sales in the second half exceed first half sales and it expects this increase to continue as customer activity accelerates.
Carclo said its Technical Plastics division has enjoyed a stronger second half, the LED Technologies division benefitted from a significantly stronger second half and the Precision Engineering division continues to perform satisfactorily with financial performance at similar levels to the prior year. Last month, Carclo disposed of the business and assets of its small bandsaw machine and blade business, Birkett Cutmaster, which accounted for around £1.3m of the Precision Engineering division’s reported sales. Progress has also been “very promising” at Carclo Diagnostic Solutions, the group said.
Carclo added: “The board looks forward to delivering its growth strategy across its main businesses in the new financial year.”
