Cranswick brings home the bacon
NEW products from specialist cured bacon and for the first time continental cheese has helped boost Cranswick’s performance.
The Driffield-based manufacturer, which also produces lines of pet food, today reported a 5% rise in pre-tax profits for the six months ended September 30 from £17.6m to £18.5m.
Sales also saw a healthy hike from £294.3m to £321.2m – a 9% like-for-like jump. Earnings per share rose 8% at 28.9p with a similar rise for dividend from 6.5p to 7p per share.
The group, which employs around 4,000 staff, said that the continuation of its record growth was in spite of challenges such as raw material inflation, significant currency fluctuations and weakening economic activity.
Its added that its success was directly linked to the growing range of products in its premium, standards plus, standard and value categories. Proving popular with consumers is air dried bacon produced at Cranswick’s newst bacon factory in Sherburn-in-Elmet.
Other favourites included pork with sales 10% higher during the period, sales of cooked meats and sausages, which increased by 8%, and sales of continental products – up by 7%. Bacon and sandwich sales both rose by 24%.
Sales in Cranswick’s pet business jumped by 26% on the same period last year. Sales in the pet products business rose by 34% with convenience sized packs of own brand and private label products selling in a wide range of outlets.
Its aquatic division also enjoyed increased sales reflecting the continued growth in people keeping fish as pets according to the manufacturer. The period also saw the launch of a new aquarium lighting range.
Martin Davey, chairman of Cranswick said: “While enormous cost pressures have been experienced, and dealt with, over the past year the signs are that this inflationary element has peaked.
“The company is strongly cash generative and has proven management teams across the group in which the board has full confidence to continue Cranswick’s successful development.”
He added: “Investment continues to be made in new product development to bring fresh ideas to the consumer.”
