Cranswick reports "strong growth"
Cranswick PLC has released its first quarter (Q1) results showing “strong growth”, with total sales up 14%.
The meat producer posted its results for the year ending 31 March 2014 showing 5% growth in revenue, in-line with analysts, Investec’s expectations. Total sales were 14% up on last year at £995m, noting increased sales in sausages, fresh pork and cooked meats. Pig prices have remained consistant which have levelled at 160-165p/kg. resulting in “steady margins” for the business 160-165p/kg.
The business' net debt was slightly up on the forecast at £33m but Cranswick is expected to end the year with little net debt, Investec reported.
Chairman of Cranswick, Martin Davey said in a statement: “This has been a positive, albeit challenging, year for Cranswick. The business has had to contend with record input prices, the impact on its customer base of the changing dynamics of UK food retailing and an environment where the consumer has been subject to ongoing financial constraints.
“For the business to have continued to maintain its growth against this backdrop is no mean achievement.”
Ths year, the business will extend its Delico cooked meats factory at Milton Keynes, allowing it to accommodate more business, and also upgrading the chilling system at Norfolk, which will improve yields
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- total sales
- 165p kg
- 160 165p
- net debt
- cooked meats
- net debt investec
- debt investec reported
- positive albeit challenging
- cranswick martin davey
- investec reported chairman