Cranswick reports positive performance
Cranswick has released its trading statement for the first six months of the year, in which it reported trading was “in line with the board’s expectations”.
The company reported revenue in the first six months ending 30 September 2014 was in line with the same period the previous year at £483.5m, a 15% increase year-on-year.
In its half-year trading statement Cranswick said operating margins would be similar to same period in 2013: “Operating margins in the first half are expected to be similar to those achieved in the previous financial year as a whole reflecting the group’s continued focus on operating efficiencies, product quality and innovation.”
Pig prices have decreased over the last quarter, which financial analyst Investec said would reflect falling producer costs. Cranswick reported “Pig prices eased during the second quarter of the financial year and are now below the record highs seen at this time last year.”
Meanwhile the company stated work to extend the Delico cooked meats facility in Milton Keynes was completed on time and to budget, which the company hopes will increase throughput and “enhanced yields”. Similarly an upgrade to the chilling system at the Norfolk primary processing facility is almost complete and should deliver similar benefits.
Looking forward, both Cranswick and Investec said they expected a good overall yearly performance: “The backdrop in the UK food sector remains challenging, but Cranswick expects a good Christmas/Q3 period. We make no changes to FY (full year) expectations and continue to feel Cranswick deserves its premium rating,” said Investec.
Cranswick will announce its interim results on 24 November 2014.
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