UK: Cranswick books meaty FY profits
- Underlying pre-tax profits up by a quarter
- Revenues climb 22%; organic sales rise 11%
- Company sees increasing demand for UK pork
Cranswick says spending on air-dried bacon and pork has risen
Shares in UK bacon and sausage supplier Cranswick rose this morning (24 May) after the company said its annual profits had jumped by a quarter.
Cranswick said underlying pre-tax profits rose 26% to GBP43.8m (US$63m) in the year to the end of March.
Revenues were up 22% at GBP740m, thanks in part to Cranswick's 2009 acquisition of Bowes of Norfolk in 2009.
The new business, now named Cranswick Country Foods Norfolk, contributed to half of the group's sales growth but, on an organic basis, sales were up 11%.
The figures excluded Cranswick's pet food business, which it sold in April last year, and which made GBP3.6m in sales in the year to the end of March 2009.
Cranswick's shares were up 2.5% at 815p at 11:11 BST this morning.
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