UK pork supplier Cranswick posted an increase in first-half sales today (7 October), boosted by a regional acquisition – but said the business had been impacted by the rise in pig prices.
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For the six months to 30 September, excluding sales from its pet business, turnover rose 19%, of which 7% was attributable to the newly-acquired Cranswick Country Foods Norfolk.
The company said it had experienced a “pleasing” trading performance, while its activities had become fully focused on the food sector. The sale of Cranswick’s pet business was completed in April.
However, Cranswick added: “Whilst sales have been in line with expectations, the business has been impacted by the rise in pig prices to record levels, although prices now appear to have peaked.”
Net debt reduced during the period reflecting the net cash inflow from operations and corporate activity, partly offset by a seasonal increase in working capital.
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By GlobalDataThe company’s interim results are expected to be released on 16 November.
