UK pork processor Cranswick saw its earnings and sales climb in the first half of its financial year, boosted by new products and customers.
For the six months ended 30 September, pre-tax profit increased 16% to GBP26.1m (US$42.3m).
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Cranswick’s chairman, Martin Davey, said the first half had been “quite a positive period” for the company.
“Continued growth in sales, significant investment in the asset base, most notably the commissioning of the new pastry facility, along with the strategic development of the company’s pig breeding and rearing activities were all positive features of the six months trading.”
Davey said the increase in sales was also “especially encouraging”. Revenues were up 15% to GBP483.5m.
Cranswick said the impact of higher pig prices was partially mitigated by “on-going efficiency improvements”, sales volume growth, acquisitions and through “constructive discussions” with customers.
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By GlobalData“Prices have continued at historical highs and, as previously reported, are expected to remain so through to the end of the calendar year at least,” chairman Martin Davey said.
Nonetheless, the company said it expects its full-year performance to be in line with its expectations.
Cranswick’s share price was up 4.54% to 1,150 pence at 12:21 GMT today.
Click here to view the full earnings release.
