Shares in Cranswick slid this morning (4 April) as the UK meat processor said that it expects its full-year trading to be “broadly in line with expectations”.
Shares in the company were down 2.53% to 810p a share at 09:17 BST as the company said that, for the year ended 31 March, underlying like-for-like sales were up 4%. Volumes increased by 6% on the same basis.
For the fourth quarter, Cranswick said that underlying sales were in-line with those of the previous year.
The company said that total sales for the year were 2% ahead of last year but down by 6% in the fourth quarter. Cranswick said its Deeside cooked meat business was transferred into the Farmers Boy (Deeside) Limited joint venture on 9 July, and from this date, said its sales were excluded from group total sales, impacting comparability.
Cranswick sounded a note of caution for 2011, saying that the difficulties facing the UK consumer and the dynamics of the competitive UK market suggests the year to 31 March 2012 may be “more demanding than usual”.
However, the company added that its “well invested asset base, strong range of products, experienced management team and robust financial position” mean that it is “well positioned” for long-term development.
The company’s full-year results will be released on 16 May.