- Hull-based pork producer, formed by farmers in the early 1970's to produce pig feed
- Supplies fresh pork and gourmet sausages to the UK's food retail and manufacturing sectors. It supplies the Sainsbury's Be Good to Yourself range.
- Just announced impressive annual results - http://www.stockopedia.com/news/announcement/CWK/090518cwk000466.htm. Sales of pork products are apparently resilient due to pork's competitive pricing by comparison to other meats. Highlights:
- Total sales up 9 per cent to GBP653m (2008: GBP599m)
- Total pre-tax profit rose 9 per cent to GBP36.7m (2008: GBP33.7m)
- Recommended final dividend of 14.7p - up 10 per cent
- Earnings per share up 9 per cent at 53.7p (2008: 49.1p)
- Pet division sold since year end in order to fund acquisition of Bowes of Norfolk (supplies Tesco).
- Shares admitted to FTSE 250
Chairman Martin Davey said: "There were a number of challenges in the year including inflation, the impact of sterling's devaluation and the pressures faced by the consumer as a result of the difficult economic environment. Sales of pork products have proved resilient in the face of this not least because of pork's competitive pricing by comparison to other meats. Rising raw material prices were dealt with either by absorption through efficiency gains, passed on by way of higher selling prices or by a combination of both. The decision was made last year to focus fully on the food business and last month the Board announced the sale of the pet activities and that contracts had been exchanged for the acquisition of the Bowes of Norfolk pork processing business.
Cranswick has a well invested asset base, is strongly cash generative, has skilled operational management teams and is positioned in a number of growth categories of the food sector. The Company has commenced the new financial year in line with management expectations and is well placed to continue its successful development".
http://www.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUSBNG47962820090518
