REG - Cranswick PLC - Interim Management Statement <Origin Href="QuoteRef">CWK.L</Origin>

CranswickAnnouncement

06/09/2014 20:41

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RNS Number : 4105N
Cranswick PLC
28 July 2014 
 
28 July 2014 
 
Cranswick plc 
 
("Cranswick" or "the Company" or "the Group") 
 
AGM and Interim Management Statement 
 
Cranswick, the UK food producer, provides an update on trading for the period
from 1 April 2014 to 27 July 2014.  Trading information relates to the 3
months to 30 June 2014. 
 
Current trading 
 
Trading so far in the current financial year has been in line with the Board's
expectations. 
 
Revenue in the three months to 30 June 2014 was 5 per cent aheadof the same
period last year reflecting continued growth across most product categories. 
 
Operating margin# in the first quarter was similar to that achieved in the
previous financial year as a whole. 
 
During the period, the Group has invested further in its asset base to
increase capacity and improve efficiency.  Work to extend the Delico cooked
meats facility in Milton Keynes is, as planned, nearing completion.  The
project will provide more capacity to meet anticipated sales growth and the
investment in advanced cooking and slicing technology will deliver increased
throughput and enhanced yields.  A major upgrade to the chilling system at the
Norfolk primary processing facility will deliver similar benefits. 
 
Financial position 
 
Net debt stood at £33 million at 30 June 2014, £22 million lower than the same
point last year and compared to £17 million at 31 March 2014. The increase
during the quarter reflects the usual seasonal uplift in working capital and
the Group's on-going capital investment programme.  The Group is in a sound
financial position, with committed, unsecured facilities of £120 million which
provide generous headroom going forward. 
 
Board changes 
 
As announced on 19 May 2014, Bernard Hoggarth will retire from the Board at
today's Annual General Meeting. 
 
Also as announced on 19 May 2014, John Worby will stand down from his position
as a Non-Executive Director at today's Annual General Meeting.  Mark Reckitt
joined the Board as a Non-Executive Director on 1 May 2014 and will take over
from John Worby as Chair of the Audit Committee at the conclusion of today's
Annual General Meeting. 
 
Outlook 
 
With experienced management at all levels of the Group, a strong range of
products, a well invested asset base and a robust financial position, the
Board remains confident in the continued long term success and development of
the business. 
 
Enquiries: 
 
 Cranswick plc                     01482 372 000  
 Mark Bottomley, Finance Director                 
                                                  
 Powerscourt                       020 7250 1446  
 Nick Dibden / Sophie Moate                       
 
 
Notes: 
 
1.     Cranswick's activities are focused within the UK and include the
processing and supply of fresh pork, sausage, bacon, cooked meats,
charcuterie, pastry products and sandwiches.  Products are primarily supplied
into the UK food retail, food service and food manufacturing sectors.  Results
for the year to 31 March 2014 showed revenues of £995m and profit before tax
of £54.8m. 
 
2.     This announcement is based on information sourced from unaudited
management accounts. 
 
3.     This announcement represents Cranswick's first quarter Interim
Management Statement for the period from 1 April 2014 to 27 July 2014. 
 
4.     This announcement contains certain forward looking statements with
respect to the financial conditions, results of operations and businesses of
Cranswick. These statements involve risk and uncertainty because they relate
to events and depend upon circumstances that will occur in the future. There
are a number of factors that could cause actual results or developments to
differ materially from those expressed or implied by these forward looking
statements. Nothing in this announcement should be construed as a profit
forecast. 
 
# excluding net IAS 41 valuation movement on biological assets in the current
and prior financial years and non-recurring items in the prior financial year 
 
This information is provided by RNS
The company news service from the London Stock Exchange