Cranswick saw its share price climb this morning (20 May) as the UK pork group reported a “pleasing” set of annual results.
Adjusted pre-tax profit was up 8% to GBP49.3m (US$74.9m) in the 12 months to the end of March. Taking into account a property impairment charge of GBP1.8m, reported pre-tax profit dropped 2% to GBP47.4m. Operating profit amounted to GBP48.2m, up 15.3% from GBP41.8m reported last year.
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Revenues climbed 7% to GBP875m. Underlying sales, which exclude the contribution from Kingston Foods, a business Cranswick acquired last year, were up 5%.
Cranswick chairman Martin Davey said it had been a “positive” year for Cranswick, that further progress was achieved in trading and investment was made for this progress to continue over the longer term.
He added: “The company’s well invested asset base, providing efficient means of production and headroom for future growth, along with an experienced management team and a robust balance sheet should enable it to capitalise on opportunities that arise.”
Cranswick’s share price was up 1.53% to 1103.60 pence at 11:09 BST.
