Cranswick keeps bringing home the bacon

UK food supplier Cranswick said underlying full year sales increased by five per cent as robust demand for bacon, sausages and cooked meat products continues.

Total sales for the year to March 31st 2013 climbed 7% after taking into account the contribution from Kingston Foods which Cranswick bought at the end of June last year.

After adjusting for the benefit of the 53rd week in the previous financial year, underlying and total sales rose 7% and 9% respectively. On a corresponding basis, sales in the three months to March 31st 2013 were 13% and 15% higher, respectively.

Cranswick said operating margins are expected to be broadly in line with last year.

The group, which has invested £30m in increasing capacity and developing new products, said development of the new pastry facility in Malton, North Yorkshire remains on schedule and to budget.

It also commissioned a new fresh pork retail packing facility in Hull at the start of March for new business brought on stream during quarter four.

Final quarter year-end net debt is expected to be substantially lower than at the end of quarter three and in line with the level reported a year ago.

"The board looks forward positively to the continued long term development of Cranswick," it said in its fourth quarter update.

CJ