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.

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

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
The best investment trusts to buy for 2021
Investment trusts

The best investment trusts to buy for 2021

Sectors ranging from emerging markets to student accommodation look poised to do well this year, says David Stevenson, as he picks the best investment…
19 Jan 2021