Bacon and sausage supplier Cranswick said underlying turnover in the six months ended September 30th rose five per cent from the previous year as shoppers opted for relatively lower priced pork.
Cranswick said it expects the performance of the business to be in line with management's expectations.
"Both the versatility and the low relative price of pork to other proteins are key to this positive trend," it said in a copmany statement.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Total sales for the six months were six per cent higher after contributions from Kingston Foods, which it bought at the end of June 2012.
"Kingston Foods has, as was anticipated, made a very encouraging contribution to the group since acquisition and has further extended Cranswick's customer portfolio and strengthened the group's cooked meat production capability," the group said.
Net borrowings were down on the previous quarter end and were well below those of a year ago, despite the cash spent on the acquisition of Kingston Foods and the on-going capital investment programme. Cranswick has unsecured facilities of £100m.
"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 development of the business," it said.
CJ
-
Half of UK homeowners will need to tap housing wealth to pay for retirementUnlocking property wealth could inject £21 billion each year into UK economy by 2040, according to new research
-
When will M&S take online orders again?Shoppers have not been able to place orders on the M&S website for more than two weeks, following a cyberattack. Meanwhile, the retailer’s share price has plummeted by 15%. When will things get back to normal?
