Last checked at 13 Jul 2009 07:00
13 July 2009
Cranswick plc ("Cranswick" or "the Company") - first quarter trading statement
The Board is encouraged by the positive start to the current financial year.
Sales in the first quarter on a continuing basis, excluding revenues from the pet business which was sold on 24 April 2009, have increased by 11 per cent compared with the same period last year to £167 million. First quarter sales do not include a contribution from the Bowes of Norfolk business which was acquired at the end of the period.
Most parts of the business recorded higher sales. Significant increases in sales were seen in sausages and bacon and growth was also seen in continental and charcuterie products, fresh pork and cooked meats. Sandwich sales were lower, continuing last year's second half trend, though the signs are for a reversal of this later in the year.
Raw material prices have increased further during the quarter and as previously this is being handled by a combination of improved efficiencies and discussions with customers.
Net debt fell to £64m at the end of the quarter and reflects the cash paid for the Bowes of Norfolk business and consideration received from the sale of the pet business along with a slight increase in working capital.
With strong cash generation and well invested facilities, the Board remains confident of the Group's prospects for the future.
Enquiries:
CityRoad Communications
Paul Quade 020 7248 8010 (mobile 07947 186694)