Cranswick Continued Growth Delivers Record Profits

20/05/08 Cranswick, the food producer has announced its audited results for the year ended March 31 2008. Turnover increased by 17 per cent to £599m (2007: £510m). Pre-tax profit up 8 per cent at £35.3m (2007: £32.7m). Earnings per share rose 11 per cent to 55.9p (2007: 50.2p).

Cranswick Chairman, Martin Davey, said: “Turnover in the food activities was 17 per cent higher than the previous year which was particularly pleasing. The pet division had a good year.

“Major projects encompassing the integration of DeliCo and the commissioning of the new ‘air-dried bacon’ factory were completed during the year and the benefits they bring are important elements of our strategic growth plans.

“The Board’s strategy has been to establish a presence in a number of related and growing areas of the food sector. Within this sphere of activities, the Company has focused on premium categories which have been the stronger growing areas of the market.

“This strategy, which has been coordinated through acquisitive and organic developments, has delivered strong growth for Shareholders. The Board is confident that Cranswick, with its modern, efficient facilities producing a range of quality products appealing to the taste of consumer, can continue to generate strong growth in its business.

“The Company has had to absorb increases in its cost base during the second half of the year and further increases are anticipated. Cost increases to date are being incorporated into selling prices on a phased basis, as anticipated, during the first quarter of the new financial year.

“With this positive development and with the underlying growth in the categories in which we operate set to continue, we look forward to Cranswick’s further successful development”.