Pork firm Cranswick brings home bacon
PORK supplier Cranswick yesterday posted a higher first-half profit, boosted by rise in demand from grocery retailers and European discounters, and said it was confident of meeting expectations for the full year.
The group said pre-tax profits jumped 22 per cent to £21.3m in the six months to 30 September, from £17.5m the year before.
The company, which supplies fresh pork and gourmet sausages to the UK’s food retail and manufacturing sectors, also raised its interim dividend to 8p from 7p.
Chairman Martin Davey said: “The picture from a pork producer’s perspective is very positive. We are seeing increased consumption of pork in the UK… and a reduction in prices from the record high”.
Cranswick, which was formed by farmers in the early 1970s to produce pig feed, recently sold its pet business to focus on the food sector.
While fresh pork and cooked meat are likely to continue as the biggest areas of growth going forward, the sausage and bacon segments should see strong growth, Davey said.
Analysts expect the company to post pretax profit of £40.55m for the year ended 31 March 2010.