Cranswick PLC First Half Trading Statement (7836A)
October 01 2015 - 1:00AM
UK Regulatory
TIDMCWK
RNS Number : 7836A
Cranswick PLC
01 October 2015
1 October 2015
Cranswick plc
("Cranswick" or "the Company" or "the Group")
First half trading statement
Cranswick, the UK food producer, today provides an update on
trading for the six months ended 30 September 2015.
First half performance
Revenues during the first half of the year were slightly ahead
of the Board's expectations.
Total revenues in the six months to 30 September 2015 were 10%
ahead of the same period last year, driven by strong volume growth
across most product categories and a positive contribution from
Benson Park.
Underlying sales(*) were 7% higher than the same period last
year, with corresponding volumes up 10% as the Group's customers
and UK consumers continue to see the benefit of the Group's lower
input prices.
Investment
The next phase of development at the Norfolk primary processing
facility will start in quarter 3. This GBP6 million investment will
increase capacity and operating efficiencies as well as
underpinning the plant's drive to gain USDA accreditation.
The major capital investment programme at Benson Park remains on
track and will be commissioned ahead of the 2015 peak Christmas
trading period.
The Group continues to invest across its asset base to increase
capacity and drive further operating efficiencies.
Financial position
Net borrowings were below the previous quarter end and
comfortably lower than those of a year ago. The Group is in a sound
financial position with committed, unsecured facilities of GBP120
million, which provide comfortable headroom.
Outlook
Cranswick continues to work closely with its customers and to
maintain its focus on service, quality and innovation to deliver
exciting, competitively priced products in market conditions that
are expected to remain competitive through the second half of the
year. This approach, allied to a broadening product portfolio and
an anticipated strong Christmas trading period, means the business
remains very well-placed to deliver further growth this financial
year.
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 success and development of the business.
The Company intends to announce its interim results on 30
November 2015.
Enquiries:
Cranswick plc 01482 372 000
---------------------------- --------------------------------
Mark Bottomley, Finance
Director
---------------------------- --------------------------------
Powerscourt 020 7250 1446
---------------------------- --------------------------------
Nick Dibden / Sophie Moate cranswick@powerscourt-group.com
/ Samantha Trillwood
---------------------------- --------------------------------
Notes:
1. Cranswick's activities are focused within the UK and include
the processing and supply of fresh pork, sausage, bacon, cooked
meats, premium cooked poultry, charcuterie, pastry products and
sandwiches. Products are primarily supplied into the UK food
retail, food service and food manufacturing sectors. Results for
the year to 31 March 2015 showed revenues of GBP1,003m and profit
before tax of GBP52.8m.
2. This announcement is based on information sourced from unaudited management accounts.
3. This announcement contains certain forward looking statements
with respect to the financial conditions, results of operations and
businesses of Cranswick. These statements involve risk and
uncertainty because they relate to events and depend upon
circumstances that will occur in the future. There are a number of
factors that could cause actual results or developments to differ
materially from those expressed or implied by these forward looking
statements. Nothing in this announcement should be construed as a
profit forecast.
* Underlying sales exclude the contribution from Benson Park in
the current year and sales from the pig breeding, rearing and
trading activities in both the current and prior financial
years
This information is provided by RNS
The company news service from the London Stock Exchange
END
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