Cranswick Plc: Interim Results 2014

Positive earnings momentum

Cranswick today announces its unaudited results for the six months ended 30 September 2014.

Financial Highlights:

  • Revenues of £481.5 million (2013: £483.5 million)
  • Adjusted Group operating margin1 of 5.4 per cent (2013: 4.9 per cent)
  • Adjusted profit before tax1 up by 11.4 per cent to £25.8 million (2013: £23.2 million)
  • Adjusted earnings per share1 7.3 per cent ahead at 41.1 pence (2013: 38.3 pence)
  • Dividend per share 6.0 per cent higher at 10.6 pence (2013: 10.0 pence)
  • Net debt reduced by 39.8 per cent to £22.4 million (2013: £37.2 million)
  • Statutory profit before tax of £24.6 million (2013: £26.1 million)
  • Statutory earnings per share of 39.2 pence (2013: 43.5 pence)

Operational Highlights:

  • Extension of the Delico cooked meats facility in Milton Keynes completed on time and to budget
  • Significant upgrade to the Norfolk fresh pork site, which is nearing completion
  • Acquired Benson Park Limited, a leading producer of premium British cooked poultry, subsequent to the half year end

Martin Davey, Cranswick’s Chairman commented:

“It is pleasing to report to Shareholders that adjusted profit before tax for the six months increased 11.4 per cent to £25.8 million from £23.2 million in the corresponding period last year. Earnings per share on the same basis rose 7.3 per cent to 41.1 pence compared to 38.3 pence previously.

“Subsequent to the period end, the Company acquired Benson Park Limited, a Hull based, leading producer of premium British cooked poultry which serves the fast growing food to go sector. This is an important acquisition for Cranswick in meeting the Company’s stated strategic aim of broadening both the protein range and the customer base of the business.

“The interim dividend is being increased by 6.0 per cent to 10.6 pence per share from 10.0 pence previously.

“With experienced management at all levels of the Group, a strong and continually evolving range of products along with a robust financial position the Board remains confident in the continued long term success and development of the business”.

View the full statement here

1 adjusted group operating margin, adjusted profit before tax and adjusted earnings per share exclude net IAS 41 valuation movement on biological assets in both the current and prior financial years and the release of contingent consideration in the prior financial year. These are the measures used by the Board to assess the Group’s underlying performance.