Cranswick plc: Preliminary Results 2014-2015

STRATEGIC AND COMMERCIAL PROGRESS

Cranswick plc announces its audited preliminary results for the year ended 31 March 2015.

FINANCIAL HIGHLIGHTS

  • Revenue up 0.8 per cent to £1,003.3m (2014: £994.9m)
  • Adjusted Group operating margin1 of 5.8 per cent (2014: 5.4 per cent)
  • Adjusted profit before tax 1 up 10.6 per cent to £57.8m (2014: £52.2m)
  • Adjusted earnings per share1 up 9.5 per cent to 92.1p (2014: 84.1p)
  • Recommended final dividend up 6.4 per cent to 23.4p (2014: 22.0p)
  • Net debt at £17.3m (2014: £17.0m)
  • Statutory profit before tax of £52.8m (2014: £54.8m)
  • Statutory earnings per share of 84.1p (2014: 88.7p)

STRATEGIC AND OPERATIONAL HIGHLIGHTS

  • Acquired Benson Park Limited, a leading producer of premium British cooked poultry
  • £21 million investment in the Group’s asset base
  • Extension of the Delico cooked meats facility in Milton Keynes completed on time and to budget
  • Major upgrade to the Norfolk fresh pork site 
  • 23 per cent growth in non-EU export sales 

Cranswick Chairman Martin Davey said:  

“I am pleased to report that Cranswick has made excellent strategic and commercial progress in the last year.

“Sales have exceeded £1 billion for the first time, an achievement in which all at the Company can be rightfully proud.

“The Board’s strategy for the development of the protein base and customer profile of the business was illustrated by the acquisition, in October 2014, of Benson Park, a leading producer of premium British cooked poultry products serving the fast growing ‘food to go’ sector.

“Adjusted profit before tax was £57.8 million, an increase of 10.6 per cent on the previous year.  Adjusted earnings per share rose 9.5 per cent to 92.1 pence.

“The Board is proposing to increase the final dividend by 6.4 per cent to 23.4 pence per share.

“Following a year of significant commercial and strategic progress for Cranswick, the Board looks forward to the opportunities that lie ahead.  Cranswick benefits from some of the most efficient and well-invested production facilities in the UK food producer sector.  This, in conjunction with our growing international export channels and strategy of diversifying our product portfolio, leaves the Board confident that Cranswick is well positioned to continue its successful long term development.”

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 2014 and 2015, amortisation of customer relationship intangible assets in 2015 and release of contingent consideration in 2014.  These are the measures used by the Board to assess the Group’s underlying performance.