Food products supplier Cranswick Plc (CWK.L), in a trading update, said Thursday that its total sales for the year ended March 31, grew 7 percent from last year. Underlying sales were up 5 percent. The board looks forward positively to the continued long-term development of the firm.
The company said its total annual sales included contribution from Kingston Foods Ltd., a producer of premium cooked and roasted meat products, which was acquired on June 29, 2012. Adjusted for the benefit of the 53rd week in the prior fiscal year, underlying and total sales grew 7 and 9 percent, respectively.
The company, which offers fresh products, including fresh pork and gourmet sausages, said its underlying and total sales for the fourth quarter, on an adjusted basis, were up 13 percent and 15 percent, respectively.
According to the company, operating margins are likely to be broadly in line with the prior year.
Cranswick said it has invested 30 million pounds in its asset base during the year.
The company added that development of new pastry facility in Malton, North Yorkshire remains on schedule and to budget, with first commercial production expected in the first quarter of the new fiscal year.
Cranswick expects to announce its fiscal-year results on May 20.
CWK.L is currently trading at 1,010.72 pence, down 0.42 percent, on the LSE.
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