Food producer Cranswick Plc. (CWK.L) Monday reported higher full year adjusted pre-tax profit, as revenues improved with sales of fresh pork, cooked meats, bacon, sausages and sandwiches growing strongly. The company announced a higher dividend.
Adjusting for the effects of the associate and goodwill impairment in the prior year and the property impairment charge in the current year, pre-tax profit grew 8 percent to 49.3 million pounds from 45.6 million pounds.
Profit before tax slid to 47.44 million pounds from 48.35 million pounds in the prior year.
Profit for the year dropped to 36.24 million pounds or 74.9 pence per share from 37.48 million pounds or 78.4 pence per share last year.
Adjusted earnings per share increased to 78.7 pence from 72.7 pence per share. Revenue climbed to 875.17 million pounds from 820.78 million pounds in the prior year. The prior year included the benefit of an extra week.
Underlying sales, which exclude the contribution from Kingston Foods acquired in June 2012, rose 5 percent, reflecting growth across most product sectors.
Fresh pork had a strong year with sales growing by 5 percent, while Sausage sales increased by 10 percent.
Sales of premium hand cured, air-dried bacon increased 13 percent while that of Cooked meat climbed 11 percent. However, sales of continental products dropped 7 percent, amid the loss of business with a major retail customer over the last two years.
Cranswick Chairman Martin Davey said, ''Investment elsewhere in the business contributed additional capacity and operating efficiencies which in turn have enabled the Company to absorb some of the inflationary pressures within the supply chain. This, along with substantial new business from customers later in the year, were significant features of the year's trading.'' The Board proposed a final dividend to 20.6 pence per share, up 5.6 percent on last year.
Looking ahead, the firm said recent issues in the integrity of the supply chain for meat products and the introduction of higher welfare standards for pig production in the EU enhance the competitive position of UK based pork processors.
The company believes that its well invested asset base along with an experienced management team and a robust balance sheet should enable it to capitalise on opportunities that arise.
The stock is up 1.3 percent in early morning trade at 1,101.16 pence.
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