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Cranswick FY19 Profit Down On Weak Revenues; Warns On FY20 Margin - Quick Facts

Food producer Cranswick plc (CWK.L) reported Tuesday that its fiscal 2019 profit before tax declined to 86.5 million pounds from last year's 88.0 million pounds. Earnings per share were 135.5 pence, compared to 137.8 pence last year.

Adjusted profit before tax was 92 million pounds, compared to 92.4 million pounds last year. Adjusted earnings per share were 144.3 pence, compared to 145 pence last year.

Revenue for the year dropped 1.9 percent to 1.437 billion pounds from prior year's 1.465 billion pounds. On a like for like basis, revenue edged down 0.2 percent.

Further, the Board proposed an increase in the final dividend to 40.0 pence per share, an increase of 3.6 percent. This gives a total dividend for the year of 55.9 pence per share, an increase of 4.1 percent from last year.

Looking ahead, the company said that success has been achieved over the longer term, despite occasional periods of more intense commercial challenges. The new financial year is expected to be such a period as outlined in February. The Group's operating margin is likely to decline, reflecting the potentially challenging commercial landscape.

Trading since then has been as anticipated. The Board's expectations for the performance in the new financial year remain unchanged.

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