UK pork supplier positive results

16-11-2009 | |

British pork supplier Cranswick has posted a 22% rise in first-half pretax profit from continuing operations, helped by higher sales to grocery retailers and European discounters.

The company, which supplies fresh pork and gourmet sausages to the UK’s food retail and manufacturing sectors, also boosted its interim dividend to 8 pence from 7 pence.

In the six months ended Sept. 30, Cranswick earned 21.3 million pounds ($35.58 million), compared with 17.5 million pounds in the year-ago period. Revenue rose 19% to 355.6 million pounds.

Cranswick recently sold its pet business to focus on the food sector and reports that the market for premium sausage products was on the rise as cash-strapped consumers continued to eat at home.

The company said its cash flow remained strong and it trimmed net debt by 5.6 million pounds to 61.0 million pounds during the first half.

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