Cranswick 1Q Sales At GBP198M, Up 19% On Last Year

13th Jul 2010 07:18

LONDON (Dow Jones)--Cranswick PLC (CWK.LN), a U.K. supplier of food products, said Tuesday that total sales in the first quarter to June 30 stood at GBP198 million, 19% higher than the previous year, excluding revenues from the pet business which was sold in April 2009. MAIN FACTS: -The increase reflects organic growth of 6 per cent and 13% from CCF Norfolk which was acquired in June 2009. -During the period most categories delivered strong growth reflecting higher volumes. -Good progress continues to be made in integrating the Norfolk facility, with the recent capital investment program delivering increased capacity and operational benefits. -Cash flow continues to be strong. -Net debt stood at GBP54 million at the end of the quarter which is a reduction on the year-end level and GBP10 million lower than that of a year ago. -This reduction was after making substantial capital investment over the past year. -Capital projects remain on schedule, with the Lazenby's sausage facility expansion due to complete over the summer and the Hull fresh pork development during the autumn. -Board is confident in the continued successful long term development of the business. -Shares closed Monday at 860.0 pence. By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires July 13, 2010 02:18 ET (06:18 GMT)