Cranswick hoping for festive boost after flat first half

6th Oct 2014 07:49

UK meat producer and food supplier Cranswick is hoping for a decent performance over the festive season after lower sales of fresh pork led to flat revenues in the first half.The company, which also produces cooked meats, charcuterie and sandwiches, said that market conditions in the second half of its financial year "are expected to remain competitive", but a strong Christmas trading period is expected to help its third quarter."The group is well placed to deliver a full year performance that is in line with the board's expectations," it said in a statement.Revenues in the six months to 30 September were "in line" with last year as growth across most product categories was offset by lower sales of fresh pork and the planned internal utilisation of a greater proportion of its own pigs.Margins have not changed over the first half, Cranswick said, as it continues to focus on "operating efficiencies, product quality and innovation".Meanwhile, pig prices declined in the second quarter and are now below the record highs seen at the same time the year before.Nevertheless, the group said that despite recent investments, such as the recent upgrade of its cooked meats facility in Milton Keynes, net borrowings by 30 September were down on the previous quarter end and well below those of a year ago.