Cranswick increases H1 profit, divi

15th Nov 2010 07:18

Pork specialist Cranswick served up a 12% increase in half year pre-tax profit, hiked its dividend and said it was confident for the second half.Pre-tax profit rose to £23.8m in the six months ended 30 September 2010 from £21.3m in 2009 following increased demand for its pork products. Turnover for the period rose 8% to £384.3m.Cranswick, which sells pork and gourmet sausages to retailers and manufacturers, increased its interim dividend by 10% to 8.8p per share.Chief executive Bernard Hoggarth said, "The business is moving into new categories which will lead to further growth opportunities."Cranswick said it had increased investment in its facilities to improve efficiencies and to raise the production capacity to accommodate the anticipated on-going growth of the business over the years ahead. Investment has been made in a number of areas including fresh pork, sausage, bacon and cooked meats, it added.Net debt was reduced to £41.5m from £61.0m previously.