Cranswick lifts profits, hikes dividend

16th Nov 2009 07:21

Pork products supplier Cranswick posted a sharp rise in profits in the half year to September 30, helped by its acquisition of the pork processing activities of food group Bowes of Norfolk and organic growth.Pre-tax profits from continued operations before exceptional costs climbed to £21.3m from £17.5 m as revenues jumped to £355.6m from £298.7m. The Bowes acquisition accounted for 7% of the 19% rise in turnover.Cranswick, which supplies Sainsbury's with sausages for its 'Taste the Difference' range, added that it would raise its interim dividend by 14% to 8p a share.Cranswick said sausage sales were strong during the period, with the market for premium sausages continuing to grow as people take advantage of promotions and eat at home instead of dining out. Sales of charcuterie products, air dried bacon and cooked meats were also strong.The firm also announced that it has appointed Steven Esom, former managing director of the upmarket supermarket Waitrose and executive director of food at Marks & Spencer, as a non-executive director.