Cranswick Sales Rise 19% On Better Volumes, New Plant

13th Jul 2010 10:15

By Charlie Greenaway Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.K. food company Cranswick PLC (CWK.LN) Tuesday said sales rose 19% in its fiscal first quarter, buoyed by the acquisition of a pork processing plant as well as higher volumes across most of its products. The company, which makes pork products, sausages, bacon and sandwiches for U.K. retailers, said revenue for the three months to June 30 was GBP198 million, with organic growth up 6% and the acquisition of CCF Norfolk adding 13%. "Whilst there was a reduction in sales of continental products there were substantial gains in fresh pork, bacon and sandwiches and continued growth in cooked meats and sausages," the company said. It said the higher volumes and continued operating efficiencies offset higher pig prices during the period. The integration of the Norfolk plant is going well, it added, with recent investment delivering increased capacity and operational benefits. Cranswick's net debt was GBP64 million at the end of the quarter, down GBP10 million from a year earlier even after the company made significant capital investments. Current capital investment projects, like the expansion of the Lazenby's sausage facility and the Hull fresh pork development, are on schedule, it said. -By Charlie Greenaway, Dow Jones Newswires; 44-20-7842-9284; [email protected] (END) Dow Jones Newswires July 13, 2010 05:15 ET (09:15 GMT)