Cranswick says trading on a streak

30th Mar 2012 07:38

Bacon and sausage supplier Cranswick enjoyed a sizzling end to its financial year, with a positive contribution from all product categories. The group said it was pleased with trading in the three months to the end of March which will leave underlying like-for-like sales up 10% in the full year numbers, due for release on May 21.Infrastructure investment has allowed an increase in volume but operating margins will be down, says the Hull-headquartered firm.Cranswick is also selling its 49% stake in Farmers Boy to Morrisons for £6.2m; that money plus strong cash generation will probably lead to net debt coming in below the previous full year figure.Cranswick shares have had an up and down year, falling 23% between March and September 2011 but then making a strong recovery. So far in 2012 the stock has gained 9.9%.BS