Cranswick sees FY broadly in line with views

4th Apr 2011 07:24

East Yorkshire-based pork supplier Cranswick said results for the year to 31 March 2011 will be broadly in line with expectations. Underlying like-for-like sales for the year to 31 March 2011 increased by 4% while volumes during the period gained 6% on the same basis. Underlying sales in the fourth quarter were in line with those of the previous year. Operating margin was in line with management's expectations.However the company, which supplies fresh pork and gourmet sausages to Britain's food retailing and manufacturing sectors warned, "the difficulties facing the UK consumer and the dynamics of the competitive UK market in which the company operates suggests the year to 31 March 2012 may be more demanding than usual." Nevertheless the company said it remains "well positioned to continue the long-term development of the company. Cash generation from operating activities remained strong through the final quarter, the group said, while year-end net debt is lower than a year ago. Cranswick said it has put in place a new four year bank facility, on improved terms. CJ