Cranswick serves up tasty profits

24th May 2010 07:13

Pork products supplier Cranswick delivered a 26% surge in annual pre-tax profit and said it is encouraged by the positive start made in the current financial year.The group, which is focusing on food production after the sale of its pet business, said pre-tax profit rose to £43.8m for the year ended 31 March 2010 from £34.7m the year before. Revenues were up 22% to £740m. Net debt reduced by £11.9m to £54.7m"The company is well positioned to meet the increasing demand for UK pork products," said chairman Martin Davey.Sales of cooked meats rose by 13%, sausages by 23% and bacon by 61% said Cranswick. The group has also seen increased spending on products such as air-dried bacon, premium sausages, fresh pork and ham. Davey said the group is confident in the successful long term development of the business.The board is proposing an increase in the final dividend of 15.6% to 17.0p.