Cranswick's first-half profit and revenue rise on pork demand

25th Nov 2013 07:11

Pork producer Cranswick reported a 16 per cent rise in pre-tax profits of 26.1m pounds in the first half on the back of strong demand for the meat. Revenue jumped 15% to £483.5m in the six months through September, following the commissioning of a new pastry facility in North Yorkshire and the strategic development of the company's pig breeding and rearing activities. Earnings per share increased 22% to 43.5p. Adjusted operating margin was lower than that achieved a year ago due to the impact of the rise in pig prices to historical highs and the absorption of start-up costs at the new pastry facility."The pastry business is making progress and the impact of higher pig prices has been partially mitigated by on-going efficiency improvements, sales volume growth, acquisitions and through constructive discussions with customers," said Chairman Martin Davey."The board anticipates that the full-year performance will be in line with its expectations."The firm raised its dividend by 6% to 10p.RD