Resilience of pork boosts Cranswick

18th May 2009 07:35

Sausages and pork products supplier Cranswick upped its final dividend by 10% as it shrugged off higher raw material prices last year."Sales of pork products have proved resilient in the face of this not least because of pork's competitive pricing by comparison to other meats," chairman Martin Davey said."Rising raw material prices were dealt with either by absorption through efficiency gains, passed on by way of higher selling prices or by a combination of both," he added. Total sales for the year to March rose by 9% to £653m (2008: £599m), with pre-tax profits before one-offs up 9% at £36.7m (2008: £33.7m). Pre-tax profits from the ongoing businesses were £34.7m, up from £33m. The final dividend is 14.7p - up 10%.Sausage sales were up 8% in the year helped by increased customer penetration of both the premium pre-pack and counter categories with leading retailers and discounters."The company has commenced the new financial year in line with management expectations and is well placed to continue its successful development," Davey added.