Sales grow at Cranswick

7th Oct 2009 07:16

Sausages and pork products supplier Cranswick said sales were strongly ahead at the interim stage, helped by a contribution from the recently acquired Bowes of Norfolk.Sales in the six months to 30 September rose by 19% from a year earlier, with seven percentage points of the rise attributable to the contribution from Bowes, which has now been renamed Cranswick County Foods Norfolk.The sales figures exclude the contribution from the pet business which has now been sold off.Integration of Cranswick County Foods Norfolk is on track, with sales in line with expectations although the business has been affected by the rise in pig prices to record levels. Pig prices subsequently seem to have stabilised, the company said.Operating margin for the group as a whole was broadly similar to 2008 levels while net debt was reduced during the reporting period, reflecting the net cash inflow from operations and corporate activity, partly offset by a seasonal increase in working capital.