Sales momentum continues at Cranswick

1st Feb 2011 07:26

Gourmet sausage maker Cranswick rolled out a 5% increase in underlying like for like sales during the third quarter. The Hull based firm, which sells its pork products to supermarkets, said trading continued to be positive in the three months to 31 December 2010 after sizzling first half sales.Like for like volumes in the third quarter were up 10% while total sales for the third quarter were in line with those of the same period last year, reflecting business transferred to the Farmers Boy joint venture, the group explained.Overall operating margin was in line with management's expectations.Commenting on the outlook for the business, Cranswick said, "Whilst mindful of the challenges facing the consumer this year, remains confident in the continued successful long term development of the business."The group said it bought cooked meats facilities in Wombwell, near Barnsley at the end of January for £7.3m. Cranswick also completed the extension to its Lazenby's sausage facility in Hull.Net debt increased to £54m from £42m during the quarter, but remained below the previous year's level of £67m.