Cranswick PLC Interim Management Statement (0828U)
July 27 2015 - 2:00AM
UK Regulatory
TIDMCWK
RNS Number : 0828U
Cranswick PLC
27 July 2015
27 July 2015
Cranswick plc
("Cranswick" or "the Company" or "the Group")
First quarter trading statement
Cranswick, the UK food producer, today provides an update on
trading for the 3 months to 30 June 2015.
Current trading
The current financial year has started in line with the Board's
expectations.
Revenue in the three months to 30 June 2015 was 8% ahead of the
same period last year, driven by strong volume growth across most
product categories.
Underlying sales(*) were 4% higher than the same period last
year, with corresponding volumes up 7% as the benefit of lower
input prices continues to be passed on to the Group's customers.
Export sales to Far Eastern markets maintained their positive
momentum, with volumes in the quarter 14% ahead of the same period
last year.
Investment
The integration of Benson Park, acquired in October 2014, is now
complete with the business making a positive contribution in line
with the Board's expectations. The major capital investment
programme at the site remains on track and will be commissioned in
quarter three of the current financial year.
During the period, the Group has continued to invest in its
asset base to increase capacity and drive further operating
efficiencies.
Financial position
Net debt stood at GBP12 million at 30 June 2015, GBP21 million
lower than at the same point last year and compared to GBP17
million at 31 March 2015. The Group is in a robust financial
position, with committed, unsecured facilities of GBP120 million
which provide comfortable headroom.
Outlook
With experienced management at all levels of the Group, a strong
range of products, a well-invested asset base and a robust
financial position, the Board remains confident in both the
prospects for the current financial year and the continued long
term success and development of the business.
Enquiries:
Cranswick plc 01482 372 000
---------------------------- --------------------------------
Mark Bottomley, Finance
Director
---------------------------- --------------------------------
Powerscourt 020 7250 1446
---------------------------- --------------------------------
Nick Dibden / Sophie Moate cranswick@powerscourt-group.com
/ Samantha Trillwood
---------------------------- --------------------------------
Notes:
1. Cranswick's activities are focused within the UK and include
the processing and supply of fresh pork, sausage, bacon, cooked
meats, premium cooked poultry, charcuterie, pastry products and
sandwiches. Products are primarily supplied into the UK food
retail, food service and food manufacturing sectors. Results for
the year to 31 March 2015 showed revenues of GBP1,003m and profit
before tax of GBP52.8m.
2. This announcement is based on information sourced from unaudited management accounts.
3. This announcement contains certain forward looking statements
with respect to the financial conditions, results of operations and
businesses of Cranswick. These statements involve risk and
uncertainty because they relate to events and depend upon
circumstances that will occur in the future. There are a number of
factors that could cause actual results or developments to differ
materially from those expressed or implied by these forward looking
statements. Nothing in this announcement should be construed as a
profit forecast.
* Underlying sales exclude the contribution from Benson Park in
the current year and sales from the pig breeding, rearing and
trading activities in both the current and prior financial
years
This information is provided by RNS
The company news service from the London Stock Exchange
END
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