Cranswick PLC Trading Statement (2147N)
January 28 2016 - 2:00AM
UK Regulatory
TIDMCWK
RNS Number : 2147N
Cranswick PLC
28 January 2016
28 January 2016
Cranswick plc
("Cranswick" or "the Company" or "the Group")
Third quarter trading statement
Cranswick, the UK food producer, today provides an update on
trading for the three months to 31 December 2015.
Current trading
Trading during the third quarter of the financial year was in
line with the Board's expectations.
Total revenue in the three months to 31 December 2015 was 5%
ahead of the same period last year, driven by strong volume growth
of 11% and underpinned, as anticipated, by another strong Christmas
trading period.
Underlying revenue(*) was 4% higher than the same period last
year, with corresponding volumes up 10% as the benefit of falling
input prices was again passed on to the Group's customers. Export
sales grew strongly, with volumes shipped to the Far East 28% ahead
of the same quarter last year.
Investment
The Group continues to invest heavily across its asset base to
increase capacity and drive further operating efficiencies.
Financial position
Following the expected seasonal increase in working capital and
ongoing capital expenditure, net debt increased from GBP5 million
to GBP18 million during the quarter, well below the GBP57 million
reported at the same stage last year. The Group is in a sound
financial position with committed, unsecured facilities of GBP120
million, providing significant headroom.
Outlook
Cranswick continues to work closely with its customers and to
maintain its focus on service, quality and innovation to deliver
exciting, competitively priced products in market conditions that
are expected to remain competitive through the remainder of the
financial year.
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 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 revenue in both the current and prior financial
years excludes the contribution from Benson Park prior to 22
October and sales from the pig breeding, rearing and trading
activities
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTBRMFTMBJTBRF
(END) Dow Jones Newswires
January 28, 2016 02:00 ET (07:00 GMT)
Cranswick (LSE:CWK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cranswick (LSE:CWK)
Historical Stock Chart
From Apr 2023 to Apr 2024