Cranswick PLC Trading Statement (1231U)
April 05 2016 - 2:00AM
UK Regulatory
TIDMCWK
RNS Number : 1231U
Cranswick PLC
05 April 2016
05 April 2016
Cranswick plc
("Cranswick" or "the Company" or "the Group")
Trading statement for the year ended 31 March 2016
Cranswick, the UK food producer, today issues the following
scheduled update on trading for the year ended 31 March 2016.
Cranswick expects to announce its full year results on 24 May
2016.
Current trading
Continued positive trading during the final quarter of the
financial year resulted in total full year sales volumes being 12%
higher than the previous year. Full year underlying* sales volumes
increased by 10%, with corresponding revenues ahead by 5%, as the
Group's customers and UK consumers continued to benefit from lower
pork prices. Export sales grew strongly in the final quarter,
maintaining the positive momentum seen in the previous nine months
and reflecting the ongoing robust demand for pork products in Far
Eastern markets.
Investment
The Group invested well in excess of GBP30 million across its
asset base during the last financial year to support future growth
and drive further operating efficiencies. This level of investment
is expected to continue through the current financial year.
Financial position
Strong cash generation from operating activities resulted in the
Group moving into a net funds position at 31 March 2016. This
compared to net borrowings of GBP18 million at previous quarter end
and GBP17 million reported at 31 March 2015. The Group is in a
strong financial position, with committed, unsecured facilities of
GBP120 million which provide comfortable headroom.
Outlook
The Board continues to expect to report a trading performance
for the year ended 31 March 2016 in line with its expectations.
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 +44 (0)1482 372 000
---------------------------- --------------------------------
Mark Bottomley, Finance
Director
---------------------------- --------------------------------
Powerscourt +44 (0)20 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 excludes the contribution from Benson Park
prior to the anniversary of its acquisition (22 October 2015) 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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