(Alliance News) - Cranswick PLC on Tuesday reported a rise in interim profit and revenue due to strong poultry sales.
The Yorkshire-based meat producer reported an 18% increase in pretax profit to GBP63.2 million in the six months to September 25 from GBP53.7 million a year prior.
This was on the back of a 6.6% revenue rise to GBP993.1 million from GBP931.6 million a year before.
Cranswick credited the rise in revenue to "exceptionally strong" Poultry revenue growth, having increased 36% in the half. Furthermore, Cranswick noted "good progress" in its Convenience and Gourmet product categories, where revenue increased 4.9% and 4.5%.
The company noted that this was partially offset by lower Fresh Pork revenue due to a decline in retail and export revenue and capacity constraints due to a shortage of skilled butchers.
Cranswick declared an interim dividend of 20.0 pence per share, a 7.0% increase from the 18.7 pence a year before.
The company mentioned "challenging operating conditions" but left its full-year outlook unchanged. It said it is confident that its solid platform will be able to drive successful long-term development.
In its annual report for financial 2021, Cranswick said its financial 2022 targets "are not disclosed as they are
considered to be commercially sensitive".
"We have made further positive and sustainable progress during the first half of the year, delivering revenue and earnings growth in an incredibly challenging operating environment," Chief Executive Adam Couch commented.
Cranswick shares were up 1.1% to 3,672.56 pence each in London on Tuesday morning.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Cranswick (CWK)