Cranswick lifts dividend as FY profit, revenue rise amid strong demand

(Sharecast News) - Food producer Cranswick hiked its dividend on Tuesday as it reported a jump in full-year profit and revenue amid strong demand across its core categories.

In the year to 28 March, adjusted pre-tax profit rose 11.2% to £220m on revenue of £2.98bn, up 9.5% on the previous year. Like-for-like revenue was 6.8% higher.

UK food revenue grew 9.4% during the year, underpinned by strong volume growth of 8.3% and record Christmas trading, Cranswick said. Poultry revenue was 13.9% higher and now represents 20.3% of reported group revenue, while revenue from gourmet products rose 15.3%, with a strong contribution from Blakemans.

Revenue from pet products was ahead 29.8%, reflecting expansion of the Pets at Home relationship.

The dividend per share was lifted to 112.5p from 101p.

Chief executive Adam Couch said: "Our performance reflects the enduring strength of our customer relationships, the quality and scale of our asset base and the increasing competitive advantage of our vertically integrated supply chain. Across our core categories, demand for our products remains strong, supported by close alignment with our strategic retail partners and a consistent focus on quality, service and innovation.

"As we enter the new financial year, I am encouraged by the continued development of the business and the robust demand for our product ranges. The range of growth opportunities available to the group continues to expand and we remain well positioned to deliver on our strategy."

Couch said trading in the early part of the current financial year has been in line with the board's expectations.

"At the same time, the conflict in the Middle East remains an evolving situation and we continue to monitor potential implications for our supply chains. We remain mindful of the potential for disruption arising from prevailing economic and geopolitical conditions."

See latest RNS on Investegate

Cranswick