Cranswick on track despite margin squeeze

Food producer Cranswick said the year had started in line with expectations despite higher pig prices and the cost of its new pastry factory. It said operating margins in the first quarter were below those achieved in the last financial year. But total sales were up 12% in three months to June 30 after a strong performance across its products.Pig prices have hit a record high. But Cranswick said: "The impact has been absorbed through on-going efficiency improvements and by the strong volumes process through the group's facilities."Cranswick's new gourmet pastry factory at Malton in North Yorkshire was finished in the quarter and work has begun on extending its Delico cooked meets factory in Milton Keynes.Shares in Cranswick were down 0.34% to 1,164p at 09:51.TB Cranswick