Cranswick Regulatory News (CWK)

25 Jul 2005 07:00

Cranswick PLC25 July 2005 Cranswick plc ("Cranswick" or "the Company") - first quarter trading statement The following statement will be made by Martin Davey, the Company's Chairman, atthe Annual General Meeting later this morning: "The results for last financial year were pleasing given the number ofchallenges we faced: •Profit before taxation rose 12 per cent to £23.6m* •Earnings per share rose 15 per cent to 41.1 pence* •The dividend was raised 10 per cent to 14.5 pence per share •Underlying cash generation continued to be strong •Perkins Chilled Foods, acquired in January for £83.3m, is integrating well •The major capital expenditure programme over the last 2 years totalling in excess of £20m was completed *before goodwill amortisation and exceptional items The current financial year has started well with first quarter trading in linewith management's expectations. Compared with the same quarter last year, total sales increased by 53 per centto £109m including £33m from Perkins. Food sales excluding Perkins showed anincrease of 7 per cent to £68m. Within this figure, sales of food productsincreased by 13% with fresh pork, sandwiches and charcuterie showingparticularly strong growth, whilst animal feed sales were £2m down to £4mreflecting the closure of Wellingore in the second quarter of last year. Salesof gourmet bacon grew significantly from a low base. The pet business recorded amodest sales increase of 1 per cent. Cashflow has been strong and borrowingshave fallen in line with expectations. We have recently sold our livestock herd plus equipment for cash to awell-established farming business in the North of England. Agreements have beenput in place for the continuing supply of feed by Cranswick Mill and for thesupply of pigs to the Cranswick Country Foods processing plant in EastYorkshire. We have also completed the sale of one of our surplus freehold sitesand are making good progress in terms of planning applications on the other twosites." Enquiries: Cranswick plcMartin Davey, Chairman 01377 270649 (mobile 07775 576426)John Lindop, Finance Director 01377 270649 (mobile 07768 362592) This information is provided by RNS The company news service from the London Stock Exchange