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Cranswick bounces back after tricky start
by - 07/10/2011
"First-half trading at food manufacturer Cranswick has picked up since price inflation forced the business to issue a profit warning at the end of its first quarter."
The butcher said it had increased sales both in its UK and overseas markets and was experiencing record production volumes following capital investment at its primary processing plant in Hull.
In a statement covering the six months to 30 September 2011, Cranswick said pig meat products continue to gain an increased share of the UK retail protein market, with the gain accelerating in recent months.
This popularity had been a contributory factor in the increase in sales at Cranswick after the business rebased profit expectations earlier this year.
The business, which reported of £758m and pre-tax profit of £47.1m for the year ended 31 March 2011, said underlying sales volume growth in the first quarter was 3 per cent and in the second quarter was 7 per cent.
Export sales were said to have grown strongly, particularly in Far Eastern markets, while the company added that it had made initial into the US market following its Hull fresh pork facility receiving USDA accreditation in April 2011.
Underlying turnover in the six months to 30 September 2011 was 6 per cent ahead of the same period last year, something Cranswick said reflected an increase in the rate of growth during the second quarter.
Record production volumes had been achieved in recent weeks at Cranswick's Hull processing facility after a period of capital investment, while the business said its air dried bacon facility at Sherburn-in-Elmet, near Leeds, had become fully commissioned during the period.
The air dried bacon facility was the final phase of a "significant" capital investment programme, according to Cranswick, which said the investment had delivered a "substantial uplift" in capacity across its fresh pork, sausage and bacon operations, together with increased operational efficiencies.
Looking ahead, Cranswick said it was confidence of continued long term success and development of the business because of its strong range of products, a well invested asset base and a robust financial position.
More Details: http://www.insidermedia.com/insider/yorkshire/59977-cranswick-bounces-back-after-tricky-start/
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