Cranswick PLC has reported a 16% increase in its pre-tax profit of £26.1 million for the six months ended September 30, up from GBP22.4 million a year earlier. The group reported a net profit of £21.1 million.
Revenue was 15% higher comparedto the same period last year at £483.5 million. The company reported that growth was driven by a combination of new products, new customers, and strong fresh pork sales, which rose 26% during the period, as well as bacon sales which up by 18%.
Cranswick said that rising input costs, due to pig prices reaching record highs during the period, was partially offset by on-going efficiency improvements, sales volume growth, and recent acquisitions. These include Wayland Farms and two additional breeding units purchased from Dent Limited (that are now operating under the Wold Farms banner).
Cranswick increased its interim dividend by 6.4% to 10.0p/share, and said that it expects its full-year performance to be in line with expectations.
The company also said its net debt increased by 15% to £37.2 million due to investment in its new pastry facility, new product development and further investment made in its pig breeding and rearing activities.