Cranswick FY profit, revenue rise as exports grow

FTSE 250 meat supplier Cranswick posted a jump in full-year profit as it hailed a year of "strong financial and strategic progress".

In the year to the end of March, adjusted pre-tax profit rose 17.2% to £75.5m on revenue of £1.25bn, up 22.5% from the year before. The company said revenue growth was driven by strong increases across a number of product categories and significant growth in exports.

Like-for-like revenue was up 12.7%, adjusted earnings per share increased to 120.9p from 102.8p and the company recommended a final dividend of 31.0p, up from 25.9p. This gives a total dividend for the year of 44.1p per share, up from 37.5p a year ago.

Cranswick noted a strong contribution from Crown Chicken following its acquisition in April last year and said integration was proceeding to plan. In addition, it said the acquisition of Dunbia Ballymena in November 2016 further strengthens the group's UK pork processing capability.

The group highlighted strong progress in key export markets, with revenues in the Far East up 49%.

Chief executive officer Adam Couch said: "We have reported another year of strong growth in financial results, during which we have also made further strategic and commercial progress.

"We enter the new financial year in excellent shape having added to our asset base, enhanced market positions and successfully integrated our two strategically important acquisitions during the last twelve months. We have further strengthened the solid foundations of our business and we believe we are well placed to continue to deliver sustainable organic growth going forward."

At 0804 BST the shares were up 2.2% to 2,886p.