It's bangers for Cranswick as profits are up
SAUSAGE maker Cranswick served up higher first–half profits despite a squeeze on supermarket prices.
Cranswick, which supplies gourmet bangers for Sainsbury's Taste The Difference and Tesco's Finest ranges, said strong growth in premium sausage sales offset declines in frozen and mid–market ranges.
The group did extra barbecue business in the spring while falls in pig prices compared with record levels last year also helped
Fresh pork sales were 13 per cent lower than a year ago due to business lost at the start of the year, which was now being recovered.
The group did extra barbecue business in the spring while falls in pig prices compared with record levels last year also helped.
Bacon sales were 3 per cent above this time last year as continued growth of the business's hand–cured, air–dried bacon was underpinned by higher premium gammon sales as Cranswick began supplying one of its customers exclusively.
The interim dividend rose 6 per cent to 10.6p per share. Chairman Martin Davey said: "Cranswick has performed positively."
Revenue was flat at about £481.5million but pre–tax profits rose 11.4 per cent to £25.8million. Shares rose 69p to 1404p.
