AGM Statement

Cranswick PLC 26 July 2004 This announcement has been re-released to facilitate onward transmission. Cranswick plc The following statement on current trading will be made by Chairman Jim Bloom at the Annual General Meeting at 11.30 a.m. on Monday 26 July: 'The results for last financial year were pleasing given the number of challenges we faced: • Profit before taxation and goodwill amortisation rose 7 per cent to £21.2 million. • Earnings per share before goodwill amortisation rose 5 per cent to 35.8 pence. • The dividend was raised 10 per cent to 13.2 pence per share. • Underlying cash generation continued to be strong. The current financial year has started satisfactorily with first quarter results in line with management's expectations. At the time of the preliminary results announcement in May it was anticipated that the first half of the current financial year would be adversely impacted by continuing higher raw material prices in animal feed and lower sandwich sales. This has been the case so far. Overall group sales increased by 9 per cent compared with the same quarter last year. Food sales showed an increase of 12 per cent with fresh pork and sausage showing particularly strong growth. Total agri sales showed an increase of 8%, within this, as previously, internal sales were well up more than compensating for reduced third party sales which were 6% down. The pet business recorded a sales increase of 14 per cent. We have made good progress on the construction of our new sausage factory in Hull and our new pet food facility in Driffield, with both due for completion later in the calendar year. Both these investments will add much needed extra capacity as well as bring greater production efficiencies. In addition we have purchased a second warehouse in Manchester for our continental foods business to cater for anticipated major volume gains. The total cost including fitting it out will be around £3 million. Consequently our borrowings are currently ahead of the year-end figure but are expected to fall by 31st March 2005. Unfortunately we experienced a serious fire at our sausage factory in Cottingham in early June. No-one was injured but a large section of the building was destroyed. We were quickly back into production in the part of the factory not directly impacted by the fire and facilities elsewhere within the group were converted to sausage production during the following week. The Company has adequate insurance cover for both material damage and business interruption and the profit impact is unlikely to be material. I am pleased to announce the appointment of Patrick Farnsworth (56) as a non-executive director of the Company with effect from 1 August 2004. Patrick is currently the joint managing director of William Jackson & Son Limited, a long established private company based in Hull with interests in food production and in food retailing. In its most recent financial year it had sales of £193 million. In addition to his role at Jacksons, Patrick is chairman of Campden & Chorleywood Food Research Association and a member of council of other food industry organisations. We look forward to the contribution Patrick will bring to the Company. The board of Cranswick will be appointing a further non-executive director in due course who will fulfill the role of senior independent director. As has been previously announced I am standing down as Chairman at the end of this meeting having been involved with the Company since its formation in the early 1970's and having been Chairman since 1991. The Company is stronger than it has ever been and I am leaving it in excellent hands. I shall continue to follow its progress closely as a shareholder. Enquiries: Martin Davey - chief executive ) 01377 270649 (to 10.30am) John Lindop - finance director ) This information is provided by RNS The company news service from the London Stock Exchange

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Cranswick (CWK)
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