Final Results

Cranswick PLC
23 May 2001

                        CRANSWICK plc - RECORD RESULTS



Cranswick plc, the food manufacturing group, announces its audited results for
the year ended March 31 2001.

Highlights:

  * Pre-tax profits rise by 26 per cent to £11.7m (2000: £9.3m)
  * Earnings per share 43.7p, up 12 per cent (2000: 39.0p)
  * Turnover increased by 22 per cent to £192.6m (2000: £157.3m)
  * Recommended final dividend of 12p making total of 16.5p (2000: 15.0p)



Commenting on the figures, Chairman Jim Bloom said: 'Despite the difficulties
that the outbreak of foot and mouth disease introduced, the growth of the
Company has continued. This is a tremendous achievement. The solid track
record of the Company is evidenced by the compound rates of growth over the
past five years. This excellent record underlines the management strategy for
the development of Cranswick.

'The platform is there for continued growth. We have an experienced management
team, a skilled group of employees, capacity within our plants to increase
output and a growing customer base. This is supported by a conservative
financial structure which leaves us well placed for further in-fill
acquisitions. The current year has started well and we look forward with
optimism to continuing Cranswick's successful record.'

                                    -ends-


Note to Editors: Figures in the highlights are stated before goodwill
amortisation.

For further information:

Martin Davey, Chief Executive/John Lindop, Finance Director

Cranswick plc   07775 576426

Paul Quade   mobile [phone]

CityRoad Communications  020 7334 0243





                                CRANSWICK plc

                             CHAIRMAN'S STATEMENT

Results. In the November 2000 interim statement to shareholders we commented
that each year the markets in which the Company operates throw out new
challenges and that this would undoubtedly continue. The outbreak of foot and
mouth disease three months later was certainly not a consideration at that
time. Despite the difficulties this introduced, the growth of the Company has
continued. This is a tremendous achievement and one for which all connected
with Cranswick should take great pride. An increase in profit of 26 per cent
continues the unbroken growth record. Prior to goodwill amortisation, profit
before taxation rose from £9.3m last year to

£11.7m and earnings per share moved up 12 per cent to 43.7p from 39.0p
previously. Turnover for the year was £192.6m, an increase of 22 per cent, and
is considered in more detail below.

Dividend. The Board is proposing a final dividend of 12.0p per ordinary share.
Having paid an interim dividend of 4.5p per share in January 2001 this makes a
total dividend for the year of 16.5p per ordinary share, an increase of 10 per
cent on last year's 15.0p. The final dividend, if approved by shareholders,
will be paid on 7 September 2001 to shareholders on the register at the close
of business on 27 July 2001. Shareholders will again have the option to
receive the dividend by way of scrip issue.



Cash Flow. Net borrowings reduced by £4.9m during the course of the year to 
£5.0m. Working capital decreased by £0.5m notwithstanding the 22 per cent
increase in turnover and capital expenditure amounted to £3.3m. Year-end
gearing fell to 12 per cent based on net assets, including goodwill, and
interest cover was 21 times.


Consistent growth. The solid track record of the Company is evidenced by the
compound rates of growth over the past five years. Profit before tax and
goodwill amortisation has risen to record levels annually - from £4.0m for the
year ended 31 March 1997 to £11.7m this year, a compound rate of increase of
31 per cent per annum. Over the same five year period, earnings per share have
risen from 19.5p to 43.7p and dividends per share from 10.2p to 16.5p,
compound rates of increase of 22 per cent and 13 per cent per annum
respectively. This excellent record underlines the management strategy for the
development of Cranswick.

Review of activities - food. Turnover from the Company's food business,
Cranswick Country Foods, increased by 17 per cent to £121.7m. Sales of fresh
pork were nine per cent ahead at £70.8m and that of sausages and hams 31 per
cent higher at £50.9m, the latter partly attributable to the inclusion of
Sutton Fields for the full year compared to six months previously.
Refrigerated capacity at the fresh pork plant in Hull was increased during the
year and this, along with further investment in packing equipment, should
continue to keep this business amongst the most efficient in the sector.



Sales of high quality cooked meats for delicatessen counters have continued to
perform well, as has the sale of gourmet sausages. Cranswick now has a 25 per
cent share in the premium sausage market. Investment has been made during the
year in this value added area of our business comprising equipment in pursuit
of further efficiency and factory premises adjacent to Sutton Fields for
future expansion.

Focus on new product development and widening of the customer base during the
year has been successful. New sausage flavours have been added to the range
along with high quality premium beefburgers, using traditionally matured on
the bone beef, the latter under Sainsbury's 'Taste the Difference' range.

The development of new products has enabled the Company to develop sales in
the food service sector. Investment has been made in automated production
facilities for kebab manufacture, 'Ready to Eat' pre-cooked sausages are
showing encouraging sales growth and ham sales to sandwich manufacturers are
developing well. Products are now represented in the estates of major
restaurant chains and airline and rail caterers.

Whilst food service is an expanding side of the business, the main outlet
continues to be the grocery multiples. Growth continues in this area in sales
of our delicatessen hams, the 'Ready to Eat' range of sausages is listed with
three of the major multiples with potential for further listings and sales of
recently developed fresh pork products with a new multiple customer are ahead
of budget.



Cranswick's association with Duchy Originals continues to be a success story,
showing volume growth on Free-Range and Organic sausages. Further new products
are anticipated. Cranswick has plans to develop its Lazenby brand on a
national basis, beginning with the launch of the new 'Best of British' range.
Listings have been obtained with most major retailers for a new range of
products.

Investment during the year in plant capacity and product development, along
with a wider customer base, sets the scene for continued growth in this area
of our business. We have plans to purchase the outstanding minority interest
in Cranswick Gourmet Sausage Company at the end of June.

Review of activities - agribusiness. Sales in the agribusiness activity rose
50 per cent from £34.8m to £52.3m. In the feed division, which manufactures
specialist diets for the pig and poultry farming sectors, sales increased 39
per cent to £25.5m. Pig marketing, which involves the purchase of pigs from UK
farmers, principally in the north of England, for sale to UK meat processors
saw turnover rise 62 per cent to £26.8m.

Pig marketing provides an important link between the two sectors of the pig
meat production chain. It had a successful year given the reduced number of
pigs in the UK during the year. The impact of this reduction on turnover was
offset by the rise in the general level of pig prices and an increase in the
volume of business with third party processors.




Despite the reduction in the UK pig herd during 2000, sales of feed rose 41
per cent in volume terms to over 200,000 tonnes. The majority of this increase
is attributable to the Wellingore acquisition in March last year. On a like
for like basis, sales of pig and poultry feed were up by approximately seven
per cent. This performance was particularly pleasing given the difficulties
faced by this sector in recent years and represents a significant increase in
our market share. Despite industry margins being under pressure, the
Wellingore mill has achieved a break-even result for the year from a previous
loss-making position at the time of acquisition. Cranswick's feed
manufacturing capacity now stands at 250,000 tonnes per annum and therefore
offers considerable opportunity for volume growth.

The Wellingore site and the original mill at Driffield have benefited from
ongoing investment and adhere to the various trade and retailers
accreditations including the UKASTA Feed Assurance Scheme, the most widely
recognised scheme in the industry. In addition the Driffield mill is approved
by the Soil Association to manufacture organic feeds, a small but growing
market, and complements the organic pork produced by Cranswick Country Foods
from our own herd.

The agricultural supply industry will be subject to ongoing cost pressures
with continued emphasis on animal welfare and food safety. This may well lead
to further rationalisation throughout the supply chain. Cranswick is well
positioned to take advantage of any opportunities that this will create as we
seek to utilise the capacity of the two mills by increasing our presence in
the major pig producing regions of the UK.




Review of activities - pet. Sales in the pet business were unchanged at 
£18.6m. The TMC aquatics business increased turnover 15 per cent to £7.0m,
whilst the Buckton bird and small animal food activity saw a fall of seven per
cent to £11.6m.

A reduction in the availability of peanuts for feeding to wild birds was the
main reason for the decline in sales at Buckton. Consolidation at both
wholesale and retail levels in the pet and garden sector was a feature of the
year, although the impact of this was minimised by Buckton continuing to focus
on its strategy of direct supply to independent retail outlets. Emphasis
during the year on enhancing the product range by including a wider selection
of pet treats and accessories such as feeders for wild birds, nesting boxes
and a range of premium parrot food contributed to the increase in new
customers. Convenience packaged food for pets and wild birds is an area where
we continue to focus and anticipate growth this year. The Buckton brand of
food for racing pigeons was recently re-launched for the 2001 season and has
been well received, with volumes ahead of last year.

Tropical Marine Centre achieved increased sales of marine livestock to aquatic
retail outlets and public aquaria and a rise in sales of consumable products
for water features marketed through garden centres. Continued development of
commercial systems for supply to universities, commercial fish farms, public
aquaria and garden centres was a feature of the year. The success of this was
evidenced by the award of a contract to supply the Singapore government with
aquaculture equipment for a project aimed at boosting the supply of fish for
consumption in its home market.





During the year the company launched its own publishing company, 'TMC
Publishing', with the supply of its first book, on Seahorses. Further
additions will be marketed this year on its web site tmc-publishing.co.uk

Following a review of the UK market for marine livestock and associated dry
goods, TMC opened a facility in Manchester during April 2001. A successful
future is anticipated for this outlet in meeting the demands of customers in
the north of the country and in Scotland.

Steps taken to broaden the customer base of Buckton's, the developments by TMC
in commercial systems and the opening of the Manchester facility point to
future growth in this activity.

Outlook. This was another successful year for Cranswick. The platform is there
for continued growth. We have an experienced management team and a skilled
group of employees, capacity within our plants to increase output and a
growing customer base. This is supported by a conservative financial structure
which leaves us well placed for further in-fill acquisitions. The current year
has started well and we look forward with optimism to continuing Cranswick's
successful record.



Jim Bloom    Martin Davey
Chairman     Chief Executive


        23 May 2001


                                CRANSWICK PLC

                                   AUDITED

                           PROFIT AND LOSS ACCOUNT

                       for the year ended 31 March 2001

                                                              2001         2000
                                                             £'000        £'000

Turnover                                                   192,612      157,348

Operating profit before goodwill amortisation               12,323       10,092
Interest charge                                                579          770

Profit on ordinary activities before taxation and goodwill  11,744        9,322
amortisation
Goodwill amortisation                                          816          461

Profit on ordinary activities before taxation               10,928        8,861
Taxation                                                     3,385        2,699

Profit on ordinary activities after taxation                 7,543        6,162
Equity minority interest                                       104          140

Profit attributable to shareholders                          7,439        6,022
Equity dividends                                             3,135        2,829

Retained profit for the year                                 4,304        3,193


Earnings per share (pence)
Basic                                                        39.4p        36.2p
Adjusted for goodwill amortisation                           43.7p        39.0p

Dividends per share (pence)                                  16.5p        15.0p




Notes


 1. The profit and loss accounts for the years ended 31 March 2001 and 2000 are
    not statutory accounts within the meaning of Section 240(5) of the
    Companies Act 1985. The auditors of Cranswick, Ernst & Young, have made a
    report under Section 235 of the Act on the statutory accounts of Cranswick
    for the financial year ended 31 March 2000. Such report was unqualified
    and did not contain a statement under Section 237(2), (3) or (4) of the
    Act and such accounts have been delivered to the Registrar of Companies.
    The statutory accounts for the year ended 31 March 2001 incorporate an
    unqualified audit report (which does not contain a statement under Section
    237(2), (3) or (4) of the Act) and will be delivered to the Registrar of
    Companies following the Annual General Meeting of Cranswick.

 2. Basic earnings per share is based on profit attributable to shareholders
    and on the weighted average number of shares in issue during the year of
    18,889,565 (2000: 16,622,017). Adjusted earnings per share is based on
    profit attributable to shareholders adjusted for goodwill amortisation.

 3. Subject to shareholders' approval the final dividend will be paid on 7
    September 2001 to shareholders on the register on 27 July 2001.

 4. The Company intends to post the Report and Accounts to shareholders on 6
    July 2001. Further copies will be available upon request from the Company
    Secretary, Cranswick plc, Cranswick, Driffield, East Yorkshire, YO25 9PF.






                                  CRANSWICK

                                   AUDITED

                          CONSOLIDATED BALANCE SHEET

31 March 2001



                                                          2001             2000

                                                         £'000            £'000
Fixed assets
Intangible assets                                       15,982           16,312
Tangible assets                                         25,296           24,815
                                                        41,278           41,127
Current assets
Stocks                                                   7,234            6,189
Debtors                                                 21,001           20,069
Cash at bank and in hand                                 3,372            1,005
                                                        31,607           27,263

Creditors: amounts falling due within one year
Loan notes payable                                       1,516            1,624
Bank loans                                               1,875            1,406
Bank overdraft                                           1,144            2,384
Hire purchase                                              132               97
Trade and other creditors                               18,487           16,076
Corporation tax                                          2,154            2,495
Proposed equity dividend                                 2,284            2,075
                                                        27,592           26,157
Net current assets                                       4,015            1,106

Total assets less current liabilities                   45,293           42,233

Creditors: amounts falling due after more than 
one year
Bank loans and hire purchase                             3,674            5,339

Deferred taxation                                        1,316            1,002

Government grants                                          221              296

Total assets less liabilities                           40,082           35,596

Capital and reserves
Called up share capital                                  1,902            1,887
Share premium account                                   20,593           20,090
Profit and loss account                                 17,308           13,299
Equity shareholders' funds                              39,803           35,276
Equity minority interest                                   279              320
                                                        40,082           35,596







                                  CRANSWICK

                                   AUDITED

                       CONSOLIDATED CASH FLOW STATEMNET

                       for the year ended 31 March 2001
                                                             2001          2000

                                                            £'000         £'000
Operating activities
Net cash inflow from operating activities                  15,760        12,293
Returns on investment and servicing of finance
Hire purchase interest paid                                  (21)          (54)
Bank interest paid                                          (588)         (664)
                                                            (609)         (718)

Taxation paid                                             (3,412)       (3,421)

Capital expenditure and financial expenditure
Purchase of tangible fixed assets                         (3,276)       (5,710)
Government grants received                                      -            40
Proceeds of sale of tangible fixed assets                     266           355
                                                          (3,010)       (5,315)
Acquisitions and disposals
Purchase of subsidiary undertaking                              -       (2,194)
Net cash acquired with subsidiary undertaking                   -       (1,708)
Part purchase of minority interest                          (631)         (573)
                                                            (631)       (4,475)

Equity dividends paid                                     (2,773)       (2,087)

Cash inflow/(outflow) before financing                      5,325       (3,723)

Financing
Issue of ordinary share capital                                65           234
New medium term loan                                            -         5,000
Medium term loan repayments                               (1,407)       (1,250)
Loan note repayments                                        (108)         (607)
Capital element of hire purchase payments                   (273)         (200)
Net cash (outflow)/inflow from financing                  (1,723)         3,177

Increase/(decrease) in cash in the year                     3,602         (546)

RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW
FROM OPERATING ACTIVITIES

Operating profit                                           11,507         9,631
Goodwill amortisation                                         816           461
Depreciation, net of government grants                      2,800         2,331
Loss on sale of tangible fixed assets                          99            68
(Increase)/decrease in stocks                             (1,045)           733
Increase in debtors                                         (932)       (2,566)
Increase in creditors                                       2,515         1,635
Net cash inflow from operating activities                  15,760        12,293