Interim Results

Cranswick PLC
21 November 2001







          CRANSWICK plc: RECORD INTERIMS AS PROFITS RISE 47 PER CENT

Cranswick plc, the Yorkshire based food producer, announces its unaudited
interim results for the six months ended September 30 2001.

Highlights:

Profit before tax and goodwill amortisation up 47 per cent at £7.1m (2000: £
4.8m)

Turnover increased by 14 per cent to £103m (2000: £90m)

Earnings per share rose 44 per cent to 26p (2000: 18p)

Dividend increased by 22 per cent to 5.5p per share (2000: 4.5p)

First contribution from recent acquisition Continental Fine Foods

Platform in place to continue growth record

Cranswick Chief Executive Martin Davey said: 'These results are especially
pleasing given that last year's figures were, at the time, record results. The
performance is a credit to all our people at Cranswick and reflects the
tremendous enthusiasm, teamwork and expertise throughout the Company.

'Cranswick acquired Continental Fine Foods on 30 July. There is two months'
contribution from Continental included in the first half figures amounting to
£0.6 million. It is trading well.

'The management teams at Cranswick's operations have excellent track records.
Couple this with investment made in increased capacity and the platform is
there to continue the record of growth. The second half has started well and
we look forward to the further successful development of the Company'.

-ends-

Note to City Editors: Cranswick plc has activities based in the food,
agribusiness and pet sectors. Sales in the year to March 2001 totalled £193
million, of which £122 million were pork products and £52 million pig food and
pig marketing.

For further information:

Martin Davey, Chief Executive                         07775 576426

John Lindop, Finance Director                         07768 362592

Cranswick plc

Paul Quade                                            020 7334 0243

CityRoad Communications                               07947 186694 (mobile)


                                CRANSWICK plc

                          STATEMENT TO SHAREHOLDERS

Results

Cranswick's growth record has continued into the current year. Turnover is up
14 per cent to £103m; profit before taxation and goodwill amortisation has
risen 47 per cent to £7.1m; earnings per share are 44 per cent higher at 26p.
These results are especially pleasing given that last year's figures were at
the time record results and that the current figures have been achieved in a
market made more challenging by the measures introduced to control the
outbreak of foot and mouth disease. The performance is a credit to all our
people at Cranswick and reflects the tremendous enthusiasm, teamwork and
expertise throughout the Company.

Cranswick acquired Continental Fine Foods on 30 July and this was accompanied
by a small placing of shares for cash. There is two months' contribution from
Continental included in the first half figures amounting to £0.6m; it is
trading well and being integrated in the same manner as previous acquisitions.
We take this opportunity to welcome all at Continental to Cranswick.



Review of Activities

This was a successful period for the food business with sales increasing 20
per cent to £68.6m, including £5.9m from Continental Fine Foods. The main
areas of growth within Cranswick Country Foods were gourmet sausages and high
quality hams for delicatessens with rises of 27 per cent and 10 per cent
respectively. New product listings were achieved with cooked meats, fresh pork
and the launch of the Lazenby branded 'Best of British' range of sausages. In
fresh pork, where sales rose by 6 per cent, focus on product development
continued; the success of this was illustrated by the winning of a national
award for our pork loin joint with apricot stuffing. In addition a new range
of kebabs was launched and contributed along with marinaded products to our
most successful summer barbecue season. As part of the strategy to continue
our growth in the added value food sector investment was made to expand the
sausage production capacity and work commenced to further develop the cooked
meats facility at Sutton Fields.



The trading environment for agribusiness was particularly challenging
reflecting the 16 per cent reduction in UK pig numbers compared to the
corresponding period last year. Cranswick Mill's feed volumes were down 6 per
cent and traded pig numbers 13 per cent lower; both figures though indicate
increased market share. Despite this fall in volumes turnover was up by almost
3 per cent to £24.3m, principally as a result of higher feed selling prices
recovering most of the increase in raw material prices. Following three
consecutive years of reducing UK pig numbers there has been over- capacity in
feed manufacturing. There are now signs that rationalisation of this capacity
has commenced which should lead to a more efficient industry.



Turnover in the pet business was up 9 per cent to £9.8m, reflecting increases
in both food and aquatics. Buckton's, our pet food activity, continued to
expand its customer base. The number of independent pet shops being supplied
has increased significantly and listings have been obtained with garden
centres and agricultural stores. This has contributed to a 16 per cent
increase in sales of convenience-sized packs of pet and garden bird food where
there is greater opportunity to enhance the value of our product. In the
Tropical Marine aquatics business, sales of fish were up 18 per cent including
sales from the Manchester facility opened in April 2001. Further progress was
made in sales to the public aquarium sector in both the UK and overseas. A
three year contract has been signed to supply 'The Deep', the spectacular new
public aquarium facility being opened in Hull early next year. The potential
for sales into the aquaculture sector looks encouraging following our
exhibiting at a major aquaculture show in Norway during August.



Cashflow and borrowings

The underlying cashflow of the business remains very strong. The net cash
inflow from operating activities was £8.6m after taking into account a modest
increase in working capital of £0.3m compared with a reduction of £1.5m
previously. Taxation paid in the first half was £1.3m and £1.9m was spent on
fixed assets. Cash dividends amounted to £1.7m, well below last year's figure
of £2.0m as a result of the large take-up of the scrip alternative.
Continental Fine Foods had net cash of £1.9m on acquisition and this was
partly utilised to repay its hire purchase liability of £1.0m shortly after
acquisition. Following receipt of the net proceeds of the share placing of £
4.5m in early August and medium-term loan repayments of £2.9m cash increased
by £5.7m. After taking into account the £12.2m of loan notes issued or to be
issued for the purchase of both Continental Fine Foods and the remaining one
third minority interest in Cranswick Gourmet Sausage Company (costing £0.9m)
net borrowings increased in the half year by £3.4m to £8.3m, representing 17
per cent of shareholders' funds. The interest cover was 29 times.





Dividend

Last year approximately one quarter of the full year dividend was paid at the
interim stage. The intention is to progressively increase this proportion. As
such the interim dividend is being increased by 22 per cent to 5.5p per share.
The dividend will be paid on 25 January 2002 to shareholders on the register
at the close of business on 7 December 2001. Shareholders will again have the
option to receive the dividend by way of scrip issue.




Outlook

The management teams at Cranswick's operations have excellent track records.
Couple this with investment made in increased capacity and the platform is
there to continue the record of growth. The second half has started well and
we look forward to the further successful development of the Company.





Jim Bloom Martin Davey

Chairman Chief Executive

21 November 2001





                                CRANSWICK plc

                      UNAUDITED PROFIT AND LOSS ACCOUNT

                  for the six months ended 30 September 2001


                                                     Half              Year 
                                                     Year              to
                                                                       31 March
                                             2001             2000     2001
                                             £'000            £'000    £'000

Turnover                                     102,655          89,800   192,612

Operating profit                             6,856            4,744    11,507

Operating profit before goodwill             7,381            5,168    12,323
amortisation
Interest charge                              252              321      579

Profit before taxation & goodwill            7,129            4,847    11,744
amortisation
Goodwill amortisation                        525              424      816

Profit before taxation                       6,604            4,423    10,928
Taxation                                     2,110            1,406    3,385

Profit after taxation                        4,494            3,017    7,543
Equity minority interest                     -                45       104

Profit attributable to shareholders          4,494            2,972    7,439
Equity dividends                             1,113            850      3,135

Retained profit                              3,381            2,122    4,304

Earnings per share : adjusted                26.0p            18.0p    43.7p
: basic                                      23.2p            15.8p    39.4p
: diluted                                    23.0p            15.2p    38.1p

Dividends per share                          5.5p             4.5p     16.5p


Notes:

1. Basic earnings per share is based on the profit attributable to
shareholders and the average number of ordinary shares in issue of 19,336,562 
(2000 - 18,862,939). The calculation of diluted earnings per share is based on 
19,558,615 (2000 -19,557,932) ordinary shares. Adjusted earnings per share is 
stated before goodwill amortisation of £ 525,000 (2000 - £424,000) based on
19,336,562 (2000 - 18,862,939) ordinary shares.

2. The taxation charge for the 6 months to 30 September 2001 has been
calculated in accordance with the provisions of FRS 19 on deferred taxation. No 
adjustments are required to the taxation charge for the 6 months to 30 September
2000 and the year to 31 March 2001. A prior year adjustment of £593,000 has been
made against revenue reserves at 1 April 2000 to incorporate a full provision 
for deferred taxation as at that date in accordance with FRS 19. As a result the
balance sheets as at 30 September 2000 and 31 March 2001 have been restated.

3. The accounting policies used in the preparation of the financial statements
for the six months to 30 September 2001 are the same as those used for the 
statutory accounts for the year ended 31 March 2001, with the exception of the 
adoption of FRS 19 on deferred taxation.

4. The statutory accounts for the year ended 31 March 2001 received an
unqualified audit report and have been filed with the Registrar of Companies. 
Comparative figures for the year to 31 March 2001 have been extracted from these
accounts with a prior year adjustment to the balance sheet to incorporate a full
provision for deferred taxation in accordance with FRS 19.

5. The Company intends to post the Interim Report to shareholders on 21
November 2001. Further copies will be available upon request from the Company 
Secretary, Cranswick plc, Cranswick, Driffield, East Yorkshire, YO25 9PF.



                                CRANSWICK plc

                           UNAUDITED BALANCE SHEET

                           as at 30 September 2001


                                                    Half Year           Year to
                                                                        31
                                                                        March
                                              2001             2000      2001
                                             £'000            £'000     £'000

Fixed Assets
Intangible fixed assets                      25,202           16,374    15,982
Tangible fixed assets                        27,805           25,086    25,296
                                             53,007           41,460    41,278



Current assets
Stocks                                       9,344            5,882     7,234
Debtors                                      25,557           19,613    21,001
Cash at bank and in hand                     9,543            2,023     3,372
                                             44,444           27,518    31,607


Creditors - amounts falling due within one
year
Loan notes payable                           7,861            1,624     1,516
Loan notes to be issued                      5,750            -         -
Bank loans                                   2,375            937       1,875
Bank overdraft                               1,574            1,340     1,144
Hire purchase                                118              132       132
Creditors                                    24,508           16,669    18,487
Corporation tax                              3,492            3,041     2,154
Proposed equity dividends                    1,113            850       2,284
                                             46,791           24,593    27,592


Net current (liabilities) / assets           (2,347)          2,925     4,015

Bank loans due after more than one year      -                (5,157)   (3,437)
Hire purchase due after more than one year   (196)            (296)     (237)
Deferred taxation                            (2,082)          (1,595)   (1,909)
Government grants                            (234)            (241)     (221)

Total assets less liabilities                48,148           37,096    39,489


Capital and reserves
Share capital                                2,019            1,889     1,902
Reserves                                     46,129           34,987    37,308
Equity minority                              -                220       279
                                             48,148           37,096    39,489





                                CRANSWICK plc

                        UNAUDITED CASH FLOW STATEMENT

                  for the six months ended 30 September 2001


                                                   Half Year            Year to
                                                                        31
                                                                        March

                                             2001             2000      2001
Operating activities                         £'000            £'000     £'000
Net cash inflow from operating activities    8,567            8,024     15,760


Returns on investment and servicing of
finance
Hire purchase interest paid                  (6)              (17)      (21)
Bank interest paid                           (187)            (344)     (588)
                                             (193)            (361)     (609)

Taxation paid                                (1,301)          (860)     (3,412)


Capital expenditure and financial investment
Purchase of tangible fixed assets            (1,926)          (1,481)   (3,276)
Proceeds of sale of tangible fixed assets    112              76        266
                                             (1,814)          (1,405)   (3,010)

Acquisitions and disposals
Part purchase of minority interest           (140)            (631)     (631)
Purchase of subsidiary undertaking           (162)            -         -
Net cash acquired with subsidiary            1,931            -         -
undertaking
                                             1,629            (631)     (631)

Equity dividends paid                        (1,654)          (2,007)   (2,773)

Cash inflow before financing                 5,234            2,760     5,325

Financing
Issue of ordinary share capital              4,610            -         65
Medium term loan repayments                  (2,937)          (625)     (1,407)
Loan note repayments                         (80)             -         (108)
Capital element of hire purchase payments    (1,087)          (73)      (273)
Net cash inflow / (outflow) from financing   506              (698)     (1,723)

Increase in cash in the period               5,740            2,062     3,602

Reconciliation of operating profit to net cash
inflow

from operating activities
Operating profit                             6,856            4,744     11,507
Goodwill amortisation                        525              424       816
Depreciation (net of government grants)      1,567            1,330     2,800
(Profit) / loss on sale of tangible fixed    (37)             -         99
assets
(Increase) / decrease in stocks              (1,296)          307       (1,045)
(Increase) / decrease in debtors             (572)            456       (932)
Increase in creditors                        1,524            763       2,515
Net cash inflow from operating activities    8,567            8,024     15,760