Interim Results

Cranswick PLC
21 November 2002

                              INTERIM RESULTS FOR

                      THE SIX MONTHS TO 30 SEPTEMBER 2002





Cranswick plc, the Yorkshire-based food producer, announces its unaudited
interim results for the six months ended 30 September 2002.




Highlights:


  • Profit before tax up 47 per cent at £10.5m (2001: £7.1m) (Note 1)


  • Turnover increased by 19 per cent to £121.9m (2001: £102.6m)


  • Earnings per share at 18.3p, up 41 per cent (2001: 13.0p) (Note 1 and 2)


  • Interim dividend up 45 per cent to 4.0p per share (2001: 2.75p per share)
    (Note 2)


  • Second half has started well


Chairman Jim Bloom said: 'This has been a period of continued growth for
Cranswick. The food business has had a successful first half, and there was a
good performance from Cranswick Mill in both the animal feed and pig marketing
activities.


'The acquisition of North Wales Foods (NWF), a supplier of sandwiches and
sandwich ingredients, was announced at the end of October. This extends the
Company's activities into another growth area of the food market. NWF has an
excellent record of growth which we look forward to continuing.


'The management teams at Cranswick's business units continue to drive the
Company onwards. The second half has started well and we look forward to the
continuation of this growth momentum. There are no borrowings which leaves the
Company well placed to make selective acquisitions to add to the organic growth
being generated'.



Note 1: Prior to goodwill amortisation

Note 2: 2001 figures restated to take account of the one for one bonus issue on
31 July 2002


For further information:
Martin Davey, Chief Executive                                07775 576426
John Lindop, Finance Director                                07768 362592
Cranswick plc

Paul Quade                                                   07947 186694
CityRoad Communications                                      020 7334 0243







                                 Cranswick plc

                           STATEMENT TO SHAREHOLDERS



Results


This has been a period of continued growth for Cranswick. Turnover has risen 19
per cent to £121.9m ; profit before taxation and goodwill amortisation is up 47
per cent to £10.5m ; earnings per share are 41 per cent higher at 18.3p. Cash
generation in the period has been particularly strong resulting in surplus funds
at the end of September of £1.5m.


The performance behind these figures is largely attributable to the tremendous
people at Cranswick whose skill, enthusiasm and teamwork is second to none. It
is testimony to the spirit in the Company that in excess of 25 per cent of our
people have an interest in the equity.




Dividend


The interim dividend is being increased by 45 per cent to 4.0p. The dividend
will be paid on 24 January 2003 to shareholders on the register at the close of
business on 6 December 2002. Shares will go ex-dividend on 4 December 2002.
Shareholders will again have the option to receive the dividend by way of scrip
issue.




Share Bonus Issue


On 29 July 2002 shareholders approved a bonus issue of one new share for each
existing share held. The new shares were admitted for listing on 31 July 2002.




Review of Activities


The food business has had a successful first half recording a 22 per cent
increase in turnover to £84.0m. All parts performed well, premium sausages and
cooked meats, fresh pork and continental foods. Unlike this time last year the
export market is open and provides the opportunity to add further value to our
products. There has been success in gaining a retail multiple listing for fresh
pork under the 'Cranswick Country Foods' label and sales are encouraging.
Further success was achieved at 'The Guild of Fine Food Retailers' Great Taste
Awards with several of our products gaining recognition. The customer base and
range of products continues to develop as does the investment in production
facilities. The expansion of the Sutton Fields cooked meats unit is nearing
completion and work is well underway on the new retail pork packing facility in
Hull.


There was a good performance from Cranswick Mill in both the animal feed and pig
marketing activities. Turnover rose 15 per cent to £27.9m including an
impressive 47 per cent growth in sales of specialist piglet feed in Germany.
Feed sales in the UK increased marginally with pleasing progress being achieved
in the poultry sector. Turnover in pig marketing was up 24 per cent, a good
outcome considering the 3 per cent reduction in UK pig numbers compared to the
same period last year.


Turnover in the pet business was £10.0m, a small increase on last year. At
Buckton's the fall in sales arising from the strategic reduction in the low
margin trading of raw materials was almost totally compensated for by increased
sales of pet food where there is greater opportunity to add value. The Tropical
Marine facility in Manchester, opened last year, has performed well and was a
key factor behind the increase in sales of fish.




Cashflow and borrowings


The underlying cashflow of the business has remained very strong enabling us to
repay £11.9m of debt in the period which mainly related to the 2001 acquisition
of Continental Fine Foods. Cashflow from operating activities rose to £14.4m
from £8.6m previously. Taking into account the loan notes that will shortly be
issued in respect of the deferred consideration for Continental Fine Foods we
ended the half-year with net surplus funds of £1.5m compared with net debt of
£1.2m at the year-end.




Outlook


The management teams at Cranswick's business units continue to drive the Company
onwards. The second half has started well and we look forward to the
continuation of this growth momentum. There are no borrowings which leaves the
Company well placed to make selective acquisitions to add to the organic growth
being generated.


The acquisition of North Wales Foods (NWF), a supplier of sandwiches and
sandwich ingredients, was announced at the end of October. This extends the
Company's activities into another growth area of the food market. NWF has an
excellent record of growth which we look forward to continuing with the
business's management team.


The strategy for the continued development of Cranswick remains unchanged and
the Board looks to the future with optimism.





Jim Bloom                      Martin Davey
Chairman                       Chief Executive

21 November 2002






                       UNAUDITED PROFIT AND LOSS ACCOUNT

                   for the six months ended 30 September 2002


                                                                         Half Year                               Year to
                                                                                                                31 March
                                                                2002                       2001                     2002
                                                               £'000                      £'000                    £'000

Turnover                                                     121,921                    102,655                  225,551

Operating profit                                               9,889                      6,856                   16,778


Operating profit before goodwill amortisation                 10,592                      7,381                   17,979
Interest charge                                                   85                        252                      515

Profit before taxation & goodwill amortisation                10,507                      7,129                   17,464
Goodwill amortisation                                            703                        525                    1,201

Profit before taxation                                         9,804                      6,604                   16,263
Taxation                                                       3,100                      2,110                    4,993

Profit after taxation                                          6,704                      4,494                   11,270
Equity dividends                                               1,609                      1,113                    4,371

Retained profit                                                5,095                      3,381                    6,899


Earnings per share :       adjusted                            18.3p                      13.0p                    31.5p
                           basic                               16.5p                      11.6p                    28.5p
                           diluted                             16.4p                      11.5p                    28.1p

Dividends per share                                             4.0p                      2.75p                   10.75p


Notes:

1.     Basic earnings per share is based on the profit after taxation and the average number of ordinary shares in issue
       of 40,510,627 (2001 - 38,673,124). The calculation of diluted earnings per share is based on 40,954,006 (2001 -
       39,117,230) ordinary shares.

2.     Adjusted earnings per share is stated before goodwill amortisation of £703,000 (2001 - £525,000) based on
       40,510,627 (2001 - 38,673,124) ordinary shares. In all cases the number of shares has been adjusted for the one
       for one bonus issue on 31 July 2002.

3.     The taxation charge for the 6 months to 30 September 2002 reflects the estimated rate for the full year.

4.     The accounting policies used in the preparation of the financial statements for the six months to 30 September
       2002 are the same as those used for the statutory accounts for the year ended 31 March 2002.

5.     The statutory accounts for the year ended 31 March 2002 received an unqualified audit report and have been filed
       with the Registrar of Companies. Comparative figures for the year to 31 March 2002 have been extracted from these
       accounts. Dividends and earnings per share for the year to 31 March 2002 and the half year to 30 September 2001
       have been re-stated to take account of the one for one bonus issue on 31 July 2002.

6.     The Company intends to post the Interim Report to shareholders on 21 November 2002. Further copies will be
       available upon request from the Company Secretary, Cranswick plc, Cranswick, Driffield, East Yorkshire, YO25 9PF.






                            UNAUDITED BALANCE SHEET

                            as at 30 September 2002

                                                                        Half Year                                Year to
                                                                                                                31 March
                                                               2002                      2001                       2002
                                                              £'000                     £'000                      £'000

Fixed Assets
Intangible fixed assets                                      27,195                    25,202                     27,898
Tangible fixed assets                                        28,865                    27,805                     27,907
                                                             56,060                    53,007                     55,805



Current assets
Stocks                                                        8,137                     9,344                      7,653
Debtors                                                      27,396                    25,557                     27,129
Cash at bank and in hand                                      8,029                     9,543                     13,811
                                                             43,562                    44,444                     48,593




Creditors - amounts falling due within one year
Loan notes payable                                            1,346                     7,861                     13,203
Loan notes to be issued                                       3,500                     5,750                      3,500
Bank loans                                                        -                     2,375                          -
Bank overdraft                                                1,517                      1,574                     1,559
Hire purchase                                                   106                        118                       107
Creditors                                                    27,901                     24,508                    25,323
Corporation tax                                               3,743                      3,492                     3,240
Proposed equity dividends                                     1,609                      1,113                     3,265
                                                             39,722                     46,791                    50,197


Net current assets / (liabilities)                            3,840                    (2,347)                   (1,604)

Hire purchase due after more than one year                     (87)                      (196)                     (149)
Deferred taxation                                           (1,846)                    (2,082)                   (1,846)
Government grants                                             (202)                      (234)                     (184)

Total assets less liabilities                                57,765                    48,148                     52,022


Capital and reserves
Share capital                                                 4,088                     2,019                      2,037
Reserves                                                     53,677                    46,129                     49,985
                                                             57,765                    48,148                     52,022





                         UNAUDITED CASH FLOW STATEMENT

                   for the six months ended 30 September 2002


                                                                         Half Year                               Year to
                                                                                                                31 March
                                                                2002                       2001                     2002
Operating activities                                           £'000                      £'000                    £'000

Net cash inflow from operating activities                     14,447                      8,567                   22,290


Returns on investment and servicing of finance
Hire purchase interest paid                                      (1)                        (6)                      (7)
Bank interest received / (paid)                                   23                      (187)                    (648)
                                                                  22                      (193)                    (655)

Taxation paid                                                (2,597)                    (1,301)                  (4,629)


Capital expenditure and financial investment
Purchase of tangible fixed assets                            (3,240)                    (1,926)                  (4,456)
Proceeds of sale of tangible fixed assets                        172                        112                      221
                                                             (3,068)                    (1,814)                  (4,235)

Acquisitions and disposals
Purchase of subsidiary undertaking                                 -                      (162)                    (170)
Net cash acquired with subsidiary undertaking                      -                      1,931                    1,931
Part purchase of minority interest                                 -                      (140)                    (142)
                                                                   -                      1,629                    1,619

Equity dividends paid                                        (2,627)                    (1,654)                  (2,500)

Cash inflow before financing                                   6,177                      5,234                   11,890

Financing
Issue of ordinary share capital                                    -                      4,610                    4,703
Medium term loan repayments                                        -                    (2,937)                  (5,312)
Loan note repayments                                        (11,857)                       (80)                    (112)
Capital element of hire purchase payments                       (63)                    (1,087)                  (1,145)
Net cash (outflow) / inflow from financing                  (11,920)                        506                  (1,866)

(Decrease) / increase in cash in the period                  (5,743)                      5,740                   10,024

Reconciliation of operating profit to net cash inflow
from operating activities

Operating profit                                               9,889                      6,856                   16,778
Goodwill amortisation                                            703                        525                    1,201
Depreciation (net of government grants)                        1,803                      1,567                    3,752
Loss / (profit) on sale of tangible fixed assets                   1                       (37)                      192
(Increase) / decrease in stocks                                (484)                    (1,296)                      441
Increase in debtors                                            (183)                      (572)                  (2,046)
Increase in creditors                                          2,718                      1,524                    1,972
Net cash inflow from operating activities                     14,447                      8,567                   22,290


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