Cranswick PLC
29 July 2002
CRANSWICK plc - FIRST QUARTER TRADING STATEMENT
29 July 2002
Chairman Jim Bloom will make the following statement at today's AGM:
'The last financial year was particularly successful:
• Profit before taxation and goodwill amortisation rose 49 per cent to £17.5
million, the highest yet achieved.
• Adjusted earnings per share increased 44 per cent to a record 63.0 pence.
• The dividend was raised 30 per cent to 21.5 pence per share.
• The Company ended the year with minimal borrowings.
The current financial year has started well with profits in the first quarter to
30 June 2002 on a like-for-like basis ahead of last year with a strong
performance from the value-added food activities. Continental Fine Foods which
was acquired during the second quarter of last year has continued to trade
strongly. The outlook for the full year remains in line with management's
expectations. Cashflow has remained strong and we finished the quarter with a
cash surplus. We have commenced work on the new retail packing facility at the
primary meat processing plant. Completion is anticipated to be summer 2003.
David Pethick who joined the Board of Cranswick plc on the acquisition of
Pethick & Co. Limited in 1999 will be resigning from the Board with effect from
31 July 2002. David signed a 3 year service agreement at the time of the
acquisition to ensure a smooth transition of ownership and we thank him for his
contribution during that period.
On the assumption that the relevant resolution is passed by shareholders at the
AGM there will be a capitalisation issue of one new ordinary share for each
existing ordinary share. The record date for the capitalisation issue is Monday
29 July 2002. Trading in the new ordinary shares will commence when the market
opens on Tuesday 30 July 2002.'
This information is provided by RNS
The company news service from the London Stock Exchange
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