Cranswick PLC
23 March 2005
Cranswick plc ('Cranswick' or 'Company' or 'Group')
Pre close period update
Cranswick will announce its preliminary results for the year ending 31 March
2005 on 24 May 2005. In advance of this, Cranswick is pleased to announce that
it anticipates that the Group's performance for the full year to 31 March 2005
will be in line with expectations despite the challenging trading environment
experienced in the fourth quarter.
Current indications for the fourth quarter are that total sales, excluding
Perkins Chilled Foods acquired in January 2005, will be some 7% higher than the
same period last year. Of this, sales of food products will be 17% higher with
fresh pork, charcuterie and sandwiches continuing to show particularly strong
growth. Although, as expected, animal feed sales will be significantly down
following the rationalisation of milling capacity undertaken earlier in the
financial year, there has been a significant improvement in bottom line
contribution.
Perkins Chilled Foods continues to integrate well.
Pet sales for the fourth quarter will be some 10% down in comparison to the same
period last year due largely to a lack of promotional activity on pet food.
Following the Cottingham fire in June last year, discussions are progressing
with insurers regarding the claim. Cautious assumptions have been made in
arriving at the amount of the claim to be included in the full year results.
Following completion of work on the new sausage factory in Hull and the new pet
food facility at Driffield the Company is now at the end of its major capital
expenditure programme to provide the foundations for future organic growth.
Consequently, borrowings are expected to reduce in line with market
expectations.
Martin Davey, Chairman of Cranswick, commented:
'With the recent investment in production facilities and the acquisition of
Perkins Chilled Foods the Company is well positioned to continue its record of
growth'
The information provided above in respect of the Company's performance for the
year ending 31 March 2005 is indicative, subject to final review, and has not
been audited.
Enquiries:
Martin Davey - Chairman )
) 01377 270649
John Lindop - Finance Director )
This information is provided by RNS
The company news service from the London Stock Exchange
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