Cranswick PLC (LSE:CWK) has reported a healthy 12.4% increase in half-year revenues reflecting good control of what the food producer described as “widespread cost inflation”, with like-for-like sales volumes maintained thanks to support from the launch of new products,
Revenues grew to £1,116.3mln from £993.1mln last year but statutory pre-tax profits fell by 2.7% to £61.5mln from £63.2mln including a £3.1mln charge in relation to a product recall at the Hull Cooked Poultry facility at the start of the period.
Margins fell to 6.1% from 7.0% reflecting a short-term lag, as anticipated, in recovering inflationary pressure across several cost categories.
On Avian influenza, Cranswick said: “We continue to monitor events closely with the strictest bio-security protocols enforced across all Cranswick farms.“
In the half-year results statement, Adam Couch, Cranswick's chief executive officer commented: "Our outlook for the current financial year is unchanged.”