Cranswick PLC Fourth Quarter Trading Statement (6674J)
April 09 2015 - 2:00AM
UK Regulatory
TIDMCWK
RNS Number : 6674J
Cranswick PLC
09 April 2015
09 April 2015
Cranswick plc
("Cranswick" or "the Company" or "the Group")
Trading statement for the year ended 31 March 2015
Cranswick issues the following update on trading for the year
ended 31 March 2015. Cranswick expects to announce its full year
results on 18 May 2015.
Current trading
The Group finished the year with a strong final quarter.
Underlying volumes were 4 per cent ahead of the corresponding
quarter a year ago. With lower input prices being passed on to
customers this gave rise to a 1 per cent increase in underlying*
sales. Full year underlying* sales were in line with those of a
year earlier. Total sales in the final quarter were 4 per cent
higher and 1 per cent higher for the full financial year. Export
sales to non-European markets continued to grow with full year
volumes increasing strongly compared to the previous year.
The Group invested GBP25 million in its infrastructure during
the year ended 31 March 2015, generating further operational
efficiencies and ensuring the ongoing provision of state of the art
processing and production facilities. The extension to the Milton
Keynes cooked meats facility, completed earlier in the financial
year, has added substantial capacity and is delivering ongoing
efficiency gains. A major upgrade to the chilling system at the
Norfolk primary processing facility has delivered further
efficiency benefits.
The integration of Benson Park is progressing as anticipated and
the positive performance of the business continues to be in line
with the Board's expectations. The major investment programme at
the site remains on track and is expected to be commissioned in the
autumn of 2015.
Financial position
Notwithstanding the significant capital investment programme and
the acquisition of Benson Park earlier in the year, strong cash
generation from operating activities through the final quarter
resulted in year-end net debt being substantially lower than at the
end of the third quarter and similar to the level reported at the
last financial year end.
The Group is in a strong financial position, with committed,
unsecured facilities of GBP120 million which provide comfortable
headroom.
Outlook
The Board expects to report a trading performance for the year
ended 31 March 2015 in line with its expectations. With experienced
management at all levels of the Group, a strong range of products,
a well-invested asset base and a robust financial position, the
Board remains confident in the continued long-term success and
development of the business.
Enquiries:
Cranswick plc +44 (0)1482 372 000
---------------------------- --------------------------------
Mark Bottomley, Finance
Director
---------------------------- --------------------------------
Powerscourt +44 (0)20 7250 1446
---------------------------- --------------------------------
Nick Dibden / Sophie Moate cranswick@powerscourt-group.com
/ Sam Trillwood
---------------------------- --------------------------------
Notes:
1. Cranswick's activities are focused within the UK and include
the processing and supply of fresh pork, sausage, bacon, cooked
meats, premium British cooked poultry, charcuterie, pastry products
and sandwiches. Products are primarily supplied into the UK food
retail, food service and food manufacturing sectors. Results for
the year to 31 March 2014 showed revenues of GBP995m and profit
before tax of GBP54.8m.
2. This announcement is based on information sourced from unaudited management accounts.
3. This announcement contains certain forward looking statements
with respect to the financial conditions, results of operations and
businesses of Cranswick. These statements involve risk and
uncertainty because they relate to events and depend upon
circumstances that will occur in the future. There are a number of
factors that could cause actual results or developments to differ
materially from those expressed or implied by these forward looking
statements. Nothing in this announcement should be construed as a
profit forecast.
* Underlying sales exclude the contribution from acquisitions in
the current year and sales from the pig breeding, rearing and
trading activities in both the current and prior financial
years
This information is provided by RNS
The company news service from the London Stock Exchange
END
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