Cranswick issues profits warning

In a statement, Cranswick said its first quarter has been challenging.

Operating profits for the year are expected to be lower than last year, said Cranswick, which supplies fresh pork and gourmet sausages to Britain’s food retailing and manufacturing sectors.

Cranswick said total sales for the quarter fell 2 per cent to £195m.

The interim management statement added: “As previously stated in the group’s preliminary results, released on May 16 2011, the difficulties facing the UK consumer and the dynamics of the competitive UK market in which the company operates are making the current financial year more demanding than usual. Whilst it is still early in the financial year, the board now expects to deliver a full year result below its original 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, whilst mindful of the challenges facing the consumer this year, remains confident in the continued long term success and development of the business.”