Growing popularity of pork sees Cranswick’s sales rise

The Hull-based company said sales for the quarter to December 31, 2011, increased by 10 per cent on the same period last year.

In a statement published today, Cranswick said that export sales “remained buoyant” and sales of pastry products “continued to show pleasing progress”.

The trading update read: “As previously reported, pig meat products continue to gain an increased share of the UK retail protein market. Recent market data highlighted a further acceleration in this gain over the Christmas trading period. Both the versatility and the low relative price of pork to other proteins are key to this positive trend. The growing popularity of pork products continues to be a contributory factor in the increase in sales at Cranswick.”

Net debt increased from £48m to £59m during the quarter, the firm said, adding that the group is in “a strong financial position”, with debt facilities of £100m.

There was some recovery in operating margin in the third quarter from that reported in the first half, although for the year to date it remains below that achieved in the comparable period last year, the company said.

Cranswick said the business has “a well invested asset base, loyal and skilled teams, a great range of products and a strong financial position”.

Results for the year to March 31, 2011, showed sales of £758m and profit before tax of £47.1m.