CLIVE BLACK SHORE CAPITAL
Cranswick remains a company that we believe is best in class in British food manufacturing...With improved industry structures we believe that the future for Cranswick is bright...and we therefore continue to argue that the stock has a firm justification for a position in any high quality mid-cap fund.
DAMIAN MCNEELA PANMURE GORDON
Cranswick’s interim earnings per share grew slightly ahead of our forecasts, driven by a lower tax charge. The UK pork price is expected to remain close to record levels at least until Christmas but we expect improved margin performance as it recovers costs and continues to deliver operational efficiency improvements.
CHARLES HALL PEEL HUNT
Cranswick saw good sales, but lower margins meant profits rose by only four per cent. It has now secured price increases and EU pig prices have dropped, which should mean an improved second half performance. There may be some relief that Cranswick is now back on track, though the shares look the right level to us.