PORK processor Cranswick posted a 16 per cent rise in pre-tax profits yesterday thanks to strong demand for its bacon and fresh pork.
The FTSE 250 firm, which makes upmarket sausages, bacon, and cooked meats for supermarkets including Sainsbury’s and Tesco, reported pre-tax profits of £26.1m in the six months to 30 September, up from £22.4m the same period last year.
Group revenues increased by 15 per cent to £483.5m in the period, driven by fresh pork sales which were up by 26 per cent.
Cranswick’s chairman Martin Davey, said: “Continued growth in sales, significant investment in the asset base, most notably the commissioning of the new pastry facility, along with the strategic development of the company’s pig breeding and rearing activities were all positive features of the six months trading.”
Davey added that the impact of higher pig prices had been partially offset by on-going efficiency improvements, volume growth and acquisitions.
“Prices have continued at historical highs and, as previously reported, are expected to remain so through to the end of the calendar year at least,” he said.