PORK supplier Cranswick yesterday posted an eight per cent rise in full-year pre-tax profit and raised its final dividend by 10 per cent.
However, the company, which supplies fresh pork and gourmet sausages, said it expected a tough year ahead.
“The difficulties facing the UK consumer, along with rising raw material prices and the dynamics of the competitive market in which the company operates suggests that the year to March 31, 2012 may be more demanding than usual,” chairman Martin Davey said in a statement.
For the year ended 31 March, Cranswick’s pre-tax profit rose to £47.1m from £43.8m last year.
Underlying sales grew four per cent to £758m on volumes that were up six per cent.
Cranswick declared a final dividend of 18.7p, making a total for the year of 27.5p, an increase of 10 per cent on last year.
The company also appointed Adam Couch, managing director of its fresh pork business, as its chief operating officer.
Shares in Cranswick rose 2.2 per cent to close at 783.5p yesterday, valuing the firm at £362.8m.
City A.M. Reporter