Cranswick suffers as costs rise

British pork supplier Cranswick posted a 22 per cent fall in first-half profit, hurt by higher input costs, and said it was cautiously optimistic about the second half. “The company faced significant increases in input costs during the first three months of the period. This had a material impact on margins and, despite some recovery during the second quarter, was a key factor in a reduction in interim pre-tax profits,” chairman, Martin Davey said in a statement yesterday. April-September pre-tax profit was £18.5m, compared with £23.8m last year. Revenue, however, rose three per cent at £393.9m helped by higher volumes.