BRITISH pork and pies producer Cranswick saw its shares close down almost two per cent yesterday after it announced underlying revenues for the third quarter were down three per cent.
Shares in the FTSE 250-listed company closed down 1.84 per cent yesterday.
The company put the bad quarter down to input prices growing, which were passed through to the group’s customers, affecting sales.
Cranswick said total sales for the third quarter was slightly ahead of a year earlier after a strong Christmas trading.
The Hull-based company, which remained confident of the current financial year, said underlying sales volumes rose two per cent as fresh pork returned to growth in the third quarter – in line with board’s expectations.
Total sales for the quarter were marginally ahead of the same period last year. The Cranswick board said it remains confident in both current financial year and continued long term success and development of business. The pie-maker said net debt increased from £22m to £57m during the quarter.
Export sales continued to gain momentum with sales to non-European markets up 38 per cent compared to the same quarter last year. The company said: “The markets in which Cranswick operates continue to be competitive, but the Group remains focused on delivering innovative products of the highest quality and exceptional service levels to its customers.”
— UPDATE: This article has been changed to reflect the fact Cranswick is FTSE 250-listed, not Aim-listed.