Cranswick interim profit and revenue rise, divi lifted 15%

Food producer and supplier Cranswick reported a rise in profit and revenue for the first half as it hiked its dividend by 15%.

In the six months to the end of September, adjusted pre-tax profit rose 17% to £44.4m on revenue of £714.6m, up 23% from the same period a year ago, with growth across all product categories. Growth was also supported by contributions from Crown Chicken and the Ballymena pork processing business which were acquired in the previous financial year.

Meanwhile, statutory pre-tax profit was up 9.9% to £44.5m and the company lifted its interim dividend to 15.1p per share from 13.1p.

Cranswick also announced plans to invest in a new primary poultry facility in Eye, Suffolk, which is scheduled for completion in late 2019 and will double its existing capacity with further room for expansion.

Chief executive Adam Couch said: "The facility will incorporate the highest animal welfare standards and latest generation production techniques and equipment to drive operational efficiency gains. We also plan to upscale our feed mill and hatchery operations to maintain our fully integrated supply chain model.

"During the period we have strengthened our asset base, enhanced market positions and developed new customer relationships. We continue to make good progress against each of our strategic objectives and we are well placed to continue our successful development in the current financial year and going forward."

At 0810 GMT, the shares were up 2% to 3,076p.