Cranswick hikes divi as revenues and profits rise

Food producer Cranswick's revenue rose by 15.9% to £580.8m in the six months to the end of September with underlying revenue up 8.0%.

Adjusted group operating margin increased to 6.6% (2015: 6.2%) and adjusted profit before tax rose by 23.9% to £37.9m.

Adjusted earnings per share rose 16.6% to 58.3p and the dividend per share is increased by 12.9% to 13.1p. Net debt was £2.9m (2015: £4.8m).

Statutory profit before tax rose by 38.4% to £40.4m and statutory earnings per share rose by 30.8% to 62.5p.

Chairman Martin Davey said: "The business performed strongly during the first half of the year. "Crown has made a particularly positive contribution to the business, is combining well with the Group's pre-existing poultry activity and is being integrated in line with plan. "The interim dividend is being increased by 12.9 per cent to 13.1 pence per share from 11.6 pence previously. "Cranswick has made further commercial and strategic progress during the period whilst working closely with customers to maintain its focus on service, quality and innovation in delivering appealing and competitively priced products to the consumer. "The Board believes that Cranswick remains well positioned to deliver our expectations for the current financial year and also to meet the challenges that may arise as it continues its successful long-term development."