Cranswick ups dividend on profits rise

Pork supplier Cranswick today posted a 26% rise in full-year pre-tax profit and said it was encouraged by its positive start to the financial year.

The company, which supplies fresh pork and gourmet sausages to Britain's food retailing and manufacturing sectors, raised its final dividend by 16% to 17p a share.

Cranswick said its customers had increased spending on products such as air-dried bacon, premium sausages, fresh pork and ham over the past year, and believes this will continue.

For the year to March 31, pre-tax profit from continuing operations was £43.8 million, compared with £34.7 million a year ago. Revenue rose 22% to £740 million and the company reduced net debt by £11.9 million, to £54.7 million.