Pork Supplier Cranswick Boosted by Surge in Exports to AsiaAidan Gregory
Cranswick Plc, a pork supplier to companies such as McDonald’s Corp., said first-quarter sales increased 8 percent because of strong growth across most product categories and a sharp rise in exports to the Far East.
The company, which specializes in fresh pork, sausage, bacon, cooked meats and charcuterie, said it was “confident” about its prospects this year.
Based in Yorkshire, England, Cranswick has increased its dividend payout every year since 1990.
Underlying revenue rose 4 percent in the three months to June 30, when stripping out the contribution from a recently-acquired cooked poultry specialist and sales from its pig breeding, rearing and trading activities.
In its last full-year earnings, Cranswick said it had based a business development manager in Shanghai to develop its China export business. Exports to the Far East rose 14 percent in the first quarter this year, it said in Monday’s statement.
Overseas shipments are increasingly important to the company, with one-third of the tonnage processed at its two main processing facilities being exported each week.
Its shares had fallen 10 pence to 1,590 at 9:06 a.m. in London.