Cranswick reports profit jumps as stay-at-home orders boost consumption

UK meat processor Cranswick Plc posted a 31 percent jump in first-half profit on 24 November as consumers purchased more Cranswick pork and chicken products while they were on stay-at-home orders.
calendar icon 24 November 2020
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"The continued uncertainty over the nature of the UK's departure from the EU (European Union) and whether a Free Trade Agreement will or will not be achieved drives the risk of volatility within the Group's supply chains and uncertainty within the Group's customer base," the company said.

The company, which owns farms and supplies pork and chicken to British grocery retailers, reported adjusted group operating profit of 62 million pounds ($82.69 million) for the six months ended 26 September, compared with 47.4 million pounds a year ago.

It also increased its interim dividend for the year ending 27 March 2021 by 12 percent to 18.7 pence per share.

Cranswick, which supplied sandwiches and sausage rolls to UK's front line National Health Service (NHS) staff during the pandemic, said total revenue rose 21 percent in the reported period to 931.6 million pounds.

($1 = 0.7498 pounds)

"The continued uncertainty over the nature of the UK's departure from the EU (European Union) and whether a Free Trade Agreement will or will not be achieved drives the risk of volatility within the Group's supply chains and uncertainty within the Group's customer base," the company said.

The company, which owns farms and supplies pork and chicken to British grocery retailers, reported adjusted group operating profit of 62 million pounds ($82.69 million) for the six months ended 26 September, compared with 47.4 million pounds a year ago.

It also increased its interim dividend for the year ending 27 March 2021 by 12 percent to 18.7 pence per share.

Cranswick, which supplied sandwiches and sausage rolls to UK's front line National Health Service (NHS) staff during the pandemic, said total revenue rose 21 percent in the reported period to 931.6 million pounds.

($1 = 0.7498 pounds)

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