Business
Final Results
Final Results.
About this update from Cranswick Plc
[{"type":"text","content":"\n \nRNS Number : 6216Z Cranswick PLC 21 May 2019 \n\n \nCRANSWICK plc: PRELIMINARY RESULTS\nA platform for future growth\n \n21 May 2019\nCranswick plc (\"Cranswick\" or \"the Company\" or \"the Group\"), a leading UK food producer, today announces its audited preliminary results for the year ended 31 March 2019.\n \nCommercial and strategic progress:\n· Record capital expenditure of £79 million to add capacity, extend capability and drive efficiencies\n· Construction of the new world-class poultry primary processing facility in Eye, Suffolk is progressing to plan\n· New long term supply agreement secured to supply fresh poultry from the new Eye facility\n· New Continental Foods facility in Bury, Lancashire completed and commissioned\n· Like-for-like Far East export volumes 16.1% ahead\n \nFinancial highlights*:\n \n\n\n\n\n \n\n\n \n2019\n \n52 weeks\n \n\n\n2018\n \n53 weeks\n \n\n\n \nChange\n \n(Reported)\n \n\n\n \nChange\n \n52 weeks\n \n(Like-for-like†)\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue\n\n\n£1,437.1m\n\n\n£1,464.5m\n\n\n-1.9%\n\n\n-0.2%\n\n\n\n\nAdjusted Group Operating Profit\n\n\n£92.3m\n\n\n£92.8m\n\n\n-0.5%\n\n\n+1.8%\n\n\n\n\nAdjusted Group Operating Margin\n\n\n6.4%\n\n\n6.3%\n\n\n+9bps\n\n\n+12bps\n\n\n\n\nAdjusted Profit before tax\n\n\n£92.0m\n\n\n£92.4m\n\n\n-0.4%\n\n\n+2.0%\n\n\n\n\nAdjusted earnings per share\n\n\n144.3p\n\n\n145.0p\n\n\n-0.5%\n\n\n+1.9%\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n· Statutory profit before tax at £86.5m (2018: £88.0m)\n· Statutory earnings per share of 135.5p (2018: 137.8p)\n \n· Return on capital employed‡ of 18.4% (2018: 20.3%)\n· Full year dividend increased by 4.1% to 55.9p (2018: 53.7p)\n· Net funds of £6.3m (2018: £20.6m)\n \n \nAdam Couch, Cranswick's Chief Executive Officer commented:\n \n\"The last year was one of consolidation following three years of very strong growth. We delivered this year's results against a backdrop of highly competitive market conditions and ongoing, Brexit re...