Business
Half-year Report
Half-year Report.
About this update from Cranswick Plc
[{"type":"text","content":"\n \nRNS Number : 6505X Cranswick PLC 28 November 2017 \n\n \nCRANSWICK plc: INTERIM RESULTS\nRecord H1 investment\n \n28 November 2017\n \nCranswick plc (\"Cranswick\" or \"the Company\" or \"the Group\"), a leading UK food producer, today announces its unaudited results for the six months ended 30 September 2017.\n \nCommercial and strategic progress:\n \n· Record H1 capital expenditure of £29m to add capacity, extend capability and drive efficiencies\n· Board approval for class-leading £54m primary poultry facility in Eye, Suffolk with further £13m associated investment to upscale existing milling and hatchery facilities\n· New £28m Continental Foods facility in Bury, Lancashire progressing to plan\n· Strong growth in poultry category following new product launches and retail listings\n \nFinancial highlights1:\n \n· Revenue ahead by 23.0% at £714.6m (2016: £580.8m)\n· Like-for-like2 revenue up 18.0%\n· Adjusted Group operating margin2 at 6.2% (2016: 6.6%)\n· Adjusted profit before tax2 17.2% higher at £44.4m (2016: £37.9m)\n· Adjusted earnings per share2 up 20.1% at 70.0p (2016: 58.3p)\n· Dividend per share increased by 15.3% to 15.1p (2016: 13.1p)\n· Net debt at £16.7m (2016: £2.9m)\n \n· Statutory profit before tax up 9.9% to £44.5m (2016: £40.5m)\n· Statutory earnings per share 12.3% higher at 70.2p (2016: 62.5p)\n \n \nAdam Couch, Cranswick's Chief Executive Officer commented:\n \n\"We have invested a record £29 million in our infrastructure during the first half of the year.\n \n\"As part of the development of our rapidly growing poultry business we are announcing today our planned investment in a new primary poultry facility in Eye, Suffolk. This class-leading facility, which is scheduled for completion in late 2019, will double our existing capacity with further room for expansion. The facility will incorporate the highest animal welfare standards and latest generation production techniques and equipment to drive operational efficiency gains...