Cranswick PLC on Tuesday reported double-digit growth after the company benefitted from a range of recent investments.
The Yorkshire, England-based food producer said in the 53 weeks ended March 30, statutory pretax profit increased 14% to £158.4 million from £139.5 million the year prior.
Revenue grew 12% to £2.60 billion from £2.32 billion.
In light of these results, the final dividend was raised 15% to 67.30 pence per share from 58.80p. Therefore, the total dividend increased 13% to 90.00p from 79.40p.
Chief Executive Officer Adam Couch said: ‘Our successful performance owes a great deal to the substantial investment we have put into enhancing our farming infrastructure and expanding our vertical integration.
‘Over the last 12 months we have strengthened our asset base, substantially expanded our farming operations, enhanced market positions and developed new customer relationships.’
Furthermore, the company benefitted from effective cost management and recovery measures, which addressed the impact of rising cost inflation, alongside a focus on automation and efficiency improvements.
Cranswick said trading in the current year is line with expectations leading the company to confirm a positive outlook building upon the progress made so far.
Cranswick shares were down 3.6% to 4,265.00 pence each in London on Tuesday morning.
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