Cranswick shares fall after marginal sales and higher start-up costs
Food producer Cranswick has reported a marginal sales increase for the first half of 2013, but higher than expected start-up costs for its new savoury pastry facility mean the group anticipate profits to be flat for the year. (Release)
Cranswick, which also produces pet products, saw a 15 per cent increase in total sales for the first half of the year (to 30 September), taking into account contributions from newly-acquired Kingston Foods. It's new gourmet pastry facility in North Yorkshire, whilst carrying higher start-up costs, is seeing "pleasing progress" when it comes to sales.
The company continues to make significant investment in its pig breeding programme but, it points out, pig prices remain at historical high, meaning concerted efforts for the group in terms of mitigating costs.