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Cranswick ups dividend as profit rises on pandemic-led jump in demand
StockMarketWire.com
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Meat producer Cranswick upped its interim dividend after reporting a rise in profit on strong export growth and robust demand following a shift toward greater in-home consumption amid the Covid-19 lockdown.
For the 26 weeks ended 26 September 2020, pre-tax profit increased by 13.3% to £53.7 million year-on-year as revenue rose 21% to £931.6 million.
Total export revenue increased by 28.8% driven by 'continued strong demand from Far Eastern markets and growth in trade with EU customers,' the company said.
Cranswick increased its interim dividend by 12% to 18.7p per share.
It kept its outlook unchanged and said it had made a 'strong start to the year.'
'Although we remain cautious about the longer-term economic impact of Covid-19 and the continued uncertainty surrounding the ongoing Brexit negotiations, we are well positioned to address these challenges,' it added.
Story provided by StockMarketWire.com
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