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CWK Cranswick Plc

4,096.00
-20.00 (-0.49%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Cranswick Plc LSE:CWK London Ordinary Share GB0002318888 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -20.00 -0.49% 4,096.00 4,088.00 4,092.00 4,138.00 4,072.00 4,124.00 83,774 16:35:22
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Food Preparations, Nec 2.32B 111.4M 2.0670 19.79 2.2B

Cranswick PLC Final Results (4060N)

18/05/2015 7:01am

UK Regulatory


Cranswick (LSE:CWK)
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TIDMCWK

RNS Number : 4060N

Cranswick PLC

18 May 2015

CRANSWICK plc: PRELIMINARY RESULTS

Strategic and Commercial Progress

Cranswick plc ("Cranswick" or "the Company" or "the Group"), a leading UK food producer, announces its audited preliminary results for the year ended 31 March 2015.

FINANCIAL HIGHLIGHTS

   --     Revenue up 0.8 per cent to GBP1,003.3m (2014: GBP994.9m) 
   --     Adjusted Group operating margin(1) of 5.8 per cent (2014: 5.4 per cent) 
   --     Adjusted profit before tax (1) up 10.6 per cent to GBP57.8m (2014: GBP52.2m) 
   --     Adjusted earnings per share(1) up 9.5 per cent to 92.1p (2014: 84.1p) 
   --     Recommended final dividend up 6.4 per cent to 23.4p (2014: 22.0p) 
   --     Net debt at GBP17.3m (2014: GBP17.0m) 
   --     Statutory profit before tax of GBP52.8m (2014: GBP54.8m) 
   --     Statutory earnings per share of 84.1p (2014: 88.7p) 

STRATEGIC AND OPERATIONAL HIGHLIGHTS

   --     Acquired Benson Park Limited, a leading producer of premium British cooked poultry 
   --     GBP21 million investment in the Group's asset base 

-- Extension of the Delico cooked meats facility in Milton Keynes completed on time and to budget

   --     Major upgrade to the Norfolk fresh pork site 
   --     23 per cent growth in non-EU export sales 

Cranswick Chairman Martin Davey said:

"I am pleased to report that Cranswick has made excellent strategic and commercial progress in the last year.

"Sales have exceeded GBP1 billion for the first time, an achievement in which all at the Company can be rightfully proud.

"The Board's strategy for the development of the protein base and customer profile of the business was illustrated by the acquisition, in October 2014, of Benson Park, a leading producer of premium British cooked poultry products serving the fast growing 'food to go' sector.

"Adjusted profit before tax was GBP57.8 million, an increase of 10.6 per cent on the previous year. Adjusted earnings per share rose 9.5 per cent to 92.1 pence.

"The Board is proposing to increase the final dividend by 6.4 per cent to 23.4 pence per share.

"Following a year of significant commercial and strategic progress for Cranswick, the Board looks forward to the opportunities that lie ahead. Cranswick benefits from some of the most efficient and well-invested production facilities in the UK food producer sector. This, in conjunction with our growing international export channels and strategy of diversifying our product portfolio, leaves the Board confident that Cranswick is well positioned to continue its successful long term development."

 
 (1)   adjusted Group operating margin, adjusted profit 
        before tax and adjusted earnings per share exclude 
        net IAS 41 valuation movement on biological assets 
        in 2014 and 2015, amortisation of customer relationship 
        intangible assets in 2015 and release of contingent 
        consideration in 2014. These are the measures used 
        by the Board to assess the Group's underlying performance. 
 

Presentation

A presentation of the results will be made to analysts and institutional investors today at 9.30am at Investec Bank plc, 2 Gresham Street, London EC2V 7QP.

Enquiries:

Cranswick plc

Mark Bottomley, Finance Director 01482 372 000

Powerscourt

Nick Dibden/Sophie Moate 020 7250 1446

CHAIRMAN'S STATEMENT

I am pleased to report that Cranswick has made excellent strategic and commercial progress in the last year. This has come at a time of a significant shift in the dynamics of UK food retailing against a backdrop of food price deflation.

Sales have exceeded GBP1 billion for the first time, an achievement in which all at the Company can be rightfully proud. This underlines Cranswick's strong relationship with its customer base and its continued supply of quality food at affordable prices for today's consumer.

The Board's strategy for the development of the protein base and customer profile of the business was illustrated by the acquisition, in October 2014, of Benson Park, a leading producer of premium British cooked poultry products serving the fast growing 'food to go' sector.

Results

Total sales of GBP1.0 billion were slightly ahead of last year and reflect the impact of lower input prices being passed on to customers. Volumes were 3 per cent ahead with growth strongest in the second half, particularly during the final quarter of the year. Continental, Bacon and Sausage were the product areas which saw particularly good increases. Underlying sales for the year were comparable to the previous year. Export sales to non-European markets continued to grow with full year volumes increasing strongly compared to the previous year. Adjusted operating profit rose 10.1 per cent to GBP58.7 million.

Reported profit before taxation was GBP52.8 million and earnings per share were 84.1 pence. Adjusted profit before tax was GBP57.8 million, an increase of 10.6 per cent on the previous year. Adjusted earnings per share rose 9.5 per cent to 92.1 pence. Details of trading are covered more fully in the Operating Review.

Investments

Cranswick invested GBP21.1 million in its asset base during the year. This provided additional capacity, the upgrade of equipment, improved operational efficiencies and new product development resources. The principal areas of expenditure were the Delico cooked meats facility in Milton Keynes, and the Hull and Norfolk fresh pork sites.

The strategy for the development of the business to date has been to complement organic growth with appropriate acquisitions. Benson Park is an important acquisition in meeting strategic objectives and we welcome David Park, Managing Director, and his colleagues to Cranswick and look forward to working with them to develop the business further. The business has traded in line with expectations since joining the Group and the major capital expenditure programme envisaged at the time of the acquisition has commenced with commissioning anticipated towards the end of 2015.

Cash Flow

The borrowings of the business are conservatively structured and the Company's banking facility is in place through to July 2018. This GBP120 million unsecured facility provides generous headroom for the future. Net finance costs were covered 60 times by Group operating profit. Operating cash flow in the period remained strong, notwithstanding the investment in the Group's asset base and GBP17.7 million spent on acquisitions. Net debt at the end of the year stood at GBP17.3 million compared to GBP17.0 million a year earlier.

Dividend

The Board is proposing to increase the final dividend by 6.4 per cent to 23.4 pence per share. Together with the interim dividend, which was raised 6.0 per cent to 10.6 pence per share, this makes a total dividend for the year of 34 pence per share. Compared to the 32 pence per share paid last year this is an increase of 6.3 per cent. The final dividend, if approved by Shareholders, will be paid on 4 September 2015 to Shareholders on the register at the close of business on 3 July 2015. Shareholders will again have the option to receive the dividend by way of scrip issue.

Corporate Governance

The Board is mindful of the UK Corporate Governance Code and embraces this as part of its culture. A statement relating to compliance with the Code will be included within the Corporate Governance Statement in the Group's annual Report and Accounts.

Environmental initiatives

Managing and reducing the impact that the business has on the environment is an integral part of the Company's activities and has been the focus of attention for some years under a dedicated project team. Areas covered include waste, water, energy, packaging and carbon footprint and for the second successive year the Group was successful in winning the industry's "Environmental Initiative of The Year" award.

Staff

The Group operates on a decentralised basis across product categories supported by business-wide collaboration in key areas. The Board considers this to be the most appropriate format for the Company and acknowledges that the continued success of Cranswick would not be possible without talented and motivated management teams supported by skilful and enthusiastic colleagues at each site. On behalf of the Board I thank all our colleagues for their commitment and contribution.

Outlook

Following a year of significant commercial and strategic progress for Cranswick, the Board looks forward to the opportunities that lie ahead. Cranswick benefits from some of the most efficient and well-invested production facilities in the UK food producer sector. This, in conjunction with our growing international export channels and strategy of diversifying our product portfolio, leaves the Board confident that Cranswick is well positioned to continue its successful long term development.

Martin Davey

Chairman

18 May 2015

OPERATIONAL REVIEW

Adjusted Group operating profit increased by 10.1 per cent to GBP58.7 million in the financial year on revenues of GBP1,003 million which were 1 per cent ahead of the previous year. Strong revenue growth in several of the Group's product categories offset lower fresh pork sales and a decision to use all of Cranswick's own pigs internally. Revenue growth was also supported by the contribution from Benson Park, which was acquired on 22 October 2014. Group operating margin at 5.8 per cent of sales was 0.4 per cent ahead of the previous financial year, reflecting an unstinting focus on improving operational efficiencies across the Group and the benefit of lower pig prices in the current financial year compared to the previous year when prices had risen rapidly to record levels.

Acquisition of Benson Park

On 22 October 2014 Cranswick acquired Benson Park, a leading producer of premium British cooked poultry. It supplies ingredients to customers which operate in the fast growing food to go sector of the retail multi-channel, convenience and foodservice markets. This strategic acquisition moves Cranswick into a new protein sector broadening both the Group's product range and its customer base. The integration of Benson Park is progressing as anticipated and the positive performance of the business continues to be in line with the Board's expectations. The major investment programme at the site, which will substantially increase capacity, improve efficiencies and allow the business to offer a broader product range, remains on track and is expected to complete in the autumn of 2015.

Pig herd

Following the substantial investment in the Group's pig breeding and rearing activities during the previous financial year, the business this year has focused on improving the quality of the herd and the performance of the breeding, rearing and finishing units. There is now capacity to provide more than 20 per cent of the Group's overall British pig requirements and there will be ongoing investment to improve productivity and efficiencies.

Export trade

Exports to non-European markets were 23 per cent ahead of the same period last year, as the business continues to make positive progress in developing its export trade. The business is now exporting to a number of countries in the Far East and has recently sent shipments to West Africa and Australia. One-third of the tonnage being processed through the Group's two primary processing facilities is being shipped overseas each week. Cranswick now has a dedicated business development manager based in Shanghai and is working with the China British Business Council to expand its knowledge of the Chinese market. Exports to Europe were lower than in the same period last year as more product was sold into the UK market where prices were more attractive.

Infrastructure investment

A further GBP21 million was invested in the Group's infrastructure during the year to increase capacity, improve operating efficiencies and improve the quality of its asset base. This brings our total investment over the last five years to GBP137 million, resulting in the business having some of the most efficient and well-invested production facilities in the UK food manufacturing sector.

Category review

Fresh Pork (Down 10 per cent)

Fresh pork sales were 10 per cent lower than the prior year. This was due, in part, to the loss of business with one customer at the start of the year, which has now been recovered in full. The fall in sales was also partly attributable to a 9 per cent year on year fall in the average pig price, with this reduction being reflected in lower selling prices. Fresh pork sales were supported by a strong barbecue season in the first half of the year allied to a buoyant Christmas trading period. During the year work on the new rapid chill system at the Norfolk abattoir was completed. This investment which is part of an ongoing upgrade to the East Anglian facility has made the plant more energy efficient as well as improving yields and throughput speeds.

Sausage (Up 6 per cent)

Sausage sales increased by 6 per cent with growth in premium sausage and beef burgers partly countered by lower sales of frozen and mid-tier ranges. According to the latest Kantar market research data, retail sales of super-premium sausages, which Cranswick produces predominantly, continue to grow ahead of the overall category both in volume and value terms. The price differential between the premium and standard tiers is relatively modest which makes trading up an attractive option for consumers.

Bacon (Up 4 per cent)

Bacon sales were 4 per cent ahead as continued growth of the business' hand-cured, air-dried bacon was supported by a substantial uplift in sales of premium gammons. The latest Kantar data also confirmed that the super-premium bacon category grew strongly during the year to March 2015. This is a tier in which Cranswick has a strong market position and where the barriers to entry are high. During the year, the business moved to sole supply status for premium bacon and gammons with one of the Group's leading retail customers. Sales over the key Christmas trading period were particularly strong, with volumes well ahead of the same period last year.

Cooked meat (Up 2 per cent)

Cooked meat sales grew by 2 per cent supported by new product launches and a strong promotional calendar as well as increased business with a key retail customer after securing a long term supply agreement in the previous financial year. The project to extend the Milton Keynes facility was completed during the year, on time and to budget. This investment has substantially increased capacity at the site and will deliver further efficiency gains as well as improving product quality. During the final quarter of the year, all production at the Kingston Foods site in Milton Keynes was transferred to the Group's Sutton Fields facility in Hull. The consolidation of production at one site will allow the business to better serve its customers and to deliver cost savings for the Group. All Kingston employees were given the opportunity to transfer to the Group's Delico facility, also in Milton Keynes, with the vast majority taking up this offer. The Board has recently agreed further investment at the Kingston site which will see it used as a satellite gammon production facility.

Pastry (Up 72 per cent)

Pastry sales were well ahead of the prior year, continuing the positive development since this category was introduced. The rapid growth of the business initially added complexity and cost resulting in the return from the investment being below initial expectations; however the performance of the Malton facility improved markedly during the second half. During the year several new products were listed with this category's lead customer and further products will shortly be launched for the coming spring/summer season. Good progress was made during the year in broadening the customer base for these products both through food service, forecourt and food to go channels, including some existing customers of the Group's sandwich business.

Continental products (Up 8 per cent)

Sales of continental products increased by 8 per cent reflecting the UK consumer's growing taste for speciality continental products including charcuterie, cheeses, pasta and olives. Category growth was supported by new product launches and new retail contracts in the second half of the previous financial year together with a renewed focus on sourcing high quality, artisan products across Europe. During the final quarter of the year, a range of fresh olives was launched with a new premium grocery customer. The business increased sales of its British charcuterie range and is investing GBP0.6 million in a new salami production facility at its Guinness Circle site in Manchester to provide capability and capacity to support future development of this fast growing category.

Sandwiches (Up 15 per cent)

Sandwich sales grew by 15 per cent, driven partly by new contract wins at the start of the period and by additional sales to existing customers. The new contracts brought additional complexity to the business through an increased product range which adversely impacted operational efficiencies; however a clear improvement was seen during the second half of the year leaving the business well placed as it starts the new financial year. This improvement was achieved by both a relentless focus on labour efficiencies and yields and by streamlining the customer base and product range.

Cranswick has performed positively during a period in which the UK grocery market has remained highly competitive. The business continues to focus on delivering high quality premium products which deliver real value to the UK consumer. This focus on quality and value is underpinned by a constant drive to innovate and bring new, exciting and relevant products to market. The ongoing growth and development of the Company is underpinned by the continued efforts of the highly skilled and committed people across the business.

Cranswick remains highly cash generative allowing for attractive returns to Shareholders, continued investment in the Group's infrastructure and complementary acquisitions. Cranswick's facilities are amongst the very best in the industry and ongoing investment, both in these assets and the teams which make them run so effectively, will support the Group's future successful development.

Adam Couch

Chief Executive

18 May 2015

FINANCIAL REVIEW

Revenue

Reported revenue at GBP1,003.3 million increased by 0.8 per cent with volumes 3 per cent higher. Underlying revenue* was in line with the prior year with growth across most product categories offset by lower fresh pork sales. Underlying volume growth was countered by lower input prices being passed on to the Group's customers, particularly in the final quarter of the year. Export sales to key non-European markets increased by 23 per cent.

Adjusted Group operating profit

Adjusted Group operating profit of GBP58.7 million, including the post-acquisition contribution from Benson Park, increased by 10.1 per cent. Adjusted Group operating margin at 5.8 per cent of sales was 0.4 per cent higher than last year's level, reflecting lower input costs, operating efficiency improvements and the benefit of product innovation. Operating margin in the second half of the year improved to 6.2 per cent from 5.4 per cent reported at the interim stage.

Finance costs

Net financing costs at GBP0.9 million were GBP0.1 million lower than last year, reflecting lower average bank borrowings and improved terms following the extension of the Group's banking facilities at the end of the previous financial year. Interest cover was 59.6 times compared to 54.4 times a year earlier.

Adjusted profit before tax

Adjusted profit before tax at GBP57.8 million increased by 10.6 per cent from GBP52.2 million.

Taxation

The tax charge of GBP11.6 million was 21.9 per cent of profit before tax (2014: 21.1 per cent). The standard rate of UK corporation tax was 21 per cent (2014: 23 per cent). The effective tax rate for the year was higher than the standard rate of corporation tax due to disallowable expenses of GBP0.5 million. The prior year charge included a GBP1.0 million deferred tax credit following the 3 per cent enacted reduction in the UK corporation tax rate. In addition, last year's GBP1.1 million contingent consideration provision release was not chargeable to tax.

Adjusted earnings per share

Adjusted earnings per share increased by 9.5 per cent from 84.1 to 92.1 pence reflecting the underlying profitability increase. The weighted average number of shares in issue was 49,071,000 (2014: 48,734,000).

Adjusted profit measures

Following investment in its pig breeding and rearing activities last year, the Group now monitors performance principally through adjusted profit measures which exclude certain non-cash items including: the net IAS 41 biological assets valuation charge of GBP4.2 million (2014: GBP1.4 million credit); amortisation of acquired intangible assets of GBP0.7 million; and, in the prior year, the release of a GBP1.1 million provision for contingent consideration payable to the previous owners of Kingston Foods. Statutory profit before tax fell by 3.5 per cent to GBP52.8 million (2014: GBP54.8 million). Operating profit on the same basis was 3.7 per cent lower at GBP53.7 million (2014: GBP55.8 million) and earnings per share were 84.1 pence (2014: 88.7 pence).

Cash flow and net debt

Cash generated from operating activities was GBP54.4 million (2014: GBP60.1 million), with higher Group operating profit partly offsetting increased working capital of GBP11.2 million (2014: decrease of GBP2.1 million), GBP4.9 million of which related to Benson Park. Net debt at GBP17.3 million was in line with the prior year end notwithstanding the GBP17.7 million net cash outflow on the acquisition of Benson Park, GBP21.1 million of capital expenditure and a GBP15.4 million dividend payment. Gearing fell from 5.6 per cent to 5.2 per cent as the Group's balance sheet continues to be conservatively managed. The Group's unsecured bank facility of GBP120 million extends to July 2018 and provides the business with generous headroom.

Acquisitions

On 22 October 2014, the Group acquired 100 per cent of the issued share capital of Benson Park Limited, a leading producer of premium British cooked poultry, for an initial consideration of GBP17.7 million, net of cash acquired of GBP2.3 million. A further GBP4.0 million of consideration may become payable contingent on the performance of the business during a two-and-a-half year period from the date of acquisition. The acquisition moves the Group into a new protein sector and broadens its product range and customer base. Benson Park has performed in line with the Board's expectations in the period since acquisition. Further details are set out in note 7.

Pensions

The Group operates defined contribution pension schemes with contributions made to schemes administered by major insurance companies. Contributions to these schemes are set as a percentage of employees' earnings. The Group also operates a defined benefit pension scheme which has been closed to further benefit accrual since 2004. The scheme deficit at 31 March 2015 was GBP5.6 million (2014: GBP6.5 million). Cash contributed to the scheme during the year, as part of the programme to reduce the deficit, was GBP1.3 million. The present value of funded obligations was GBP30.2 million and the fair value of plan assets was GBP24.6 million.

Mark Bottomley

Finance Director

18 May 2015

* excluding the contribution from the Benson Park acquisition in the current year and sales from the pig breeding, rearing and trading activities in both the current and comparative financial years

PRINCIPAL RISKS AND UNCERTAINTIES

As a leading UK food producer, the Group faces a variety of risks and uncertainties. Operating in a highly competitive industry, it is critical that the Group identifies, assesses and prioritises its risks. This, along with the development of appropriate mitigating actions, enables the Group to achieve its strategic objectives and protect its reputation.

The Group has a formal risk management process in place to support the identification and effective management of risks across the business. It is regularly reviewed and updated for changes within the Group, the industry and the wider economy.

Following the recently announced changes to the UK Corporate Governance Code, which introduced two new Board statements and a requirement for enhanced reporting on risk management and internal control for accounting periods beginning on or after 1 October 2014, the Group confirms that it is compliant with the required changes from 1 April 2015.

Risk management framework

 
 Board 
  'Responsible for the Group's system of risk management 
  and internal control and for setting the Group's overall 
  risk appetite' 
------------------------------------------------------------ 
 Audit Committee 
  'Reviews the systems of internal control that are 
  in place and provides assurance to the Board that 
  the processes of risk management and internal control 
  are operating effectively' 
------------------------------------------------------------ 
 Group Risk Committee 
  'Provides oversight and advice to the Audit Committee 
  and Board in relation to current and future risk exposures 
  and risk strategies' 
------------------------------------------------------------ 
 Operational Management 
  'Operate site level risk management processes to ensure 
  that risks are adequately identified and controlled' 
------------------------------------------------------------ 
 

Principal risks and uncertainties

The principal risks and uncertainties facing the Group are summarised below. However, these are not intended to be an exhaustive analysis of all risks currently facing the Group.

 
 Risk                    Impact                          Mitigation 
----------------------  ------------------------------  ------------------------------- 
 Strategic 
  Risks 
----------------------  ------------------------------  ------------------------------- 
 Consumer demand         Deterioration in the            The Group offers a 
                          UK economy may adversely        range of products 
                          affect the activity             across premium, standard 
                          levels of consumers             and value tiers which 
                          and the Group's immediate       it is able to flex 
                          customers, leading              in response to customer 
                          to a fall in demand             and market demands. 
                          for the Group's products        Pork remains an extremely 
                          and ultimately adversely        competitively priced 
                          impacting on the Group's        and sought after product. 
                          financial performance. 
----------------------  ------------------------------  ------------------------------- 
 Competitor              The Group trades in             The Group maintains 
  activity                highly competitive              and develops strong 
                          markets which tend              working relationships 
                          to operate without              with its customers. 
                          long term contracts.            This is supported 
                          Product innovation              by delivering high 
                          and changing consumer           levels of service 
                          trends provide a constant       and quality products 
                          challenge to the future         and by the continued 
                          success of the Group            focus on product development 
                          and its ability to              and innovation. 
                          compete effectively. 
----------------------  ------------------------------  ------------------------------- 
 Commercial 
  risks 
----------------------  ------------------------------  ------------------------------- 
 Reliance on             A significant proportion        The Group continually 
  key customers           of the Group's revenues         looks for opportunities 
                          are generated from              to expand its customer 
                          a small number of major         base across all product 
                          customers. Loss of              categories and works 
                          all or part of the              closely with customers 
                          Group's business with           to ensure service, 
                          one or more of these            quality and new product 
                          customers would adversely       developments are of 
                          impact on the Group's           the highest standard. 
                          financial performance. 
----------------------  ------------------------------  ------------------------------- 
 Risk                    Impact                          Mitigation 
----------------------  ------------------------------  ------------------------------- 
 Pig meat -              The Group is exposed            The Group has a trusted 
  pricing and             to risks associated             long-standing farming 
  availability            with the pricing and            supply base which 
  of supply               availability of pig             is complemented by 
                          meat. An increase in            supply from the Group's 
                          pig prices, or a lack           sites - Wayland Farms 
                          of availability of              and Wold Farms. These 
                          pig meat would adversely        arrangements help 
                          impact on the Group's           to mitigate the risks 
                          financial performance.          associated with pig 
                                                          price volatility and 
                                                          supply. 
----------------------  ------------------------------  ------------------------------- 
 Operational 
  risks 
----------------------  ------------------------------  ------------------------------- 
 Business continuity     The Group faces the             Robust business continuity 
                          risk of significant             plans are deployed 
                          incidents such as fire,         across the Group's 
                          flood or loss of key            sites and appropriate 
                          utilities, which could          insurance arrangements 
                          result in prolonged             are in place to mitigate 
                          disruption to its sites,        any resulting financial 
                          adversely impacting             loss. Potential business 
                          the Group's financial           disruption is minimised 
                          performance.                    through multi-site 
                                                          operations across 
                                                          many of the Group's 
                                                          key product lines. 
----------------------  ------------------------------  ------------------------------- 
 Recruitment             The success of the              Across the Group, 
  and retention           Group is dependent              strong recruitment 
  of workforce            on attracting and retaining     processes, competitive 
                          quality, skilled and            remuneration packages 
                          experienced labour,             and ongoing training 
                          staff and Senior Management.    and development plans 
                                                          are in place. Specifically 
                                                          for Senior Management, 
                                                          robust succession 
                                                          planning is also in 
                                                          place. 
----------------------  ------------------------------  ------------------------------- 
 Health and              A breach of health              The Group conforms 
  Safety                  and safety legislation          to all relevant standards 
                          may lead to reputational        and regulations, and 
                          damage and regulatory           adopts industry best 
                          penalties, including            practice across its 
                          restrictions on operations,     sites. All sites are 
                          damages or fines.               subject to frequent 
                                                          audits by internal 
                                                          teams, customers and 
                                                          regulatory authorities 
                                                          to ensure standards 
                                                          are being adhered 
                                                          to. 
----------------------  ------------------------------  ------------------------------- 
 Disease and             A significant infection         The Group's pig farming 
  infection               or disease outbreak             activities, and other 
  within pig              may result in the loss          farms from which third 
  herd / poultry          of supply of both pig           party pig and poultry 
  flock                   or poultry meat, or             meat is ultimately 
                          the inability to move           sourced, have a broad 
                          animals freely, impacting       geographical spread 
                          on the supply of key            to avoid reliance 
                          raw materials into              on a single production 
                          the Group's sites.              area. In addition, 
                                                          robust vaccination 
                                                          and pig herd operating 
                                                          procedures mitigate 
                                                          the risk of common 
                                                          diseases and infections. 
----------------------  ------------------------------  ------------------------------- 
 Food scares             The Group is subject            The Group ensures 
  / product               to the risks of product         that all raw materials 
  contamination           and/or raw material             are traceable to original 
                          contamination and potential     source and that the 
                          health related industry-wide    manufacturing, storage 
                          food scares and issues.         and distribution systems 
                          Such incidents may              of both our sites 
                          lead to product recall          and our suppliers 
                          costs, reputational             are continually monitored 
                          damage and regulatory           by experienced and 
                          penalties.                      well trained technical 
                                                          teams. 
----------------------  ------------------------------  ------------------------------- 
 Financial 
  risks 
----------------------  ------------------------------  ------------------------------- 
 Interest rate,          The Group is exposed            The Group deploys 
  currency,               to interest rate risk           effective currency 
  liquidity               on borrowings and to            hedging arrangements 
  and credit              foreign currency risk           to mitigate risks 
  risks                   on purchases particularly       associated with foreign 
                          of charcuterie products         currency movements. 
                          from the European Union.        Each site has access 
                          In addition, the Group          to the Group's overdraft 
                          needs continued access          facility and bank 
                          to funding for both             balances are monitored 
                          current business and            on a daily basis. 
                          future growth.                  All term debt is arranged 
                                                          centrally and appropriate 
                                                          headroom is maintained. 
----------------------  ------------------------------  ------------------------------- 
 Business acquisitions   As the Group grows              Rigorous due diligence 
                          businesses may be acquired      reviews are carried 
                          based on inaccurate             out in advance of 
                          information, unachievable       any new business acquisition, 
                          forecasts or without            using internal and 
                          appropriate consideration       specialised external 
                          being given to the              resources where required. 
                          terms of the purchase. 
----------------------  ------------------------------  ------------------------------- 
 

GROUP INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2015

 
                                                     2015          2014 
                                        Notes     GBP'000       GBP'000 
 
 Revenue                                        1,003,336       994,905 
-------------------------------------  ------  ----------  ------------ 
 
 Adjusted Group operating 
  profit                                           58,653        53,255 
 
 Release of contingent consideration                    -         1,086 
 Net IAS 41 valuation movement 
  on biological assets                            (4,245)         1,441 
 Amortisation of customer                           (671)             - 
  relationship intangible 
  assets 
-------------------------------------  ------  ----------  ------------ 
 
 Group operating profit                   4        53,737        55,782 
 
 Finance revenue                                        -            32 
 Finance costs                                      (901)       (1,057) 
-------------------------------------  ------  ----------  ------------ 
 Profit before tax                                 52,836        54,757 
 
 Taxation                                        (11,584)      (11,550) 
-------------------------------------  ------  ----------  ------------ 
 Profit for the year                               41,252        43,207 
-------------------------------------  ------  ----------  ------------ 
 
 
 Earnings per share (pence) 
 
 On profit for the year: 
 Basic                                    5         84.1p         88.7p 
 Diluted                                  5         83.8p         88.3p 
-------------------------------------  ------  ----------  ------------ 
 
 On adjusted profit for the 
  year: 
 Basic                                    5         92.1p         84.1p 
 Diluted                                  5         91.8p         83.7p 
-------------------------------------  ------  ----------  ------------ 
 

.

GROUP STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2015

 
                                                        2015        2014 
                                                     GBP'000     GBP'000 
-----------------------------------------------    ---------  ---------- 
 
 Profit for the year                                  41,252      43,207 
-------------------------------------------------  ---------  ---------- 
 
 Other comprehensive income 
 Other comprehensive income to 
  be reclassified to profit or 
  loss in subsequent periods: 
 Cash flow hedges 
            Losses arising in the year                 (210)        (18) 
            Reclassification adjustments 
             for losses included in the income 
             statement                                    18           4 
 Income tax effect                                        38           3 
-------------------------------------------------  ---------  ---------- 
 Net other comprehensive income 
  to be reclassified to profit 
  or loss in subsequent periods                        (154)        (11) 
-------------------------------------------------  ---------  ---------- 
 
 Items not to be reclassified 
  to profit or loss in subsequent 
  periods: 
 Actuarial losses on defined 
  benefit pension scheme                               (307)     (4,177) 
 Income tax effect                                        61         735 
-------------------------------------------------  ---------  ---------- 
 Net other comprehensive income 
  not to be reclassified to profit 
  or loss in subsequent periods                        (246)     (3,442) 
-------------------------------------------------  ---------  ---------- 
  Other comprehensive income, 
   net of tax                                          (400)     (3,453) 
-------------------------------------------------  ---------  ---------- 
 
 Total comprehensive income, 
  net of tax                                          40,852      39,754 
-------------------------------------------------  ---------  ---------- 
 

GROUP BALANCE SHEET

AT 31 MARCH 2015

 
                                                          2015        2014 
                                             Notes     GBP'000     GBP'000 
----------------------------------------  --------  ----------  ---------- 
 
 Non-current assets 
 Intangible assets                                     145,705     130,535 
 Property, plant and equipment                         166,087     156,578 
 Biological assets                                         592       1,174 
 Total non-current assets                              312,384     288,287 
----------------------------------------  --------  ----------  ---------- 
 
 Current assets 
 Biological assets                                      11,197      13,543 
 Inventories                                            49,125      47,426 
 Trade and other receivables                           116,905      97,775 
 Financial assets                                            -           - 
 Cash and short-term deposits                 8          3,941      12,223 
----------------------------------------  --------  ----------  ---------- 
 Total current assets                                  181,168     170,967 
----------------------------------------  --------  ----------  ---------- 
 
 Total assets                                          493,552     459,254 
----------------------------------------  --------  ----------  ---------- 
 
 Current liabilities 
 Trade and other payables                            (117,792)   (108,806) 
 Financial liabilities                                 (210)       (327) 
 Provisions                                            (196)         - 
 Income tax payable                                    (7,046)     (6,495) 
 Total current liabilities                           (125,244)   (115,628) 
----------------------------------------  --------  ----------  ---------- 
 
 Non-current liabilities 
 Other payables                                        (1,278)       (409) 
 Financial liabilities                                (25,427)    (28,898) 
 Deferred tax liabilities                              (3,457)     (4,737) 
 Provisions                                              (150)       (343) 
 Defined benefit pension scheme deficit                (5,623)     (6,528) 
----------------------------------------  --------  ----------  ---------- 
 Total non-current liabilities                        (35,935)    (40,915) 
----------------------------------------  --------  ----------  ---------- 
 
 Total liabilities                                   (161,179)   (156,543) 
 
 Net assets                                            332,373     302,711 
----------------------------------------  --------  ----------  ---------- 
 
 Equity 
 Called-up share capital                                 4,926       4,896 
 Share premium account                                  65,689      64,173 
 Share-based payments                                   10,242       7,779 
 Hedging reserve                                         (169)        (15) 
 Retained earnings                                     251,685     225,878 
----------------------------------------  --------  ----------  ---------- 
 Equity attributable to owners of 
  the parent                                           332,373     302,711 
----------------------------------------  --------  ----------  ---------- 
 

GROUP STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2015

 
                                             Notes        2015        2014 
                                                       GBP'000     GBP'000 
 
 Operating activities 
 Profit for the year                                    41,252      43,207 
 Adjustments to reconcile Group profit 
  for the year to net cash inflows 
  from operating activities: 
 Income tax expense                                     11,584      11,550 
 Net finance costs                                         901       1,025 
 Loss/ (gain) on sale of property, 
  plant and equipment                                      149       (100) 
 Depreciation of property, plant 
  and equipment                                         18,349      17,831 
 Amortisation of intangible assets                         671         159 
 Share-based payments                                    2,463       1,014 
 Difference between pension contributions 
  paid and amounts recognised in the 
  income statement                                     (1,212)     (1,006) 
 Release of government grants                             (74)        (85) 
 Release of contingent consideration                         -     (1,086) 
 Net IAS 41 valuation movement on 
  biological assets                                      4,245     (1,441) 
 Increase in biological assets                         (1,317)       (176) 
 Decrease in inventories                                   491       1,497 
 Increase in trade and other receivables              (12,586)     (3,910) 
 Increase in trade and other payables                    2,226       4,702 
------------------------------------------  ------  ----------  ---------- 
 Cash generated from operations                         67,142      73,181 
 Tax paid                                             (12,750)    (13,050) 
------------------------------------------  ------  ----------  ---------- 
 Net cash from operating activities                     54,392      60,131 
------------------------------------------  ------  ----------  ---------- 
 
 Cash flows from investing activities 
 Interest received                                           -          28 
 Principal amounts received in relation 
  to loans advanced                                          -       1,002 
 Acquisition of subsidiaries, net 
  of cash acquired                             7      (17,692)    (14,402) 
 Purchase of property, plant and 
  equipment                                           (21,144)    (27,684) 
 Receipt of government grants                              542         100 
 Proceeds from sale of property, 
  plant and equipment                                      244         197 
 Net cash used in investing activities                (38,050)    (40,759) 
------------------------------------------  ------  ----------  ---------- 
 
 Cash flows from financing activities 
 Interest paid                                           (880)     (1,094) 
 Proceeds from issue of share capital                      901         410 
 Proceeds from borrowings                                    -      30,000 
 Issue costs of long term borrowings                     (851)           - 
 Repayment of borrowings                               (8,000)    (30,500) 
 Dividends paid                                       (15,350)    (12,700) 
 Repayment of capital element of 
  finance leases and hire purchase 
  contracts                                              (444)       (349) 
------------------------------------------  ------  ----------  ---------- 
 Net cash used in financing activities                (24,624)    (14,233) 
------------------------------------------  ------  ----------  ---------- 
 
 Net (decrease)/ increase in cash 
  and cash equivalents                         8       (8,282)       5,139 
 Cash and cash equivalents at beginning 
  of year                                      8        12,223       7,084 
------------------------------------------  ------  ----------  ---------- 
 Cash and cash equivalents at end 
  of year                                      8         3,941      12,223 
------------------------------------------  ------  ----------  ---------- 
 
 

GROUP STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2015

 
                               Share      Share      Share-    Hedging    Retained      Total 
                             capital    premium       based    reserve    earnings     equity 
                                                   payments 
                             GBP'000    GBP'000     GBP'000    GBP'000     GBP'000    GBP'000 
-------------------------  ---------  ---------  ----------  ---------  ----------  --------- 
 
 At 31 March 2013              4,853     61,603       6,765        (4)     200,447    273,664 
-------------------------  ---------  ---------  ----------  ---------  ----------  --------- 
 
    Profit for the 
     year                          -          -           -          -      43,207     43,207 
    Other comprehensive 
     income                        -          -           -       (11)     (3,442)    (3,453) 
-------------------------  ---------  ---------  ----------  ---------  ----------  --------- 
 Total comprehensive 
  income                           -          -           -       (11)      39,765     39,754 
 
 Share-based payments              -          -       1,014          -           -      1,014 
 Scrip dividend                   19      2,184           -          -           -      2,203 
 Share options exercised 
  (proceeds)                      24        386           -          -           -        410 
 Dividends                         -          -           -          -    (14,903)   (14,903) 
 Deferred tax related 
  to changes in equity             -          -           -          -         246        246 
 Corporation tax 
  related to changes 
  in equity                        -          -           -          -         323        323 
-------------------------  ---------  ---------  ----------  ---------  ----------  --------- 
 At 31 March 2014              4,896     64,173       7,779       (15)     225,878    302,711 
 
    Profit for the 
     year                          -          -           -          -      41,252     41,252 
    Other comprehensive 
     income                        -          -           -      (154)       (246)      (400) 
-------------------------  ---------  ---------  ----------  ---------  ----------  --------- 
 Total comprehensive 
  income                           -          -           -      (154)      41,006     40,852 
 
 Share-based payments              -          -       2,463          -           -      2,463 
 Scrip dividend                    5        640           -          -           -        645 
 Share options exercised 
  (proceeds)                      25        876           -          -           -        901 
 Dividends                         -          -           -          -    (15,995)   (15,995) 
 Deferred tax related 
  to changes in equity             -          -           -          -         437        437 
 Corporation tax 
  related to changes 
  in equity                        -          -           -          -         359        359 
-------------------------  ---------  ---------  ----------  ---------  ----------  --------- 
 At 31 March 2015              4,926     65,689      10,242      (169)     251,685    332,373 
-------------------------  ---------  ---------  ----------  ---------  ----------  --------- 
 
 

NOTES TO THE ACCOUNTS

   1.   Basis of preparation 

The results comprise those of Cranswick plc and its subsidiaries for the year ended 31 March 2015. This preliminary announcement has been prepared on the basis of accounting policies as set out in the statutory accounts for the year ended 31 March 2014 (except as detailed below) and International Financial Reporting Standards and interpretations issued by the International Accounting Standards Board as adopted by the European Union ("IFRS") and does not constitute the Company's statutory accounts within the meaning of Section 435 of the Companies Act 2006.

Statutory accounts for the years ended 31 March 2015 and 31 March 2014 have been reported on by the auditors who issued an unqualified opinion in respect of both periods and the auditors' reports for 2015 and 2014 did not contain statements under 498(2) or 498(3) of the Companies Act 2006. Statutory accounts for the year ended 31 March 2014 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 March 2015, which were approved by the Board on 18 May 2015, will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

   2.   Accounting policies 

The accounting policies applied by the Group in this preliminary announcement are the same as those applied by the Group in the financial statements for the year ended 31 March 2014.

New standards and interpretations applied

The application of other new and revised standards and interpretations has not had a material effect on the net assets, results and disclosures of the Group.

   3.   Business and geographical segments 

IFRS 8 requires operating segments to be identified on the basis of the internal financial information reported to the Chief Operating Decision Maker ('CODM'). The Group's CODM is deemed to be the Executive Directors on the Board, who are primarily responsible for the allocation of resources to segments and the assessment of performance of the segments.

The CODM assesses profit performance using profit before taxation measured on a basis consistent with the disclosure in the Group accounts.

The Group reports on one reportable segment:

-- Food - manufacture and supply of food products to UK grocery retailers, the food service sector and other food producers.

All Group revenues are received for the provision of goods; no revenues are received from the provision of services.

   4.   Group operating profit 

Group operating costs comprise:

 
                                                        2015       2014 
                                                     GBP'000    GBP'000 
 -----------------------------------------------   ---------  --------- 
 
 Cost of sales excluding net IAS 41 valuation 
  movement on biological assets                      878,968    877,012 
 Net IAS 41 valuation movement on biological 
  assets*                                              4,245    (1,441) 
------------------------------------------------   ---------  --------- 
 Cost of sales                                       883,213    875,571 
------------------------------------------------   ---------  --------- 
 
 Gross profit                                        120,123    119,334 
-----------------------------------------------    ---------  --------- 
 
 Selling and distribution costs                       38,418     35,995 
-----------------------------------------------    ---------  --------- 
 
 Administrative expenses excluding 
 amortisation of customer relationship 
 intangible assets and release of 
 contingent consideration                             27,297     28,643 
 Amortisation of customer relationship                   671          - 
  intangible assets 
 Release of contingent consideration                       -    (1,086) 
-----------------------------------------------    ---------  --------- 
 Administrative expenses                              27,968     27,557 
-----------------------------------------------    ---------  --------- 
 
 Total operating costs                               949,599    939,123 
-----------------------------------------------    ---------  --------- 
 
 

* This represents the difference between operating profit prepared under IAS 41 and operating profit prepared under historical cost accounting, which forms part of the reconciliation to adjusted operating profit.

   5.   Earnings per share 

Basic earnings per share amounts are calculated by dividing net profit for the year attributable to members of the parent company of GBP41,252,000 (2014: GBP43,207,000) by the weighted average number of shares outstanding during the year. In calculating diluted earnings per share amounts, the weighted average number of shares is adjusted for the weighted average number of ordinary shares that would be issued on the conversion of all dilutive potential ordinary shares into ordinary shares.

The weighted average number of ordinary shares for both basic and diluted amounts was as per the table below:

 
                                                 2015        2014 
                                            Thousands   Thousands 
-----------------------------------------  ----------  ---------- 
 
 Basic weighted average number of shares       49,071      48,734 
 Dilutive potential ordinary shares - 
  share options                                   151         191 
-----------------------------------------  ----------  ---------- 
                                               49,222      48,925 
-----------------------------------------  ----------  ---------- 
 

Adjusted earnings per share

The Directors consider it appropriate to present an adjusted measure of earnings per share on the face of the income statement which excludes certain non-cash items to provide a more meaningful measure of the underlying performance of the business. These items include the amortisation of customer relationship intangible assets which became significant for the first time during the year ended 31 March 2015 following the acquisition of Benson Park Limited (note 7), gains and losses from the IAS 41 valuation movement on biological assets due to the volatility of pig prices and in the prior year the release of contingent consideration in relation to the acquisition of Kingston Foods Limited in 2012.

Adjusted earnings per share are calculated using the weighted average number of shares for both basic and diluted amounts as detailed above.

Adjusted profit for the year is derived as follows:

 
                                              2015      2014 
                                           GBP'000   GBP'000 
---------------------------------------   --------  -------- 
 
 Profit for the year                        41,252    43,207 
 Release of contingent consideration             -   (1,086) 
 Amortisation of customer relationship         671         - 
  intangible assets 
 Tax on amortisation of customer             (134)         - 
  relationship intangible assets 
 Net IAS 41 valuation movement 
  on biological assets                       4,245   (1,441) 
 Tax on net IAS 41 valuation 
  movement on biological assets              (849)       288 
----------------------------------------  --------  -------- 
 Adjusted profit for the year               45,185    40,968 
----------------------------------------  --------  -------- 
 
   6.   Dividends 

Subject to Shareholders' approval the final dividend will be paid on 4 September 2015 to Shareholders on the register at the close of business on 3 July 2015.

   7.   Acquisitions 

Benson Park Limited

On 22 October 2014, the Group acquired 100 per cent of the issued share capital of Benson Park Limited for a total consideration of GBP23.8 million. The principal activity of Benson Park Limited is the production of premium British cooked poultry. The acquisition moves the Group into a new protein sector and further broadens its product range and customer base.

Fair values of the net assets at the date of acquisition were as follows:

 
                                                 Fair 
                                                value 
                                              GBP'000 
 ---------------------------------  -----   --------- 
 Net assets acquired: 
  Customer relationships                        6,185 
  Property, plant and 
   equipment                                    4,931 
  Inventories                                   2,190 
  Trade receivables                             6,224 
  Bank and cash balances                        2,308 
  Trade payables                              (5,013) 
  Government grants                             (465) 
  Corporation tax liability                     (373) 
  Deferred tax liability                      (1,339) 
  Finance lease obligations                     (135) 
 -----------------------------------------  --------- 
                                               14,513 
 Goodwill arising on acquisition                9,259 
----------------------------------          --------- 
 Total consideration                           23,772 
----------------------------------          --------- 
 
 Satisfied by: 
  Cash                                         20,000 
  Contingent consideration                      3,772 
 -----------------------------------------  --------- 
                                               23,772 
----------------------------------          --------- 
 
 Analysis of cash flows 
  on acquisition: 
  Included within cash flows from 
   investing activities 
  Cash consideration 
   paid                                        20,000 
  Cash and cash equivalents 
   acquired                                   (2,308) 
 -----------------------------------------  --------- 
                                               17,692 
  Included within net cash from 
   operating activities 
  Transaction costs 
   of the acquisition                             203 
 -----------------------------------------  --------- 
 Net cash outflow arising 
  on acquisition                               17,895 
----------------------------------          --------- 
 

From the date of acquisition to 31 March 2015, the external revenues of Benson Park Limited were GBP18.1 million and the company contributed a net profit after tax of GBP1.1 million to the Group. If Benson Park Limited had been acquired at the beginning of the year, the Group's profit after tax for the year would have been GBP42.8 million and revenues would have been GBP1,026.6 million.

Included in the GBP9.3 million of goodwill recognised are certain intangible assets that cannot be individually separated from the acquiree and reliably measured due to their nature. These items include the expected value of synergies and the assembled workforce.

Transaction costs of GBP0.2 million have been expensed in relation to the acquisition and were included in administrative expenses.

All of the trade receivables acquired were collected in full.

Contingent Consideration

The agreement includes contingent consideration payable in cash to the previous owners of Benson Park Limited based on the performance of the business over a 2.5 year period. The amount payable will be between GBPnil and GBP4.0 million dependant on the average profit before interest and tax of the business during the 2.5 year period versus an agreed target level.

The fair value of the contingent consideration on acquisition was estimated at GBP4.0 million, discounted to GBP3.8 million in the table above.

Yorkshire Baker

On 2 April 2014, the Group acquired the goodwill associated with the Yorkshire Baker business in exchange for certain property, plant and equipment and 10 per cent of the issued share capital of Cranswick Gourmet Pastry Company Limited. Goodwill of GBP397,000 was recognised on acquisition representing certain intangible assets that cannot be individually separated from the acquiree and reliably measured due to their nature. These items include the expected value of synergies and the assembled workforce. Transaction costs were GBPnil. There is a put and call option in place over the 10 per cent shareholding, exercisable at fixed points over the next three years. The value paid for the shares will be based on the results of Cranswick Gourmet Pastry Company Limited during that period. Contingent consideration of GBP0.4 million has been recognised in relation to the option.

   8.   Analysis of changes in net debt 
 
                                     At      Cash       Other          At 
                               31 March      flow    non-cash    31 March 
                                   2014               changes        2015 
 Group                          GBP'000   GBP'000     GBP'000     GBP'000 
---------------------------  ----------  --------  ----------  ---------- 
 
 Cash and cash equivalents       12,223   (8,282)           -       3,941 
 Revolving credit              (28,898)     8,000       (367)    (21,265) 
 Finance leases and hire 
  purchase contracts              (309)       444       (135)           - 
---------------------------  ----------  --------  ----------  ---------- 
 Net debt                      (16,984)       162       (502)    (17,324) 
---------------------------  ----------  --------  ----------  ---------- 
 

Net debt is defined as cash and cash equivalents and loans receivable less interest-bearing liabilities (net of unamortised issue costs).

   9.   Related party transactions 

During the year the Group and Company entered into transactions, in the ordinary course of business, with related parties, including transactions between the Company and its subsidiary undertakings. In the Group accounts transactions between the Company and its subsidiaries are eliminated on consolidation but these transactions are reported for the Company below:

 
                                    Services   Interest       Dividends 
                                    rendered    paid to        received 
   Company                        to related    related    from related 
                                       party      party           party 
                                     GBP'000    GBP'000         GBP'000 
------------------------------  ------------  ---------  -------------- 
 
 Related party - Subsidiaries 
 2015                                 12,103      3,125          15,350 
 2014                                 17,560      2,724          12,700 
 
 

Amounts owed by or to subsidiary undertakings are unsecured and repayable on demand.

10. Report and accounts

The Report and Accounts will be available on the Company's website at www.cranswick.plc.uk on 26 June 2015. Further copies will be available upon request from the Company Secretary, Cranswick plc, 74 Helsinki Road, Sutton Fields, Hull, HU7 0YW.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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