Cranswick Share Discussion Threads

[m.t.glass] 18/5/2009 11:02

Some snippets from the accompanying statement today:


"The decision was made last year to focus fully on the food business and last
month the Board announced the sale of the pet activities and that contracts had been exchanged for the acquisition of the Bowes of Norfolk pork processing
business..."


"This has been a successful year for the Company and the continued development
of the business was recognised by Cranswick's admission to the FTSE 250 during
the year which increases the potential investor base.


"Cranswick has a well invested asset base, is strongly cash generative, has
skilled operational management teams and is positioned in a number of growth
categories of the food sector. The Company has commenced the new financial year in line with management expectations and is well placed to continue its
successful development".




Cash generation strong


The cash generated from operations was extremely strong at GBP53.4 million, up
from GBP40.2 million the previous year. Working capital reduced by GBP0.4m which
was pleasing given the strong growth in sales. Tax, interest and dividend
payments amounted to GBP21.0 million, and the cash spent on the purchase of
fixed assets, as part of the strategy for continued growth, was GBP20.9 million
following the GBP25.3 million spent the previous year. This generated a cash
inflow of GBP10.9 million, leaving year-end borrowings of GBP66.6 million, 40
per cent of shareholders' funds. Interest cover improved from 8.4 times to 10.4 times.


In December the Company agreed new bank facilities for three years. As a result, the Company is well placed to continue its long-term growth strategy through a combination of further investment in fixed assets and acquisitions, as typified by the recently announced purchase of Bowes of Norfolk Limited, subject to clearance by the Competition Authorities.


The Board's strategy for the development of the business has delivered rising
profits and strong returns for Shareholders. Over the past 10 years compound
annual rates of growth in total sales, profit before tax, earnings per share and
dividends per share have all been well into double digits.



Outlook

Cranswick has a well invested asset base, is strongly cash generative, has
skilled operational management teams and is positioned in a number of growth
categories of the food sector. The Company has commenced the new financial year in line with management expectations and is well placed to continue its
successful development.

[m.t.glass] 18/5/2009 10:52

Highlights:


* Total sales up 9 per cent to GBP653m (2008: GBP599m)|
* Total pre-tax profit rose 9 per cent to GBP36.7m (2008: GBP33.7m)*|
* Recommended final dividend of 14.7p - up 10 per cent
* Earnings per share up 9 per cent at 53.7p (2008: 49.1p)*|
* Pet division sold since year end
* Contracts exchanged to acquire Bowes of Norfolk
* Shares admitted to FTSE 250


Full Results + Statements

[m.t.glass] 15/5/2009 09:35

Those comparison graphics in the header stopped updating after 2006. I will see if I can change them shortly.

[cambium] 15/5/2009 08:36

thats me out for now, better else where

[cambium] 15/5/2009 08:35

thats me out for now, better else where

[farmsted] 28/4/2009 12:37

No 550p and then upto 650p within a month

[westcoastrich] 28/4/2009 09:06

is 500p a chart floor

[westcoastrich] 27/4/2009 20:07

Charles Pick at FinnCap thinks there is a clear risk of the consumer eating less pork near term, despite the virus not being transmitted that way.

Cranswick is most exposed here but the any change in behaviour could also affect sentiment towards Devro (which provides collagen casings for sausages, many of which are pork based) and Hilton Food Group (which packs cuts of meat and mince, including pork).

[mconegal] 27/4/2009 12:31

I deeply suspect this will be heading further south. Didnt joe public think he wld get bird flu from chickens last time round....

[cambium] 26/2/2009 11:53

what.......sausages?

[toepath] 15/2/2009 20:29

two directors have bought.

[cambium] 09/2/2009 15:51

I like sausages

[cambium] 05/2/2009 08:39

better than mine :o)

[toepath] 03/2/2009 21:19

The MACD is diverging very nicely at the zero marker.We are seeing higher lows and higher highs.All very inviting,but what of volume?My TA is strictly limited of course. The 20day and 50 day averages have made a golden cross,another positive.

[cambium] 03/2/2009 19:08

I am not a chartist, but does this not make a breakout, which is very positive is it not?

[toepath] 02/2/2009 21:09

Just look at the way the 200day ave is pulling up the 20 and 50 day averages.Now that is something else!

[cambium] 30/1/2009 08:28

Its not going to set the world alight but...it s OK

Cranswick has continued to perform in line with management's expectations. This
was pleasing given the ongoing challenges of significant currency fluctuations
and weakening economic activity. Total sales for the Company in the quarter to
31 December 2008 were GBP164m, an increase of 7 per cent compared to the same
period last year.
In the food division, turnover increased by 6 per cent compared with the same
period last year. There were notable increases in a number of categories, with
sales of continental products 15 per cent higher, pork sales up by 14 per cent
and sales of sausages and sandwiches ahead by 7 per cent and 6 per cent
respectively.
Turnover in the pet division, which accounted for 7 per cent of total Company
sales in the quarter, was up by 16 per cent, as the strong growth seen in the
first half of the year continued.Sales in the pet products business rose by 16
per cent and the new Lisbon branch which opened in October helped aquatic sales
move ahead by 17 per cent.
Cash generation from operating activities remained strong.The Company has put in
place a new, three year, bank facility and this
provides appropriate headroom going forward.
Cranswick is in a very strong position in each of its markets supported by
production facilities in which there is ongoing investment in pursuit of
improved efficiencies and which are amongst the best in the sector. The outlook
for the year remains unchanged.

[m.t.glass] 08/12/2008 21:04

Aha - so they do!


15:28GMT 08Dec2008--Cranswick up, Panmure positive on pork crisis
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Shares in Cranswick rise almost 1 percent as Panmure Gordon says the
British premium pork supplier and pet food maker should be well insulated from
problems over Irish pork as it mainly uses domestic pigs for processing.
Panmure says: "Where the company does buy in primary cuts, there is good flexibility of supply from the UK in addition to other European markets."
The broker concedes there maybe a ripple effect on consumer demand on the UK mainland, as has been seen before during foot and mouth outbreaks, but it says these are often short-lived and Cranswick, which posted robust interims in November, has generally traded well through such episodes.
As a result, Panmure repeats its "buy" recommendation and 650 pence target
price.

[toepath] 08/12/2008 20:49

Panmure Gordon duly oblige.

[m.t.glass] 08/12/2008 09:26

If the company is totally uninvolved with Irish pork, I wonder if they might feel inclined to issue a reassuring statement?

[toepath] 08/12/2008 09:11

M>T>Glass.Thanks.The 200 day average is trying to pull the price up.? ?.

[m.t.glass] 07/12/2008 23:07

toepath - the word edit on your own message is visible only to you. We all get it. It's there to click in case you need to edit!

I did have a closer look around after my last post and failed to find any Irish connection with Cranswick.