Cranswick confidence as staying in is new going out
Published Date:
05 August 2008
PREMIUM pork company Cranswick has said it hoped to capitalise on the growing trend of dining at home.
The group, which reported strong first quarter sales, is passing on costs to retailers as it feels the effects of soaring pork prices.
Sales in the first quarter were up 10 per cent to £161m on the last quarter, the group said in a statement.
That was an increase of 13 per cent on a like-for-like basis, excluding the animal feed business which was sold during the first quarter of 2007. Food sales were up 12 per cent and pet sales were up 34 per cent.
The group said raw material costs have been incorporated into selling prices on a phased basis after a delay last year.
While further inflation cannot be ruled out, it was confident for the future.
Finance director, John Lindop, said there had been a grudging acceptance from retailers of higher prices.
He added that while the group may feel the impact of people buying cheaper, non-premium food, the squeeze on consumer spending could be of benefit.
"Times are not great, but I don't think it is all negative for a premium food company," he added.
The full article contains 210 words and appears in n/a newspaper.
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Last Updated:
05 August 2008 2:05 PM
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Source:
n/a
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Location:
Driffield
