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CRWKF / Cranswick revenues rise 12.4% but profits hit by product recall charge

Food producer Cranswick reported a healthy 12.4% increase in half-year revenues reflecting good control of what it described as “widespread cost inflation” with like-for-like sales volumes maintained supported by the launch of new products, Revenues grew to £1,116.3mln from £993.1mln last year but statutory pre-tax profits fell 2.7% to £61.5mln from £63,2mln including a £3.1mln charge in relation to a product recall at the Hull Cooked Poultry facility at the start of the period. Margins fell to 6.1% from 7% reflecting the short-term lag, as anticipated, in recovering inflationary pressure across several cost categories. Read More

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Cranswick

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Posted: Nov 22 2022, 04:30

Author Name: Proactive Investors

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