Cranswick FY Pre-tax Profit Rises; Executive Chairman Martin Davey To Retire

Cranswick Plc. (CWK.L), the UK food producer, reported that its profit before tax for the 52 weeks ended 27 March 2021 rose to 114.8 million pounds from 104.0 million pounds in the prior year.

Profit for the year grew to 92.5 million pounds or 175.6 pence per share from 82.7 million pounds or 158.6 pence per share last year.

Annual revenue increased by 13.9 percent to 1.90 billion pounds from last year. Like-for-like revenue, which excludes the contribution from acquisitions made in the prior year, increased by 12.1 per cent, with corresponding volumes ahead by 8.7 percent.

Adjusted profit before tax was 129.7 million pounds, an increase of 26.8 per cent. Adjusted earnings per share of 199.3 pence per share were ahead by 27.4 per cent year-on-year.

The Board has proposed a final dividend of 51.3 pence per share, an increase of 17.4 per cent on the 43.7 pence paid previously. Together with the interim dividend of 18.7 pence per share this is a total dividend for the year of 70.0 pence per share.

The final dividend, if approved by Shareholders, will be paid on 3 September 2021 to Shareholders on the register at the close of business on 23 July 2021. Shares will go ex-dividend on 22 July 2021.

“The start to the current year has been particularly positive and the outlook for the Group is very encouraging,” Cranswick said in a statement.

In a separate press release, Cranswick said that Martin Davey plans to retire from his role as Executive Chairman of the Company, and will step down from the Board, at Cranswick’s AGM on 26 July 2021. When he steps down Martin will have served as a Director for 36 years and as Chairman since 2004. Martin will remain with the Company in an advisory capacity until May 2022.

The company noted that its board has decided to appoint current Non-Executive Director, Tim Smith, as Martin’s successor with effect from the conclusion of the Company’s AGM. Tim will also be appointed Chair of the Company’s Nomination Committee.

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