Food producer Cranswick (LON:CWK) saw shares soar over 7 percent on Tuesday morning, after heavy investment in infrastructure appeared to pay off in the latest set of results.
Group revenue rose 23 percent to £714.6 million, with adjusted profit before tax coming in 17.2 percent higher at £44.4 million.
The group’s dividend per share rose 15.3 percent to 15.1 pence, with the operating margin increasing by 6.2 percent.
During the six month period Cranswick approved a new £54 million primary poultry facility in Eye, Suffolk, which is scheduled for completion in late 2019 and will double the group’s existing capacity with further room for expansion. Cranswick also invested a further £13 million in its existing milling and hatchery facilities.
Adam Couch, Cranswick’s Chief Executive Officer commented:
“During the period we have strengthened our asset base, enhanced market positions and developed new customer relationships. We continue to make good progress against each of our strategic objectives and we are well placed to continue our successful development in the current financial year and going forward.”
Shares in Cranswick are currently trading up 7.72 percent at 3,250.00 (0933GMT).
