cranswick

Food product supplier Cranswick (LON:CWK) saw shares edge down at market open on Monday, despite reporting an impressive revenue boost for the first quarter of the financial year.

In line with expectations, revenue rose 7 percent on the year before, despite lower selling prices caused by a fall in the average UK pig price.

The group also said that it had started work on its new poultry primary processing facility at Eye in Suffolk, expected to be completed in late 201, as well as a continental products factory in Bury, Greater Manchester to provide additional capacity to support future growth.

Net funds stood at £8 million at the end of June, however, down from £18 million a year earlier.

“The outlook for the current financial year remains unchanged, and the Board is confident in the continued long-term success and development of the business,” Cranswick said.

Shares in Cranswick are currently trading down 1.51 percent at 3,254.00 (0828GMT).