November 28, 2017 / 7:35 AM / in a year

Cranswick posts 17.2 percent jump in half-year profit

(Reuters) - British pork and poultry producer Cranswick Plc reported a 17.2 percent jump in half-year profit, driven by higher sales and its recent acquisition of a pork business in Northern Ireland.

The company, which has been boosting investments in its meat processing business, said like-for-like revenue rose 18 percent in the six months ended Sept. 30, while volumes were up 9.9 percent.

The company, which bought Northern Ireland-based CCF Ballymena November 2016, said adjusted operating margin fell 34 basis points to 6.2 percent due to pressure from higher input costs.

Cranswick, which processes and supplies fresh pork, sausage, bacon, cooked meats, poultry, charcuterie and pastry products, maintained its expectations for the full year.

Adjusted profit before tax rose to 44.4 million pounds in the period from 37.9 million pounds a year ago.

The company also raised interim dividend by 15.3 percent to 15.1 pence per share.

Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty

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