UPDATE 1-Cranswick like-for-like sales up, sells WM Morrison unit stake

* Underlying like-for-like sales grew 10 pct

* Sells 49 pct stake in Farmers Boy (Deeside

March 30 (Reuters) - Meat products seller Cranswick Plc said underlying like-for-like sales grew 10 percent for the fiscal year and sold its 49 percent stake in pork products maker Farmers Boy (Deeside) Ltd to WM Morrison Supermarkets Plc. .

Total proceeds of 14.5 million pounds from the sale would generate a healthy book profit for Cranswick and strengthen its debt position, said Shore Capital analyst Darren Shirley.

Farmers Boy (Deeside) is a subsidiary of WM Morrison Supermarkets and supplies pork products to Morrison's outlets. Cranswick said the stake sold was valued at 6.2 million pounds.

Cranswick, whose brands include Weight Watchers, Black Farmer, Red Lion and Yorkshire Baker, expected operating margin for the year ending March 31 to be lower compared to last year.

Shares of the company were trading up half a percent at 815 pence on Friday on the London Stock Exchange.