Pork processor Cranswick's third-quarter revenue rises 7 pct
Jan 31 (Reuters) - British pork processor Cranswick Plc reported a 7 percent rise in underlying revenue for the third quarter despite record pig prices in UK.
Cranswick processes and supplies fresh pork, sausage, bacon, cooked meats, charcuterie, pastry products and sandwiches to food retailers.
The company, whose supermarket customers include J Sainsbury and Tesco Plc, said input costs rose during the quarter ended Dec. 31, with UK pig prices reaching a record level in December.
Though margins were initially impacted, successful pricing discussions with customers helped partially mitigate the full impact, the company said.
The company had warned in October that pig prices in the United Kingdom had touched a three-year high and were expected to continue rising, driven by high livestock feed prices and implementation of animal welfare norms in Europe.
The company, which supplies to brands such as Weight Watchers and celebrity chef Jamie Oliver's food products range, said total sales rose 8 percent, including a contribution from Kingston Foods, which Cranswick acquired in June.
Shares in the company closed at 938 pence on the London Stock Exchange on Wednesday. They have risen about 22 percent over the past year.