Cranswick plc reported audited group earnings results for the year ended March 31, 2013. For the year, the company reported revenue of £875,171,000 compared to £820,775,000 a year ago. Group operating profit was £48,205,000 compared to £41,812,000 a year ago. Profit before tax was £47,439,000 compared to £48,351,000 a year ago. Profit was £36,241,000 or 74.9 pence per diluted share compared to £37,480,000 or 78.4 pence per diluted share a year ago. Adjusted earnings per share (excluding effect of associate and impairment), diluted was 78.7 pence compared to 72.7 pence a year ago. Net cash from operating activities was £49,812,000 compared to £45,533,000 a year ago. Purchase of property, plant and equipment was £30,809,000 compared to £20,311,000 a year ago. Adjusted profit for the year excluding effect of associate and impairment was £38,077,000 compared to £34,767,000 a year ago. Net debt as on March 31, 2013 was £20,071,000 compared to £21,662,000 as of March 31, 2012. Adjusted pre-tax profit up 8% to £49.3 million compared to £45.6 million a year ago. The Group continues to deliver strong operational cash flows.  Cash generated from operating activities increased compared to the previous year reflecting increased Group operating profits partly offset by an increase in working capital reflecting growth of the business overall. 

The board of company proposed to increase the final dividend to 20.6 pence per share, an increase of 5.6% on last year. Together with the interim dividend, which was raised 4.4% to 9.4 pence per share and paid in January 2013, this makes a total dividend for the year of 30.0 pence per share. This represents an increase of 5.3% on the 28.5 pence per share paid last year. The final dividend, if approved by Shareholders, will be paid on September 6, 2013 to Shareholders on the register at the close of business on July 5, 2013.

The company also announced the Adam Couch was appointed Chief Executive in August 2012 in line with the prior notification to Shareholders. This followed the appointment of Jim Brisby as Sales and Marketing Director and Mark Bottomley as Finance Director within the previous three years as part of the Board's succession planning. Each of these were internal appointments and made after giving due consideration to potential candidates from outside the company. It illustrates to colleagues the opportunity for career development with Cranswick and maintains the culture, ethos and values of the business.  With the executive team now well established Adam will be moving to a part time role as Chairman with effect from September 1, 2013. Patrick Farnsworth will be standing down from the Board at the forthcoming Annual General Meeting. Kate Allum, CEO of First Milk Limited and former head of European supply chain for McDonald's, joins the Board as a Non-Executive Director in July 2013. Kate brings operational experience of international food markets and broadens the expertise and experience within the Board.