26 November 2012 – interim results
Strong results for the six months to 30 September have been reported by the pork products group with revenues rising by 6% to £418.6m (2011: £393.9m) with pre-tax profits rising by 21% to £22.5m (2011: £18.5m). Earnings per share were 23% higher at 35.8p (2011: 30.1p) and the interim dividend was raised to 9.4p (2011: 9.0p). Net debt fell to £32.2m (2011: £48.2m). Kingston Foods which was acquired at the end of June has made a useful contribution to the group and strengthened its cooked meat production capability. The group continues to benefit from the increasing popularity of pork reflecting the meat’s versatility and low relative cost. Although last year there was a strong second half bias to financial performance this is not expected to be the case this time when a more balanced financial year is in prospect. The shares have moved up strongly this morning (up 66p) but with long term prospects remaining encouraging we maintain our recommendation of BUY.