The Cranswick plc Board is proposing a final dividend of 67.3 pence per share, 14.5 per cent higher than the 58.8 pence paid last year. Together with the interim dividend of 22.7 pence per share, this equates to a total dividend for the year of 90.0 pence per share, an increase of 13.4 per cent on last year, extending the period of consecutive years of dividend growth to 34 years.
Other financial highlights include:
Statutory profit before tax 13.5% higher at £158.4m (2023: £139.5m), net of £15.4m non-cash Pet intangible assets impairment
Statutory earnings per share up 1.0% to 210.4p (2023: 208.3p)
Return on capital employed up 264bps to 18.5% (2023: 15.8%)
Strong free cash flow of £223.4m, with free cash conversion of 142.3%
Net debt (excluding IFRS 16 lease liabilities) lower at £0.1m (2023: £20.2m)
Robust balance sheet with £250m bank facility providing significant headroom
