Profit warning from pork producer
Shares in Cranswick, a major supplier of pork to UK supermarkets, have fallen 12% after it warned that higher raw materials prices would hit its profits this year.
The company said it was trying to pass on the higher costs to its customers but it was taking time to do so.
It also said that the difficulties facing UK consumers were making market conditions more demanding than usual.
Cranswick predicted its six-month profits would be lower than last year.
Cranswick's activities include the processing and supply of fresh pork, sausages, bacon, cooked meats, charcuterie and sandwiches.
It reported a 2% fall in first quarter sales to £196m, although like-for-like sales rose 5% in the same period. The like-for-like figure excludes the transfer of some of the business to Farmers Boy Ltd.