Final Results - Year Ended 31 March 2000

Cranswick PLC
24 May 2000



                    CRANSWICK plc: RECORD PROFITS .... AGAIN

Cranswick plc, the pet, agribusiness and food group, announces its audited
preliminary results for the year ended March 312000.

Highlights:

 - Profits up 32 per cent at £9.3m (1999: £7.1 m)

 - EPS increases 14 per cent to 39.0p (1999: 34.3p)

 - Turnover up 16 per cent at £157.3 million (1999: £135.6m)

 - Recommended final dividend of 11.0p making total of 15.0p (1999: 13.5p)

 - Acquisitions successfully integrated

 - Investment to drive company forward

Chairman Jim Bloom said: 'This is the 12th consecutive year of increased annual
profits. The performance of the Company over the past five years has been
particularly impressive with profit rising to record levels annually at a
compound rate of increase of 32 per cent per annum.

'The current year has started well. We have achieved our record of growth with a
strong management team and a proven strategy and believe that this, along with
recent investment in capacity, will continue to drive Cranswick forward'.

For further information:
Martin Davey, Chief Executive/
John Lindop Finance Director                 0468 362592 (11.30-14.30)
Paul Quade
Albemarle Communications                     020 7336 7776/07947 186694


STATEMENT TO SHAREHOLDERS

Results

Profit before taxation and goodwill amortisation has increased 32 per cent to
£9.3 million. This is the 12' consecutive year of increased annual profits, for
which all at Cranswick can take great pride given the difficult conditions which
have prevailed in the food and agriculture sectors over this period. Earnings
per share are up by 14 per cent to 39.0p from 34.3p previously. This takes into
account the additional shares in issue following the acquisition of Pethick & Co
in October 1999. Turnover for the year was £157.3 million compared to £135.6
million, an increase of 16 per cent, and is considered in more detail below.

Dividend

The Board is proposing a final dividend of 11.0p per ordinary share. Having
paid an interim dividend of 4.0p in January 2000 this makes a total dividend for
the year of 15.0p per ordinary share, an increase of 11 per cent on last year's
13.5p. The final dividend, if approved by shareholders, will be paid on 8
September 2000 to shareholders on the register at the close of business on 28
July 2000. Shareholders will again have the option to receive the dividend by
way of scrip issue.

Cash Flow

Net borrowings increased by £3.5 million during the course of the year to £9.8
million, notwithstanding the cash outflow of £3.9 million on the acquisition of
Pethick & Co, including borrowings, and the purchase of the Wellingore mill for
£1.25 million. Working capital increased by £0.2 million and capital expenditure
excluding the Wellingore mill was £4.5 million. Year end gearing was 28 per cent
based on net assets, including goodwill, and interest cover was 13 times.

Five Year Performance

The performance of the Company over the past five years has been particularly
impressive. Profit before tax and goodwill amortisation has risen to record
levels annually - from £3.1 million for the year ended March 1996 to £9.3
million this year - a compound rate of increase of 32 per cent per annum. Over
the same five year period earnings per share have risen from 15.6p to 39.Op and
dividends per share from 9.2p to 15.0p. Compound rates of increase of 26 per
cent and 13 per cent per annum. respectively. This is an excellent record and
one which underlines the management strategy for the development of the
business.

Strategy & Development

Cranswick was formed in the early 1970s by farmers to manufacture pig feed and,
soon afterwards, began to market pigs. In 1988 the Board embarked on a strategy
to broaden the base of the Company's activities so as to minimise the impact on
the Company of fluctuations in agricultural commodity prices. Activities have
since been extended from this agricultural base into the food manufacturing and
pet sectors. The purchase of a small pork butchery business in 1988 was followed
in the early 1990s by other acquisitions and organic initiatives to further
develop the food manufacturing interests. These interests now include fresh pork
processing and retail packing, the production of gourmet sausages and the
manufacture of a range of high quality hams.

The development of the pet and aquatic activities commenced in 1993 with the
acquisition of the Buckton bird food business. This was an extension of our
agricultural expertise in raw materials and milling. Subsequent acquisitions
have extended the activities into fish and aquatic products and the manufacture
of small animal food.

Corporate Activity

During the year the Company extended both the food manufacturing and
agribusiness interests. In September 1999, one third of the minority
shareholding in Cranswick Gourmet Sausage Co was acquired at a cost of £0.6
million. The Company now owns 67 per cent of 'Gourmet' and plans to increase its
shareholding further. 'Gourmet' was a start-up venture in 1995 and has performed
very successfully in the development of the market in high quality, premium
sausages.

During October 1999 Pethick & Co was acquired for a consideration of £15.5
million which was partly financed by a placing and open offer which raised £11.3
million, net of expenses, and the issue of £2.0 million of equity to the
vendors. This acquisition, which substantially enhanced Cranswick's presence in
the market for the supply of cooked meats, principally ham, has performed
particularly well. Pethick & Co has been restyled Cranswick Country Foods
(Sutton Fields) and integrated alongside the existing ham business, Cranswick
Country Foods (Waterfoot). David Pethick has been appointed a director of
Cranswick plc and we welcome David and his colleagues on board.

Shortly before the end of the financial year the agribusiness activity was
enlarged with the acquisition of an animal feed mill and associated business at
Wellingore in Lincolnshire for a consideration of £1.25 million. This mill,
which was loss making at the time of acquisition, adds additional capacity to
our animal feed business which had been operating at full capacity for some
time, despite the investment of in excess of £1.0 million in an additional
production line two years ago.

Review of Activities

                      Turnover (£m)
                  2000         1999
Pet               19.5         18.8 small animal, avian and aquatic products.
Agri              62.7         68.2 pig feed and pig marketing.
Food             121.1         93.3 pork, ham and sausages
LessAnternal     (46.0)       (44.7)
External         157.3        135.6

In the pet business sales rose by 4 per cent. There was growth in the sales of
fish, aquatic products and pre-packed food for birds and small animals which
more than compensated for a reduction in bulk food sales to the wholesale sector
following consolidation in the market.

Pond products experienced good growth with continued development of new
ultra-violet clarifiers, filtration systems, pumps and food. The Vecton UV
Steriliser was successful in winning the 'Best Specialist Marine Equipment'
Category in the Pet Industry Awards held at the end of 1999. During the year the
business launched a new range of water filtration equipment systems for aquatic
retailers, public aquariums, research institutions and aquaculture facilities.

Tropical Marine's pioneering work on the breeding and rearing of coral reef
animals, including several world firsts, has been shared with other researchers
and in certain cases directly benefited field work in the management of natural
stocks. An example of this is the internationally funded 'Project Seahorse' to
which Tropical Marine is a major contributor of expertise following on from its
breakthrough in breeding seahorses at its hatchery in Chorleywood.

From this Chorleywood base the company is Europe's leading wholesaler and
producer of tank-reared fish. This in conjunction with the 'zero loss' reef to
retail philosophy has earned it an outstanding reputation for the promotion of a
welfare orientated and environmentally responsible approach to the handling and
transportation of all reef animals.

This is taken a step further through working in partnership with conservation
groups and other non-government organisations to promote and ensure a
sustainable and properly understood natural resource. The company is committed
to a fair distribution of benefits to the catching country ensuring a higher
valuation of the local natural resource compared to other activities.

Buckton's is the UK's largest importer of human grade peanuts for onward supply
into the pet industry, representing in the order of 70 per cent of the total
market, and the UK's largest manufacturer of specialist foods for cage and
aviary birds and racing pigeons. The business is at the forefront of promoting
and developing consumer awareness in the welfare and feeding of birds in the
wild. During the year several innovative products were launched and packaging
formats introduced, generating increased demand from a wider customer base.

There has been significant growth in the number of exotic birds being bred in
the UK and as a consequence a new range of foods were developed to cater for
this. The trend looks set to continue and our range is being expanded to meet
the demand from breeders and hobbyists for this specialist food.

Sales of both bulk and convenience packaged foods for small pet animals, such as
rabbits, hamsters and guinea pigs, were well up on last year due in part to a
greater awareness through the expansion of national pet retail stores and wide
ranging television coverage. These products are predominately supplied by the
Magnet plant, located in Cumbria.

The agribusiness activity, operating under the Cranswick Mill name, comprises
the manufacture of specialist animal feed and the marketing of pigs. The feed
division celebrated its 25 year of trading with another record year for feed
sales. Volumes were up by 4 per cent, excluding the Wellingore acquisition,
which was a very pleasing performance considering the 10 per cent reduction in
UK pig numbers.

Continued sales growth expectations and production constraints were the
principal factors behind the recent decision to acquire a second feed mill and
associated business. This mill, which is located at Wellingore in Lincolnshire,
is to the south of the present trading area and ideally situated to extend the
sales coverage into East Anglia and the Midlands. It has increased the feed
division's production capacity by about 60 per cent to approximately 250,000
tonnes per annum.

Exports of the specialist range of piglet feed were encouraging, particularly in
the German market where sales volumes rose by over 40 per cent albeit from a low
base. Further growth in exports is anticipated. Product development is integral
to the success of Cranswick Mill's piglet feed and as part of the continued
advances in this area new feed trialling facilities have been commissioned at
Bishop Burton College of Agriculture in East Yorkshire. This will be used to
further evaluate and develop our range of starter diets.

It is pleasing to report that during the year the feed mill was registered by
the Soil Association to manufacture organic feeds. Although currently only
small, organic food is a rapidly expanding market in the agricultural sector and
offers scope for growth.

The pig marketing division, which purchases pigs from pig producers throughout
the UK for sale to meat processors, was impacted by the reduction in UK pig
numbers and experienced a decline in the numbers traded. As the major supplier
to Cranswick Country Foods the pig marketing business is recognised as providing
an important link between the pig farmer and the food manufacturer in an
industry which continues to consolidate and integrate.

Turnover in agribusiness was down by 8 per cent despite the increase in sales
volumes of animal feed. This volume increase was offset by the reduced sales
price of feed, arising from the fall in raw material prices being passed on to
customers, and the decline in the number of pigs traded. As direct suppliers to
the pig industry Cranswick Mill is well aware of the difficulties faced by pig
producers which has brought about a reduction in the size of the UK pig herd.
This contraction has been less severe in the company's main trading area as pig
production continues to consolidate in the eastern counties which are the
traditional pig producing regions of the country. Cranswick Mill is well sited
to service the requirements of this changing market.

Turnover from the Company's food manufacturing activities increased by 30 per
cent to £121.1 million. This growth is attributable primarily to the rise in
sales of added value products such as premium and gourmet sausages and high
quality hams and delicatessen products.

Sales of fresh pork were 8 per cent higher than last year. This part of the
business, operating at close to full capacity for some time, has been the
subject of a recent investment programme to extend the factory premises. This
extension, to be commissioned during the next month, will boost capacity by 25
per cent. Investment in new equipment in both primary pork processing and retail
packing has brought increased efficiencies and cost savings during the year.

There has been continued development of the sausage business in both the premium
and gourmet sectors. At the retail end each of the major supermarket multiples
are supplied whilst sales to the food service sector have excellent potential
for future growth. Recent commissioning of the cooked sausage facility at
Lazenby's leaves the business well placed to develop sales with airlines, pub
chains, hotels and catering establishments.

The trend continues of pushing back the boundaries of sausage ingredients with
the launch of Oriental flavours such as Chicken Szechuan, Sweet & Sour Pork and
Duck with Spring Onion.

The Indian range is new with Chicken Tikka, Lamb Madras and Onion Bhaji.
Organic continues to be a growth area and now represents a significant
proportion of the sausage sales. Recently launched by Lazenby's, to complement
the free range pork sausage, is the 'Duchy Original Organic Sausage' made with
'Highgrove' produced pork. Lazenby's is the sole licensee for sausage
production with Duchy Originals.

In cooked meats, the successful integration of Pethick & Co into the Company
sees Cranswick well positioned to be the premium supplier of high quality
British hams and delicatessen products to the leading UK high street retailers.
The Cranswick Country Foods (Waterfoot) factory is currently operating at close
to capacity whilst the Sutton Fields site is finalising a project to replace and
expand its cooking and smoking facilities. This will make Cranswick Country
Foods one of the most efficient and largest premium ham suppliers in the UK.
Hand crafted, traditional and organic are all growth areas where the input and
support of the 'New Product Development' team is of the utmost importance.

Investment has been made in the NPD facilities during the year and the team is
currently working on concepts for value added pork dishes, sausage recipes and
exciting new cooked meat projects. Working side by side with NPD, the business
has a technical team of the highest calibre enabling the manufacture of all
products to the highest possible standards of safety, taste and presentation.

Against a background of continuing consolidation within the food industry,
Cranswick's food business is well positioned to continue to deliver a diverse
pork based product range to all customers, old and new, and intends to stay at
the forefront of its market sector.

Employees

During the year the Company launched its 4th SAYE Share Option Scheme, which
once again proved extremely popular with all eligible members of staff. It is
tremendous that employees of the Company can share in its success through
schemes such as this. We intend to seek shareholder approval at the forthcoming
AGM to introduce, when appropriate, the new All Employee Share Scheme. A key
asset of any business is its people and at Cranswick we are fortunate to have a
loyal team with immense expertise and commitment. We thank you all.

Outlook

The current year has started well. We have achieved our record of growth with a
strong management team and a proven strategy and believe that this, along with
recent investment in capacity, will continue to drive Cranswick forward.

     Jim Bloom                              Martin Davey
     Chairman                               Chief Executive


                           CRANSWICK
                            AUDITED
              CONSOLIDATED PROFIT AND LOSS ACCOUNT
                for the year ended 31 March 2000
                                                      2000      1999
                                                     £'000     £'000

Turnover                                           157,348   135,560
Operating profit before goodwill amortisation       10,092     7,806
Interest charge                                        770       721
Profit on ordinary activities before taxation 
and goodwill amortisation                            9,322     7,085
Goodwill amortisation                                  461        39
Profit on ordinary activities before taxation        8,861     7,046
Taxation                                             2,699     2,006
Profit on ordinary activities after taxation         6,162     5,040
Equity minority interest                               140       129
Profit attributable to shareholders                  6,022     4,911
Equity dividends                                     2,829     1,975
Retained profit for the year                         3,193     2,936
Earnings per share (pence)
Basic                                                 36.2p    34.0p
Adjusted for goodwill amortisation                    39.0p    34.3p
Dividends per share (pence)                           15.0p    13.5p

Notes

1. The  profit and loss accounts for the years ended 31 March 1999 and  2000    
  are not statutory accounts within the meaning  of  Section  240(5)  of        
 the Companies  Act  1985. The auditors of Cranswick, Ernst &  Young,  have     
made a report under Section 235 of the Act on the statutory accounts  of       
Cranswick for the  financial year ended 31 March 1999. Such report was         
unqualified  and did not  contain a statement under Section 237(2), (3) or     
(4) of the Act  and such accounts  have  been  delivered  to  the  Registrar   
of  Companies.  The statutory   accounts  for  the  year  ended  31  March     
2000  incorporate  an unqualified  audit  report (which does not contain a     
statement  under  Section 237(2),  (3)  or  (4) of the Act) and will be        
delivered to  the  Registrar of Companies following the Annual General         
Meeting of Cranswick.

2. Earnings  per  share is based on profit attributable to shareholders  and
   on the  weighted  average  number of shares  in  issue  during  the  year    
  of 16,622,017 (1999: 14,450,845). Adjusted earnings per share is based on     
 profit attributable to shareholders adjusted for goodwill amortisation.

3. Subject to shareholders' approval the final dividend will be paid on 8
   September 2000 to shareholders on the register on 28 July 2000.

4. The  Company  intends to post the Report and Accounts to shareholders  on
   28  June  2000. Further copies will be available upon request from the       
  Company Secretary, Cranswick plc, Cranswick, Driffield, East Yorkshire, Y025  
 9PF.
 
                              CRANSWICK
                                AUDITED
                        CONSOLIDATED BALANCE SHEET
                             31 March 2000

                                                   2000      1999
                                                  £'000     £'000
Intangible assets                                16,312     2,335
Tangible assets                                  24,815    18,870
                                                 41,127    21,205
Current assets
Stocks                                            6,189     6,563
Debtors                                          20,069    14,736
Cash at bank and in hand                          1,005       908
                                                 27,263    22,207
Creditors - amounts falling due within one year
Loan notes payable                                1,624     2,231
Bankloans                                         1,406     1,250
Bank overdraft                                    2,384     1,730
Hire purchase                                        97       142
Trade and other creditors                        16,076    12,820
Corporation tax                                   2,495     2,367
Proposed equity dividend                          2,075     1,452
                                                 26,157    21,992
Net current assets                                1,106       215
Total assets less current liabilities            42,233    21,420

Creditors - amounts falling due after more 
than one year
Bank loans and hire purchase                      5,339     1,900

Deferred taxation                                 1,002       683

Government grants                                   296       215

Total assets less liabilities                    35,596    18,622

Capital and reserves
Called-up share capital                           1,887     1,462
Share premium account                            20,090     6,629
Profit and loss account                          13,299    10,223
Equity shareholders' funds                       35,276    18,314
Equity minority interest                            320       308

                                                 35,596    18,622

                                CRANSWICK
                                 AUDITED
                        CONSOLIDATED CASH FLOW STATEMENT
                       for the year ended 31 March 2000
 
                                                   2000      1999
                                                  £'000     £'000
Operating activities
Net cash inflow from operating activities        12,293    13,641
Returns on investment and servicing of finance
Hire purchase interest paid                        (54)      (40)
Bank interest paid                                (664)     (674)
                                                  (718)     (714)
Taxation paid                                   (3,421)   (1,307)

Capital expenditure and financial investment
Purchase of tangible fixed assets               (5,710)   (3,291)
Government grants received                           40         -
Proceeds of sale of tangible fixed assets           355       143
Net cash outflow for capital expenditure and 
financial investment                             (5,315)  (3,148)

Acquisitions and disposals
Purchase of subsidiary undertaking              (2,194)   (2,252)
Net cash acquired with subsidiary undertaking   (1,708)      560
Part purchase of minority interest                (573)        -
                                                (4,475)   (1,692)
Equity dividends paid                           (2,087)   (1,621)

Cash (outflow)/inflow before financing          (3,723)    5,159

Financing
Issue of ordinary share capital                    234       162
New medium term loan                             5,000         -
Medium term loan repayments                     (1,250)   (1,523)
Loan note repayments                              (607)         -
Capital element of hire purchase payments         (200)     (160)
Net cash inflow/(outflow) from financing          3,177   (1,521)
(Decrease)/Increase in cash in the period         (546)    3,638

RECONCILIATION OF OPERATING PROFIT TO NET
CASH INFLOW FROM OPERATING ACTIVITIES

Operating profit                                  9,631    7,767
Goodwill amortisation                               461       39
Depreciation (net of government grants)           2,331    2,007
Loss/(profit) on sale of tangible fixed assets       68      (28)
Decrease in stocks                                  733    1,238
(Increase)/decrease in debtors                  (2,566)    1,513
Increase in creditors                             1,635    1,105
Net cash inflow from operating activities        12,293   13,641