Interim Results - Pre-tax Profit Up 20%

Cranswick PLC
17 November 1999

CRANSWICK plc INTERIM RESULTS: ANOTHER RECORD 

Cranswick plc, the pet, agribusiness and food group which reported 
its eleventh consecutive year of increased profits in May, 
announces its unaudited results for the six months ended 
September 30, 1999, which are its best yet.

Highlights:

* Pre-tax profit up 20 per cent at a record £2.9 million 
  (1998: £2.4 million)
* Earnings per share up 17 per cent at 13.6p (1998: 11.6p)
* Earnings per share up 21 per cent before amortisation of 
  goodwill
* Interim dividend up 11 per cent at 4.0p (1998: 3.6p)
* Increase in sales of value added products 
* Second half acquisition of Pethick

Jim Bloom, Chairman of Cranswick, said:  'These results would 
not be possible without the tremendous efforts made by all at 
Cranswick in seeking continuous improvement in operating 
efficiencies at each of our businesses.  Our people at Cranswick 
have proved yet again their expertise in continuing the growth 
of the Company.

'The challenging trading environment of the first half of the 
year will continue into the second half.  We have an excellent 
management team and committed employees who will meet these 
challenges as before. The strategy remains unchanged'.


For further information:
Martin Davey, Chief Executive
John Lindop, Finance Director
Cranswick plc                077 7557 6426  (from 11.30 to 14.30)

Paul Quade
Paternoster Partnership Ltd  077 7048 8695


CRANSWICK plc
STATEMENT TO SHAREHOLDERS

Results

The Company continues to make good progress. Profit before 
taxation in the six months to September 1999 increased by 
20 per cent to £2.9m from £2.4m in the same period last year. 
Earnings per share were 13.6p, a rise of 17 per cent compared 
to last year's 11.6p. Before amortisation of goodwill, profit 
before tax was £3.0m and earnings per share 14.0p, increases 
of 22 per cent and 21 per cent respectively. These results 
would not be possible without the tremendous efforts made by 
all at Cranswick in seeking continuous improvement in operating 
efficiencies at each of our businesses. 

Review of Activities

                      Turnover (£m)

                    1999        1998
Pet                  9.3         9.2  Avian and aquatic products
Agri                32.4        37.3  Pig feed and pig marketing
Food                52.7        44.5  Pork, ham and sausages
Less: Internal     (23.2)      (21.9)
                   ------      ------
External            71.2        69.1
                    ----        ----


Turnover in the pet business was slightly ahead of last time. In 
the small animal food and bird seed activities of Buckton's there 
was an increase in the value added sales of pre-packed small animal 
food and a reduction in sales of products with less opportunity to 
enhance value. In the Tropical Marine aquatics business the 
increase in sales of both fish and dry goods was encouraging.

Cranswick Mill, our agribusiness activity, achieved an increase in 
sales volumes of pig feed, which was very pleasing considering the 
reduction in the UK pig herd, although the number of pigs marketed 
was below the levels of a year ago. These changes in volumes along 
with a reduction in the average selling price of pig feed were the 
factors which led to the 13 per cent reduction in agribusiness 
turnover.

The increase in turnover of the food manufacturing business 
reflects the rise in sales of value added lines such as marinaded 
pork products and hams at Cranswick Country Foods, and sausages 
at Cranswick Gourmet Sausage Co. and Mr Lazenby's. We see 
opportunities for further growth in these value added areas and 
have recently expanded the business with the acquisition of 
Pethick's. This acquisition, which was completed in October and 
therefore is not included in the six months' figures, is performing 
in line with expectations. We welcome David Pethick and his 
colleagues to the Company.

Cashflow

Net borrowings increased by £5.4m to £11.7m in the six month 
period compared with a reduction of £1.4m in the same period last 
year. Working capital increased by £5.9m, the main factors being 
an increase in stocks of £1.7m, principally a seasonal build-up 
in the pet activities, and debtors were up by £4.2m, mainly within 
the food activities. Capital expenditure amounted to £1.8m 
largely comprising production facilities and equipment in food 
manufacturing and £0.6m was spent on acquiring one third of the 
minority interest in Cranswick Gourmet Sausage Co. Gearing was 
59 per cent and interest cover 10 times.

Dividend

The interim dividend is to be increased from 3.6p per share 
to 4.0p, up 11 per cent. The dividend will be paid on 
28 January 2000 to shareholders on the register at the close 
of business on 10 December 1999. Shareholders will again have the 
option to receive the dividend by way of scrip issue.

Employees

Our people at Cranswick have proved yet again their expertise 
in continuing the growth of the Company. Well done.

Outlook

The challenging trading environment of the first half of the 
year will continue into the second half. We have an excellent 
management team and committed employees who will meet these 
challenges as before. The strategy remains unchanged. We will 
continue to focus on specialist areas within the pet, agribusiness 
and food sectors as we take the Company forward.





Jim Bloom                               Martin Davey
Chairman                                Chief Executive
17th November 1999




                                CRANSWICK plc
                      UNAUDITED PROFIT AND LOSS ACCOUNT
                 for the six months ended 30 September 1999 


                               Half Year             Year to
                                                    31 March

                              1999     1998             1999

                             £'000    £'000            £'000

Turnover                    71,226   69,054          135,560

Operating profit             3,234    2,833            7,767
Interest charge                321      400              721
                           -------   ------          -------

Profit before taxation       2,913    2,433            7,046
Taxation                       843      706            2,006
                             -----    -----            -----

Profit after taxation        2,070    1,727            5,040
Equity minority interest        79       57              129
                             -----    -----            -----
Profit attributable to 
shareholders                 1,991    1,670            4,911
Equity dividends               753      523            1,975
                             -----    -----            -----

Retained profit              1,238    1,147            2,936

Earnings per share: basic     13.6p    11.6p            34.0p
                  : diluted   13.3p    11.3p            33.0p

Dividends per share            4.0p     3.6p            13.5p

Notes

1. Operating profit is stated after charging goodwill amortisation 
of £59,000 (1998-£nil). Basic earnings per share before goodwill 
amortisation are 14.0p (1998-11.6p)

2. Earnings per share is based on the profit attributable to 
shareholders and the average number of ordinary shares in issue 
of 14,655,895 (1998-14,375,946). The calculation of the diluted 
earnings per share is based on 15,009,749 (1998-14,807,558) 
ordinary shares.

3. The taxation charge for the six months to 30 September 1999 
reflects the estimated rate for the full year.

4. The accounting policies used in the preparation of the 
financial statements for the six months to 30 September 1999 are 
the same as those used for the statutory accounts for the year 
ended 31 March 1999.

5. Accounts for the year ended 31 March 1999 received an 
unqualified audit report and have been filed with the Registrar 
of Companies. These financial statements are an abridged version 
of those accounts.

6. The Company intends to post the Interim Statement to 
shareholders on 19 November 1999. Further copies will be 
available upon request from the Company Secretary, Cranswick plc, 
Cranswick, Driffield, East Yorkshire, YO25 9PF.



                                CRANSWICK plc
                          UNAUDITED BALANCE SHEET
                          as at 30 September 1999


                                                        31 March

                                    1999      1998          1999
                                   £'000      £'000        £'000
Fixed assets
Intangible fixed assets            2,721          -         2,335
Tangible fixed assets             19,544     16,394        18,870
                                  ------     ------        ------
                                  22,265     16,394        21,205
Current assets
Stocks                             8,216      6,739         6,563
Debtors                           18,950     15,582        14,736
Cash at bank and in hand           1,175        285           908
                                  ------     ------        ------
                                  28,341     22,606        22,207
                                  ------     ------        ------

Creditors - amounts falling 
due within one year

Loan notes payable                 1,924        900         2,231
Bank loans                         1,094      1,250         1,250
Bank overdraft                     8,413      3,730         1,730
Hire purchase                        170        114           142
Creditors                         12,810     10,527        12,820
Corporation tax                    3,190      1,755         2,367
Proposed equity dividends            753        523         1,452
                                  ------     ------        ------
                                  28,354     18,799        21,992
                                  ------     ------        ------

Net current (liabilities)/assets     (13)     3,807           215

Bank loans due after more 
than one year                     (1,250)    (2,344)       (1,719)
Hire purchase due after more 
than one year                        (52)      (151)         (181)
Deferred taxation                   (712)      (741)         (683)
Government grants                   (198)      (228)         (215)
                                 --------    -------       -------
Total assets less liabilities     20,040     16,737        18,622
                                  ======     ======        ======

Capital and reserves
Share capital                      1,469      1,452         1,462
Reserves                          18,312     15,049        16,852
Equity minority interest             259        236           308
                                  ------     ------        ------
                                  20,040     16,737        18,622
                                  ======     ======        ======



                                    CRANSWICK plc
                          UNAUDITED CASH FLOW STATEMENT 
                   for the six months ended 30 September 1999


                                     
                                                          Year to
                                        Half Year        31 March
                                      1999       1998        1999
                                     £'000      £'000       £'000
Operating activities
Net cash (outflow)/inflow from 
operating activities                (1,569)     4,687      13,641
                                    -------     -----      ------

Returns on investment and 
servicing of finance                     
Hire purchase interest paid           (30)        (15)        (40)
Bank interest paid                   (273)       (371)       (674)
                                     -----       -----       -----
                                     (303)       (386)       (714)
                                     -----       -----       -----

Taxation received/(paid)                9        (255)     (1,307)
                                     ----        -----     -------

Capital expenditure and 
financial investment
Purchase of tangible fixed assets  (1,782)     (1,534)     (3,291)
Proceeds of sale of tangible 
fixed assets                           58         146         143
                                   -------     -------     -------
                                   (1,724)     (1,388)     (3,148)
                                   -------     -------     -------

Acquisitions and disposals
Part purchase of minority interest   (573)          -           -
Purchase of subsidiary undertaking      -           -      (2,252)
Net cash acquired with subsidiary 
undertaking                             -           -         560
                                     -----    --------     -------
                                     (573)          -      (1,692)
                                     -----    --------     -------

Equity dividends paid              (1,380)     (1,128)     (1,621)

Cash (outflow)/inflow before 
financing                          (5,540)      1,530       5,159
                                   -------     -------     -------

Financing
Issue of ordinary share capital       161         161         162
Medium term loan repayments          (625)       (625)     (1,523)
Loan note repayments                 (307)          -           -
Capital element of hire 
purchase payments                    (101)        (56)       (160)
                                    ------       -----     -------
Net cash outflow from financing      (872)       (520)     (1,521)
                                    ------       -----     -------

(Decrease)/increase in cash in 
the period                         (6,412)      1,010       3,638
                                   =======      =====       =====

Reconciliation of operating 
profit to net cash (outflow)/
inflow from operating activities
Operating profit                   3,234        2,833       7,767
Depreciation (net of government 
grants)                            1,030        1,048       2,007
Goodwill amortisation                 59            -          39
Profit on sale of tangible fixed 
assets                                (8)         (19)        (28)
(Increase)/decrease in stocks     (1,653)         858       1,238
(Increase)/decrease in debtors    (4,216)         (34)      1,513
(Decrease)/increase in creditors     (15)           1       1,105
                                  -------       ------     -------
Net cash (outflow)/inflow from 
operating activities              (1,569)       4,687      13,641
                                  -------       -----      ------