Companies: CWK   

Shares in pork producer Cranswick reached an all-time high as the company shrugged aside the foot-and-mouth crisis to produce full year profits up 26% to £11.7m on £192.6m (£157.3m) of sales. With the last five weeks of the year to March coinciding with the start of the foot-and-mouth outbreak, Cranswick had to shell out around £300,000 to take precautions against the disease. However, while agricultural businesses, pub operators and even the odd software company had to issue profits warnings, Cranswick easily surpassed market expectations. Leading the way was the group's pork products business, which accounted for 63% of all sales.The company's agricultural business, which includes the manufacture and sale of animal feeds, also performed strongly, sales rising 50% to £52.3m. This was achieved despite a 16.5% reduction in the UK's pig herd. Chairman Jim Bloom claims 'the current year has started well' and Barney Gray of independent broker Beeson Gregory increased his 2002 profits forecast from £12.5m to £12.7m. With the shares at an all-time high of 467.5p, Davey remains more cautious, stressing that exceptional costs associated with foot-and-mouth will continue for several months yet. At current levels though, the group is considerably undervalued.