Pork and sausage producer Cranswick, whose shares have doubled over the past 12 months, has hit a new high of 914p on profits up £5.4 million for the year to March to £16.3 million pre-tax. Elliott Davis reports.

Fully listed Cranswick's £11.7 million acquisition of meat and delicatessen supplier Continental Fine Foods last July seems to have been the key factor in last year's growth. Revenues rose from £192.6 million to £225.6 million.

Continental chipped in some £24 million of revenue during the period and, though chief executive Martin Davey will not reveal its exact profit contribution, he hints that 'it has beaten all expectations. We will probably be paying the full performance-related deferred consideration [for Continental]', he comments.

Back in July, Cranswick (CWK) said that the maximum amount would be £3.5 million. That depended on Continental achieving at least a £4.1 million pre-tax profit for the year to July.

But, while Davey admits that 'Continental has been the headline grabber', he asserts that 'we have seen strong growth across the entire group'. This implies a continued strong performance from Cranswick's much smaller agricultural/feed division and pet business.

Finally, as Cranswick's shares have performed so well of late, plans for a one-for-one bonus issue have been revealed. Davey explains the move is designed to improve liquidity in the shares.

Following today's 47p rise to 918.5p Cranswick is valued at £185.7 million.