A strong but in line set of FY16 finals from Cranswick this morning. In the period EPS grew by a strong 14% and the DPS lifted by 10%. We note the diversification into poultry has been positive and the recent Crown acquisition was a good complimentary deal. We do not envisage much change to consensus forecast this morning. The shares after a fantastic run in the last 12m on a YR1 P/E of 20x look broadly up with events. We move back from Buy to Hold.
