Major acquisitions see FTSE250 meat producer’s revenues and profits soar

FTSE250 meat producers Cranswick has seen revenues rise 22.5% to £1.24bn, boosted by two major acquisitions.

Hull-based Cranswick snapped up poultry business Crown Chicken for £40m in April 2016, a deal which is shortlisted in the Public Markets Deal of the Year at TheBusinessDesk.com’s Rainmaker Awards next month, while the group’s aquisition of Dunbia Ballymena in November 2016 saw it further strengthen its UK pork processing capability.

For the year ended March 31, 2017, Cranswick’s revenue came in at £1.245bn, up from£1.016bn in 2016, while adjusted profit before tax increased to £75.5m, a 17.2% rise from £64.4m the year before.

The group said the seocnd phase of the upgrade to its primary processing facility in Norfolk was completed in the period, and that work is underway on a £25m Continental Foods facility in Bury, Lancashire.

Cranswick made further strong progress in key export markets, with Far East revenues ahead by 49%.

Adam Couch, Cranswick’s chief executive, said: “We have reported another year of strong growth in financial results, during which we have also made further strategic and commercial progress.

“We enter the new financial year in excellent shape having added to our asset base, enhanced market positions and successfully integrated our two strategically important acquisitions during the last twelve months. We have further strengthened the solid foundations of our business and we believe we are well placed to continue to deliver sustainable organic growth going forward.”

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