Strong start for food producer Cranswick

Cranswick, the Hull-based food producer, has made a “positive” start to the year, with like-for-like revenue up 21% for its first three months.

In the three months to 30 June 2017, revenue was ahead 27% on the same period last year, which it says was underpinned by strong domestic volume growth.

Rising input costs were “partially mitigated” during the period, in which it also announced a £4m investment in acquisition Dunbia Ballymena.

Cranswick said that further progress had been made on the purpose-built continental products factory in Bury, Greater Manchester, which will consolidate current production from the Group’s two existing facilities.

Ongoing investment in its pork processing facilities both at Preston near Hull and at the recently acquired Ballymena site in Northern Ireland will increase pig processing capacity and drive further operating efficiencies, it said.

The group said it was in a “robust” financial position with committed, unsecured facilities of £160m which provide comfortable headroom.

In a statement this morning it said: “With experienced management at all levels of the Group, a strong range of products, a well-invested asset base and a robust financial position, the Board is confident in both the outlook for the current financial year, which remains unchanged, and the continued long-term success and development of the business.”