Sales sizzle at Cranswick as multi-million pound investment drive continues

FTSE250 meat producer Cranswick has seen sales and profits soar as it continues to invest millions of pounds into the business.

Total revenue for the year to the end of March was £1.46bn, 18% ahead of the previous year and driven by robust growth across all product categories including further increases in exports, which were ahead by 30.2%.

Adjusted profit before tax increased 22.4% to £92.4m from £75.5m the year before.

The Hull company made record capital expenditure of £59m to add capacity, extend capability and drive efficiencies.

In the period, it secured planning approval for a major poultry primary processing facility in Eye, Suffolk with further associated investment to upscale existing milling and hatchery operations, while its new Continental Foods facility in Bury, Lancashire completed and is being commissioned.

Adam Couch, Cranswick’s chief executive, said: “We have delivered a strong financial performance for the year and made further progress in delivering our strategy.

“We spent a record £59m across our already well invested asset base.  This brings the total investment in our infrastructure over the last eight years to over £270m.

“Over the last 12 months we have strengthened our asset base, enhanced market positions and developed new customer relationships.  We continue to make good progress against each of our strategic objectives and we are well placed to continue our successful development in the current financial year and over the longer term.”

Looking ahead, Cranswick said trading in the current financial year, which will be weighted more towards the second half, has started in line with management’s expectations.

“The board believes that the company is well positioned to continue its successful development in the current year and going forward.”

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