Listed meat producer invests record £41m during half-year period

FTSE250 meat producer Cranswick has reported a half year “in line with expectations” in a period it spent £41m to focus on further growth.

This morning publishing its results for the six months ended 30 September 2018, the firm reported a record H1 capital expenditure of £41m to “provide the platform for future growth”. It also began construction of a new, world-class, £60m primary poultry processing facility in Eye, Suffolk and commissioned a £27m Continental Foods facility in Bury, Lancashire.

Its revenues for the period stood at £719.2m (2017: £714.6m) and pre-tax profit was £44.8m (2017: £44.4m)

Adam Couch, Cranswick’s Chief Executive Officer, said:“The first half performance was in line with our expectations.  They were achieved despite more uncertain domestic market conditions and softer pricing in key export markets.

“The Group’s capital investment programme remains firmly on track.  During the period we spent a record £41 million across our already well invested asset base as we build a platform for future growth.

“Our new £27 million Continental Products facility in Bury, Lancashire was commissioned during the period.  We have also invested heavily in the Group’s agricultural operations and construction of a £60 million class-leading, primary poultry processing facility in Eye, Suffolk, which is due for completion towards the end of the next financial year, is now well underway.

“The Board is confident that continued focus on the strengths of the Company, which include its long-standing customer relationships, breadth and quality of products, developing export channels and asset infrastructure, will support the delivery of its expectations for the current year and its further successful development over the longer term.”

 

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