Record sales for Cranswick

CRANSWICK chief executive Bernard Hoggarth is to stand down later this year, it was announced this morning, as the food producer revealed revenues grew 8% last year.

Pre-tax profits at the Hull firm rose 3% to £48.4m although this included a one-off gain of £2.6m largely associated with the £14.5m sale of its interest in the Farmers Boy (Deeside) operation to supermarket group Morrisons earlier in the year.

The company said Mr Hoggarth wanted time to pursue other interests but would remain with the company as a part-time commercial director.

He will be succeeded by chief operating officer Adam Couch who has been at Cranswick for more than 20 years.

Chairman Martin Davey said: “Against a background of strong raw material price increases early in the financial year and a continued challenging environment for the consumer, the company recovered strongly during the second half and recorded its highest ever sales and second best trading profit in its history.
 
“Underlying sales rose 10% in the year and reflected growth across most product sectors.
 
“Cash flow in the period was robust notwithstanding the investment in the company’s asset base of £20m to expand production capacity, improve efficiency and broaden the product range.”

The board is recommending a final dividend of 19.5p, up 4% on last year.

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