Cranswick cooks up ‘robust’ performance
Food producer Cranswick has said that despite ongoing labour and supply chain challenges it has delivered a “robust” performance in a third quarter trading update.
The Hull-based business noted that the shift in consumer demand as a result of the pandemic was seeing UK retail remain strong and added that the period which ran until 25 December 2021, was “comfortably ahead of the same period in 2020”.
The positive figures follow a first half which saw like-for-like revenues at the firm have rise 6.4% to £993.1m.
The business did note however that it was experiencing some challenges particularly with regards to Far East exports as a result of falling market prices and the suspension of its primary pork processing facility’s China export licence.
The company also highlighted that the UK pork sector was facing commercial and operational issues noting it would continue to “lobby the government for sector support” which it explained should include the reinstatement of Chinese export licences and action to address the “acute shortage of skilled butchers”.
Adam Couch
Adam Couch, CEO of Cranswick said: “We have delivered another strong quarter of growth.”
Adding that the performance was “built on the positive and sustainable progress delivered in the first half of the year”.
Looking ahead the business noted that it would continue to invest at speed in order to increase capacity and new capability with work on its £31m premium breaded poultry facility in Hull continuing ahead of it being commissioned early in the next financial year.
Couch said: “Our outlook for the current year is unchanged and we have a solid platform from which to continue Cranswick’s successful long-term development.”
