Positive performance for Cranswick
CRANSWICK today said it is well placed to continue its long-term growth strategy as it announced a rise in pre-tax profit and revenue.
In its preliminary results for the year ended March 31 2014, the East Yorkshire-based food producer reported a 6% rise in adjusted pre-tax profit to £52.2m and a 12% rise in underlying revenues which climbed to £980.6m. The group invested £28m in its infrastructure during the year and today said it looks forward to the opportunities ahead.
Cranswick chairman Martin Davey said: “This has been a positive, albeit challenging, year for Cranswick. The business had to contend with record input prices, the impact on its customer base of the changing dynamics of UK food retailing and an environment where the consumer has been subject to ongoing financial constraints.
“Strong growth in both total and underlying sales was recorded and this reflected market share gains along with further growth in those categories in which the group is positioned in the UK market.”
Davey said export sales continue to grow at Cranswick, which during the year also invested in pig breeding and pig rearing activities, which operate under Wayland Farms and Wold Farms. Cranswick said this enhances it’s commitment to, and gives greater control over, a robust and integrated supply chain with a clear focus on premium British ingredients.
“The past year has seen another positive performance from the company and the board looks forward to the challenges and opportunities that lie ahead as it pursues the continuation of Cranswick’s successful long term development,” Davey added.
Further investment in new product categories came with the commissioning of the Yorkshire Baker pastry facility in Malton, North Yorkshire. The site produces a range of premium pastry products including pies, sausage rolls and quiches and was operational from summer last year.
Hull-headquartered Cranswick also announced today that Bernard Hoggarth, who stood down from the position of chief executive in 2012 and has continued since on a part-time basis, is retiring from the board at the forthcoming Annual General Meeting. John Worby will also be standing down from the board and Mark Reckitt, who joined the board as a non-executive director in May 2014, will take over as chairman of the Audit Committee.
