Revenue and profits up for listed food producer

Revenues for Hull-based food business Cranswick have climbed to £770m, up from £719m in 2018.

The company has today published its unaudited results for the six months ended 30 September 2019, which also include a rise in adjusted pre-tax profits to £46.4m, up from £44.8m last year.

Cranswick has hailed what it says is a “robust performance in a competitive UK market”, noting its total export revenue is up 65%.

It has highlighted the commissioning of a £75m primary poultry processing facility in Eye, Suffolk, which began earlier this month, record first half capital expenditure of £56m and the completion of a £14m extension to its Hull cooked meats facility.

The firm notes that its acquisition of Katsouris Brothers has further broadened its non-meat activities.

Adam Couch, Cranswick’s chief executive officer, said: “We have made a positive start to the year with reported revenue growth of 7.1% underpinned by a very strong performance in our Far East export markets. The UK market remains highly competitive.

“We have again invested at record levels across our asset base to position the business for future growth. The Katsouris Brothers business, acquired in July, has been integrated successfully and is performing in line with our expectations.

“I remain confident that continued focus on the strengths of our business, which include long-standing customer relationships, breadth, quality and relevance of our products, robust financial position and industry leading infrastructure, will support the further successful development of Cranswick over the near and longer term.”

Cranswick employs over 11,000 people and operates from 16 production facilities in the UK.

The Group supplies the major grocery multiples as well as the premium and discounter retail channels. And it has a strong presence in the ‘food-to-go’ sector, as well as a growing export business. 

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