Food producer brings home the bacon
Leading UK food producer Cranswick has revealed an increase in revenue in its unaudited half year results to 26 September 2020.
The Hull-based business saw revenues rise to £931.6m in the period, resulting in a profit before tax increase of 30.8% to £60.7m.
The increase marks a strong start to the financial year and comes off the back of a 2019/20 performance that saw revenues rise to £1.76bn.
The group said that despite the “extremely difficult Covid-19 environment” which saw working practices adopted and the short-term closure of some of its site in Ballymena and reduced capacity at Watton, colleagues had continued to produce and supply food, resulting in strong growth. As a result of this a special “thank you bonus” of £500 has been paid to all site-based employees.
Adam Couch, Cranswick’s chief executive officer commented: “We have made a strong start to the year. Although we remain cautious about the longer-term economic impact of Covid-19 and the continued uncertainty surrounding the ongoing Brexit negotiations, we are well positioned to address these challenges.”
Looking ahead the ongoing uncertainty of a trade deal with the EU once the transition period ends on 31 December is adding “volatility within the Group’s supply chains and uncertainty within the Group’s customer base”.
In readiness for changes the group has recruited a specialist customs team, rolled out training, secured broker capacity and implemented new systems and processes to minimise any disruption caused at the start of 2021.
Couch added: “Our outlook for the current year is unchanged and we have a solid platform from which to continue Cranswick’s successful long-term development.”