Food manufacturer serves up sustainable growth
Food producer Cranswick says it has achieved sustainable progress in the face of labour and supply chain problems, as it issues its unaudited results for the 26 weeks ended 25 September 2021.
Like-for-like revenues at the firm have risen 6.4% to £993.1m from £931.6m. And adjusted pre-tax profits are up 12.5% to £68.3m from £60.7m.
Cranswick has expanded its convenience food category following two complementary bolt-on acquisitions, further strengthening its non-meat range.
The Hull-based business reports a total capital expenditure of £41m across its asset base to support a strong growth pipeline.
And it notes it is managing to cope with “unprecedented industry wide labour and supply chain challenges”, with excellent customer service levels maintained.
Adam Couch, chief executive officer, said: “We have made further positive and sustainable progress during the first half of the year, delivering revenue and earnings growth in an incredibly challenging operating environment.
“We have made excellent headway in delivering our Second Nature sustainability strategy with several major milestones reached during the period.
“These include achieving carbon neutral status across all 14 of our eligible manufacturing facilities and committing to purchasing 100% deforestation-free soya which we expect will result in a c.20% reduction in carbon compared to the previous system.
“We also continue to invest heavily in our people, in our product range and in capacity and capability across our asset base.
“Our new £31m Breaded Poultry facility is on track for completion in early FY23; when completed, this will be our fourth new-build production facility commission in the last five years with a combined total investment of over £180m.”
