Record results for food producer despite ‘unprecedented’ challenges
Hull-based food producer, Cranswick, has reported strong commercial and strategic progress as it publishes its preliminary results for the 52 weeks ended 26 March 2022.
Revenues for the period rose above £2bn (2021: £1.9bn), while the firm’s adjusted pre-tax profits were up 5.6% to £136.9m (2021: £129.7m). This is the first time the business has broken the £2bn revenue barrier.
Cranswick has recorded a robust balance sheet, with its new £250m bank facility providing significant headroom following refinancing.
And it reports a total capital expenditure of £93.7m across its asset base to support continued growth plans.
Adam Couch, chief executive officer, said: “In a year which has been unprecedented in terms of the scale and breadth of challenges we have faced, we have delivered our strategy at pace and our long-term growth plan remains firmly on track.
“The terrible events in Ukraine continue to profoundly impact our sector both at a humanitarian and an economic level.
“Trading in the new financial year has been in line with the Board’s expectations.
“Notwithstanding the challenging operating conditions we continue to experience, our outlook for the Group for the current year is unchanged. We have a solid platform from which to continue Cranswick’s successful long-term development.“
The business says “unprecedented” industry wide labour and supply chain challenges continue to be well managed with excellent customer service levels maintained. And it also purchased three complementary businesses during the year.