Revenues climb at food producer despite inflationary pressure
Food producer Cranswick has achieved strong revenue growth in its unaudited results for the 26 weeks ended 24 September 2022.
Total revenue for the period was £1.1bn, 12.4% higher than the £993.1m reported in the corresponding period last year. Adjusted pre-tax profits were £66m, 3.4% lower than the £68.3m reported last year.
Adam Couch, Cranswick’s chief executive officer, said: “We have made further commercial and strategic progress in what continues to be a relentlessly challenging operating environment.
“We continue to invest to meet the needs of our customers, building our capacity and capability whilst driving efficiency across new and existing facilities.
“Our outlook for the current financial year is unchanged. Notwithstanding the many challenges that we, our industry and the wider economy face, the strengths of our business, which include our diverse and long-standing customer base, breadth and quality of products and channels, robust financial position and industry leading infrastructure, will support the further development of Cranswick over the longer term.”
Hull-based Cranswick adds that inflationary pressure across the Group’s cost base continues to be well controlled.
It highlights a total capital expenditure of £38.1m across the Group’s asset base to add capacity, capability and drive efficiency.
A new £32m Breaded Poultry facility in Hull was successfully commissioned at the start of the period, with retail and food service customers now on board.
The company warns that the UK poultry industry is experiencing a virulent Avian Influenza season, with record numbers of protection and captive bird monitoring zones currently in place. The business says it is continuing to monitor events closely, with strict bio-security protocols enforced across all Cranswick farms.
