Food producer to reap benefits of capital investment programme

East Yorkshire-based food producer, Cranswick, has reported its revenues as being 6.7% ahead of the same period last year in a first quarter trading update.

In its update for the 13 weeks to 29 June 2024, the firm attributes this rise to strong volume growth which, in turn, reflected business wins and a return to promotional activity across its customer base.

The business adds that its premium product ranges performed particularly well.

Adam Couch, CEO, said: “We have made a strong start to the year, delivering another quarter of strong revenue growth.

“Our continued capital investment programme, including integration of agricultural supply chains, will further enhance operating efficiency and support UK food security as we continue to deliver on our long-term growth strategy.

“Our poultry business is growing strongly and the substantial investment we are making in our two value-added facilities in Hull will create the headroom for further expansion in this category.

“We have added to our pig herd during the quarter and, going forward, we expect to make further investment in our agricultural operations to ensure supply chain security and value optimisation.”

Cranswick notes that during the first quarter it completed the acquisition of a long-standing existing supplier of outdoor bred pigs, based in East Anglia. These farms will be integrated into its Wayland Farms operation, further increasing self-sufficiency in premium British pigs.

The business says it remains in a robust financial position with committed, unsecured facilities of £250m providing comfortable headroom.