Sales sizzle for Cranswick

CRANSWICK, the Yorkshire food producer, today said its outlook for the future was bright as it revealed that annual sales were up.

In a trading statement ahead for the publication of its results for the year to March 31, the Hull-based business said underlying sales increased by 5%.
 
Total sales for the year were 7% higher after taking into account the contribution from Kingston Foods which was acquired by the company last June.
 
Operating margins are expected to be broadly in line with those reported in the previous financial year, the group said.
 
Cranswick, which won a £30m deal to become Asda’s main fresh pork supplier in January, said it had invested £30m in its asset base during the year to provide additional capacity as the group continued to add to its customer base, develop new products and categories and gain market share. 

“The on-going substantial investment continues to drive operational efficiencies and deliver class leading production facilities for the Group’s customers,” Cranswick said.
 
The investment has included the commissioning of a new fresh pork retail packing facility in Hull to cope with new business.
 
Cranswick also said that the development of its new pastry facility in Malton, North Yorkshire, remained “on schedule and to budget”, with first commercial production expected in the first quarter of its new financial year.
 
Cranswick said it was in a healthy financial position with year-end net debt being in line with the previous year.
 
It added: “The group is in a sound financial position, with committed, unsecured facilities of £100m which provide generous headroom going forward.
 
Looking ahead, Cranswick said: “The group welcomes recent moves by some of its retail customers to look toward a more integrated and transparent supply chain. These initiatives are reflected in Cranswick’s continued and unstinting focus on provenance, food safety, product quality and customer service.
 
“The business has a well invested asset base, loyal and skilled teams, a great range of products and a strong financial position and the board looks forward positively to the continued long term development of Cranswick.”