Cranswick’s “record of growth” continues

CRANSWICK has continued its “record of growth” after announcing positive results this week.

The Hull-based food producer announced its results for the year to March, 31 with revenue increasing by 7% to £875m (2012: £821m).

Underlying sales were ahead by 5% and operating profit before impairment  was up 7% at £50m (2012: £46.7m).

The business said sales of fresh pork, cooked meats, bacon, sausages and sandwiches all grew strongly. It also said pastry sales had grown particularly strongly and there was a growing contribution to revenues from the group’s export markets.

Cranswick chairman Martin Davey said:  “This has been a positive year for Cranswick. Further progress was achieved in trading and investment was made for this progress to continue over the longer term.
 
 “Operating cash flow in the year was strong and after significant investment in the asset base and the acquisition of cooked meats supplier Kingston Foods, year end net debt stood at £20.1m compared to £21.7m a year earlier.
 
“Investment elsewhere in the business contributed additional capacity and operating efficiencies which in turn have enabled the company to absorb some of the inflationary pressures within the supply chain. This, along with substantial new business from customers later in the year, were significant features of the year’s trading.

“The company’s well invested asset base, providing efficient means of production and headroom for future growth, along with an experienced management team and a robust balance sheet should enable it to capitalise on opportunities that arise.”
 
Earlier this year, Cranswick acquired pig rearing business East Anglian Pigs. It also won a £30m deal to become Asda’s main fresh pork supplier and bought a site in Hull – a former fish auction house – to meet the surge in demand.

The group also announced today the appointment of Kate Allum as a non executive director.
 
Ms Allum is currently chief executive of First Milk Limited and former head of European supply chain for McDonalds and will join Cranswick on July, 1.