FOOD producer Cranswick is accelerating its growth on the back of its first £1bn year.
The Hull company said first-half sales to September were 10% ahead of last year, when it achieved revenues of £481.5m, which put it “slightly ahead” of expectations.
It attributed the growth to “strong volume growth across most product categories and a positive contribution from Benson Park”, a poultry business based in Hull which it acquired in October 2014.
In a statement to the stock market, Cranswick said: “With experienced management at all levels of the Group, a strong range of products, a well-invested asset base and a robust financial position, the Board remains confident in the continued long term success and development of the business.”
Despite a short-lived dip in its stock market price in August, when it briefly lost 10% of its value because of problems in China, it is currently trading 15% higher than the start of the year and closed last night at 1596p.
Cranswick continues to look forward, and a £6m investment in its Norfolk processing facility will begin shortly that will increase capacity and be part of its effort to get accreditation from the US Department of Agriculture for the site.
