Record Annual Sales and Capital Investment at Cranswick
Driven by robust growth across all product categories – Fresh Pork, Convenience, Gourmet Products and Poultry – as well as a 30.2% increases in exports, Cranswick, the UK food group, has increased total revenue by 18% to a record £1.464.5 billion for the year ended 31 March 2018. Like-for-like revenue increased 13% over the prior year with corresponding volumes 8% ahead. Adjusted profit before tax for the year increased 22% to £92.4 million and adjusted earnings per share rose 20% to 145.0 pence.
Adam Couch, chief executive of Cranswick.
Cranswick also reported record capital expenditure of £59 million to add capacity, extend capability and drive efficiencies. The expenditure on the new site for Continental Products at Bury in Lancashire was the main individual item and this is now complete and being commissioned, as planned. The major investment going forward is in the Poultry business. Planning approval has been granted for new world-class poultry primary processing facility in Eye, Suffolk, with further associated investment to upscale existing milling and hatchery operations.
Cranswick is involved in the breeding and rearing of premium British pigs and also supplies fresh pork, fresh chicken, gourmet sausages, cooked meats, premium cooked poultry, air-dried bacon and gammon, continental products and pastry products. Products are sold primarily under retailers’ own labels including Sainsbury’s ‘Taste The Difference’ and Tesco ‘Finest’.
Adam Couch, chief executive of Cranswick comments: “We have delivered a strong financial performance for the year and made further progress in delivering our strategy. We grew like-for-like revenue by 13 per cent and increased adjusted profit before tax by 22 per cent. We spent a record £59 million across our already well invested asset base. This brings the total investment in our infrastructure over the last eight years to over £270 million.”
He adds: “Over the last 12 months we have strengthened our asset base, enhanced market positions and developed new customer relationships. We continue to make good progress against each of our strategic objectives and we are well placed to continue our successful development in the current financial year and over the longer term.”
