FDBusiness.com

Cranswick has made a positive start to the year with revenue up 7.1% to £770.0 million for the six months ended September 2019, compared to the corresponding period a year ago, and adjusted profit before tax 3.6% higher at £46.4 million. Like-for-like revenue, excluding the acquisition of Katsouris Brothers, was 5.4% higher.

Cranswick is a leading and innovative supplier of premium, fresh and added value food products. The business employs over 11,000 people and operates from sixteen well invested, highly efficient production facilities in the UK.

During the first half, Cranswick delivered a robust performance in the competitive domestic market and encouraging developments in key export markets. The group further broadened its non-meat activities with the acquisition of Katsouris Brothers and continued record levels of investment in the asset base.

Net debt at the end of the period rose to £113.7 million reflecting primarily the acquisition of Katsouris Brothers (£41.3 million net cash consideration), the substantial capital expenditure programme and recognition of IFRS 16 lease liability (£46.5 million).

Adam Couch, chief executive of Cranswick, comments: “We have made a positive start to the year with reported revenue growth of 7.1% underpinned by a very strong performance in our Far East export markets. The UK market remains highly competitive. We have again invested at record levels across our asset base to position the business for future growth. The Katsouris Brothers business, acquired in July, has been integrated successfully and is performing in line with our expectations.”

He continues: “I remain confident that continued focus on the strengths of our business, which include long-standing customer relationships, breadth, quality and relevance of our products, robust financial position and industry leading infrastructure, will support the further successful development of Cranswick over the near and longer term.”