FDBusiness.com

Despite a challenging trading environment, Cranswick, the UK food producer, has reported a 1.8% increase in like-for-like adjusted group operating profit to £92.3 million on revenue down by 1.9% to £1.437 billion for the year ended 31 March 2019. Strong revenue growth from poultry, sausages and continental products partly offset lower year-on-year revenue in other pork related categories, while poultry and continental products significantly outperformed overall category market growth throughout the year. Cranswick’s like-for-like export revenues increased by 3.1% year on year, with Far East export volumes 16.1% ahead on an equivalent basis.

On a like-for-like basis, adjusted group operating margin at 6.4% was 12 basis points higher in what was a year of record capital expenditure, as Cranswick invested £79 million to add capacity, extend capability and drive efficiencies during the period. Construction of the new world-class poultry primary processing facility in Eye, Suffolk is progressing to plan, and Cranswick’s new Continental Foods facility in Bury, Lancashire has been completed and commissioned.

Adam Couch, chief executive of Cranswick, comments: “The last year was one of consolidation following three years of very strong growth. We delivered this year’s results against a backdrop of highly competitive market conditions and ongoing, Brexit related, political and economic uncertainty. We invested at record levels across our asset base and made further strong progress against our strategic objectives. We continue to build a platform and lay down the pipeline for future growth.”

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