Robust Performance by Cranswick
UK food group Cranswick has recorded its highest ever sales and second best trading profit in its history for the year ended 31 March 2012, despite strong raw material price increases early in the financial year and a continued challenging environment for the consumer.
Underlying sales rose 10% in the year to £821 million, reflecting growth across most product sectors but especially in sales of bacon, fresh pork and sausages. Operating profit dropped 5% to £46.7 million but pre-tax profit rose 3% to £ 48.4 million after a non-recurring gain of £2.6 million.
Cash flow in the period remained robust notwithstanding the investment in the company’s asset base of £20 million to expand production capacity, improve efficiency and broaden the product range. Cranswick has well invested facilities which, across the sectors in which it operates, are amongst the most efficient production sites in the UK.
Bernard Hoggarth, chief executive of Cranswick, will be standing down from his position at the forthcoming annual general meeting, to be held on 1 August 2012, and will take up the part-time role of commercial director. Adam Couch, currently chief operating offices, will then succeed him as chief executive. Adam Couch has been with Cranswick for over 20 years.
