LFLs up 5% at Cranswick
Cranswick, the UK-based processor, this morning revealed a 5% growth in third-quarter like-for-like sales.
It added that volumes of its products, which include fresh pork, sausage, bacon, cooked meats, charcuterie and sandwiches, had also increased by 10% on a like-for-like basis.
The company also said that following a period of “significant capital expenditure”, its net debt had grown from £42m to £54m – however it was still below the £67m it had been at the same point last year.
During the period, the new abattoir at the company’s primary pork processing site and the extension to the Lazenby’s sausage facility, both in Hull, were completed. Cranswick said that commissioning work was continuing at the group’s air-dried bacon facility at Sherburn-in-Elmet, near Leeds.
These facilities provide the “company with substantial additional capacity and the potential to deliver ongoing efficiency improvements”, said Cranswick.
In a statement, it added: “With experienced management throughout the group and a well invested asset base, the board, while mindful of the challenges facing the consumer this year, remains confident in the continued successful long-term development of the business.”
It also revealed it had acquired the freehold of one its plants for £7.3m. The acquisition of its premises at Wombwell near Barnsley, a cooked meat facility, had “strengthened its asset base”.