New Cranswick COO announced as profits soar
Sausage, bacon and pork producer Cranswick has reported strong full-year sales, but warned of a “demanding” year to come.
Cranswick reported an 8% increase in pre-tax profits, rising to £47.1m in the year to the end of March compared with £43.8m last year. Underlying like-for-like sales increased by 4% at £758m despite the slowdown in consumer food expenditure.
Fresh pork and bacon revenues were the strongest performers, both rising by 17%. Sausage sales rose by a more muted 7%, but charcuterie fell by 14%, following a major customer switching supplier.
Cranswick chairman Martin Davey said: “This has been a very positive year for Cranswick. Record levels of sales and profitability have been achieved and substantial investment has been made in the asset base to improve efficiency and to provide the capacity for continued growth.”
However, he added a note of caution: ”The difficulties facing the UK consumer, along with rising raw material prices and the dynamics of the competitive market in which the company operates suggests that the year to 31 March 2012 may be more demanding than usual.”
The company also announced fresh pork managing director Adam Crouch has been promoted to chief operating officer.
As part of the company’s development of its Preston site, it has been accredited by the United States Department of Agriculture (USDA), which paves the way for exporting specific products to the US market.
Other major capital expenditure over the last year has included the abattoir development in fresh pork, expansion of the air-dried bacon facility in Sherburn and investment in sausage production in Norfolk. Robotic technology was introduced for the first time in a UK fresh pork facility at the Preston site, with capacity increasing by 50%. The company also transferred its cooked meat facility to a joint venture in March.
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