Cranswick reports rise in annual sales

Pork processor Cranswick has reported a 5% increase in underlying sales and a total sales growth of 7% for the year ending 31 March.

The UK food supplier has seen especially good sales in fresh pork, cooked meats and bacon.

In a statement, Cranswick confirmed: "Operating margins are expected to be broadly in line with those reported in the previous financial year."

The group invested £30m in new businesses, including commissioning a new pork retail packing facility in Hull last month, after winning a £30m deal to supply pork to Asda earlier this year. It has continued to broaden its customer base, develop new products and categories and gain market share.

Only 2% of the growth was due to acquisitions from Kingston Foods, which the group acquired last June.

Although pig prices have seen a decline, this was expected, due to demand retreats from Christmas. Partly currency-led, EU prices have risen and this is forecast to continue through the next few months.

Cranswick has also invested in a new pastry facility in Malton, South Yorkshire, which is expected to see its first commercial production in the first quarter of the new financial year.


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