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.
- market share
- Kingston Foods
- new products
- financial year
- gain market
- pork retail packing
- hull last month
- customer base develop
- develop new products
- base develop new