Cranswick turns in strong performance
Meat and poultry supplier Cranswick has finished the financial year in a strong position following a “robust” fourth quarter.
The pork processor posted profit before tax of £52.2m for the 52 weeks to 31 March 2015, a 6.3% increase on the previous year.
Total revenue for the period was also up 14%, while underlying revenue was up 12%.
Chief executive Adam Couch said growth across most of the group’s product categories was driven by new product development and a broadening customer base.
“I am pleased to report that the business delivered a robust trading performance during the financial year, with total revenues ahead by 14%. Underlying revenues, which exclude the contribution from acquisitions, increased by 12%, reflecting strong growth across most of the group’s categories, driven by new product launches and a broadening customer base.”
Operational highlights included a £14m investment in pig breeding and rearing activities and a new gourmet pastry facility, fully commissioned, which resulted in a 138% increase in pastry sales.
Export sales volume also continued to grow for the company over the 52-week period, with new opportunities opening up beyond Europe.
“This performance was underpinned by market growth in the group’s core categories and by strong export volumes. Adjusted group operating profit increased by 6%, reflecting strong revenue growth, which was partly offset by the impact of higher input costs, particularly in the first half of the year. The pig rearing and breeding operations, which were acquired during the year, also made a positive contribution to the group’s performance,” Couch said in a statement.
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