Cranswick reports positive progress in year-end results
Pork processor Cranswick has posted sales of over £1bn due to “excellent strategic and commercial progress in the last year”, the company reported.
Cranswick posted its results for the year ending 31 March 2015, showing revenue up 0.8% to just over £1bn from £994.9m in 2014.
Profit before tax was up 10.6% to £57.8m. The company also reported 23% growth in non-EU export sales.
Operational achievements included the extension of the Delico cooked meats facility in Milton Keynes, completed on time and to budget, and a “major upgrade” to its Norfolk fresh pork site.
The Hull-based company also cited the acquisition of poultry producer Benson Park as successful in opening up the ‘food-to-go’ sector.
Cranswick chairman Martin Davey commented on the results: “Sales have exceeded £1bn for the first time, an achievement in which all at the company can be rightfully proud.
“The board’s strategy for the development of the protein base and customer profile of the business was illustrated by the acquisition, in October 2014, of Benson Park, a leading producer of premium British cooked poultry products, serving the fast-growing ‘food-to-go’ sector."
Davey was optimistic looking forward: “Following a year of significant commercial and strategic progress for Cranswick, the board looks forward to the opportunities that lie ahead. Cranswick benefits from some of the most efficient and well-invested production facilities in the UK food producer sector. This, in conjunction with our growing international export channels and strategy of diversifying our product portfolio, leaves the board confident that Cranswick is well positioned to continue its successful long-term development.”
This was echoed by Fiona Cincotta, at market analysts www.finspreads.com:"These results are even more impressive when you consider that they have been attained against a broadly flat UK food market and deflation across key pork categories. This therefore highlights the strong strategic position of Cranswick, which has diversified its protein base and customer profile through the acquisition of Benson Park a producer of cooked premium poultry products. This diversification has proved to be successful so far and paints a strong picture for the future of Cranswick."
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