Cranswick exceeds expectations in first half of 2015
Meat and poultry supplier Cranswick’s revenues for the first half of the year have exceeded board expectations.
Total revenues for the six months to 30 September 2015 were 10% up on the same period in 2014, while underlying sales were up 7%.
Its net borrowings were below the previous quarter end and comfortably lower than those of a year ago. The group is in a sound financial position, with committed, unsecured facilities of £120 million, which provide comfortable headroom.
The company plans to extend over the coming months, with the announcement that the next phase of development at its Norfolk primary processing facility will start in the third quarter. This £6m investment aims to increase capacity and operating efficiencies as well as underpinning the plant’s drive to gain US Department of Agriculture accreditation.
Cranswick added that its major capital investment programme at Benson Park remained on track and would be commissioned ahead of the 2015 peak Christmas trading period.
In a statement, the board expressed confidence that Cranswick would experience long-term success, thanks to its “strong range of products, well-invested asset base and robust financial position”.
It added: “Cranswick continues to work closely with its customers and to maintain its focus on service, quality and innovation to deliver exciting, competitively priced products in market conditions that are expected to remain competitive through the second half of the year. This approach, allied to a broadening product portfolio and an anticipated strong Christmas trading period, means the business remains very well-placed to deliver further growth this financial year.
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