Cranswick grows sales volumes
Cranswick has reported an increase in sales volumes for the past year in its latest trading update.
In the year to 31 March 2016, Cranswick posted a 12% year-on-year growth in sales volumes while underlying sales, which excludes the contribution from cooked poultry firm Benson Park prior to the anniversary of its acquisition in October 2015, grew by 10%. Revenue rose by 5% for the period.
The group’s export sales increased strongly in the final quarter of the year, which has been attributed to the ongoing demand for pork products in Far Eastern markets.
Cranswick reported that it invested well in excess of £30 million across its asset base during the last financial year to “support future growth and drive further operating efficiencies”. This level of investment is expected to continue through the current financial year.
Operational activities have meant the business has moved into a net funds position at 31 March 2016, compared to net borrowings of £18 million at the previous quarter end and £17 million reported at 31 March 2015.
According to the Cranswick board, the business is predicted to report a trading performance for the year ended 31 March 2016 in line with its expectations.
In a statement, it said: “With experienced management at all levels of the group, a strong range of products, a well-invested asset base and a robust financial position, the board remains confident in the continued long-term success and development of the business.”
Cranswick expects to announce its full-year results on 24 May 2016.
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