Positive year for Cranswick with strong revenue growth

Processor Cranswick has reported a healthy year, with revenue and profit both seeing double-digit growth. 

In the 12 months to 31 March 2017, revenue grew 22.5%, while like-for-like revenue rose 12.7%. Adjusted profit before tax was up 17.2% and its net debt dropped to £11 million (m).

It was a year of operational highlights for the processor, including the acquisition of Crown Chicken in April 2016, the acquisition of Dunbia Ballymena in November and the sale of its sandwich business in July.

During the year, Cranswick also completed work on its Norfolk site and began work on its £25m Continental Foods facility in Bury, Lancashire, which will increase current capacity by 70% and enable the processor to focus on new product ranges in a more efficient manner.

On the export side, it reported “strong progress” with sales to the Far East up 49%.

Category breakdowns

Fresh pork revenue increased by 6.7% and, excluding the contribution from Ballymena, like-for-like revenue growth was 2.1%, ahead of the overall UK fresh pork market.

Pork exports grew 38.4% over the year, with the Far East being the major growth driver in this division.

Convenience division revenue increased by 20.3% thanks to new business wins and new product launches. Cranswick’s cooked meats and continental product divisions both “performed strongly”.

Revenue in its gourmet products wing, which encompasses sausage, bacon and pastry, grew 16.4% over the year due to new contract wins.

On the poultry side, revenue grew 180%. However, this was inflated by the acquisition of Crown Chicken. Excluding the Crown business, like-for-like revenue growth was 17.7%. The business did note a growth in sales of premium cooked poultry over the year.

Adam Couch, Cranswick’s chief executive officer, said: “We enter the new financial year in excellent shape, having added to our asset base, enhanced market positions and successfully integrated our two strategically important acquisitions during the last 12 months.  

“We have further strengthened the solid foundations of our business and we believe we are well placed to continue to deliver sustainable organic growth going forward.”

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