Cranswick sees ‘positive start’ to the financial year

Cranswick has reported a “positive start” for the first three months of the financial year, driven by a growth in volume sales. 

In its first-quarter trading statement, revenue in the three months to 30 June 2017 was 27% ahead of the same period last year.

Its like-for-like revenue rose by 21% compared to the same period last year, underpinned by strong domestic volume growth, with all product categories making a positive contribution.

During the three-month period, further progress has been made on the new continental products factory in Bury, Greater Manchester, which will consolidate current production from the group’s two existing facilities as well as provide substantial additional capacity to support future growth.

It expects ongoing investment in its pork processing facilities, both at Preston near Hull and at the recently acquired Ballymena site in Northern Ireland, to “increase pig processing capacity and drive further operating efficiencies”.

Despite the investment, Cranswick’s net debt stood at £18 million (m) at 30 June 2017, £4m lower than at the same point last year.

Looking ahead, Cranswick said it was confident that “a strong range of products, a well-invested asset base and a robust financial position”, would help continue this positivity throughout the current financial year.

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