Cranswick announces major turnover rise after record £59m investment
Adam Couch, CEO of Cranswick
By Hull Daily Mail | Posted: 23 May 2018
Hull-headquartered food producer Cranswick has announced a massive sales and profits boost as it invested almost £60m in the last financial year.
The company, which has its offices in Sutton Fields, recorded a turnover of £1.46bn in the year ending March 31, 2018 - up 17.6 per cent from the previous £1.25bn figure.
Cranswick also announced adjusted profits before tax of £92.4m, with export sales 30.2 per cent ahead.
Adam Couch, Cranswick’s CEO, said: “We have delivered a strong financial performance for the year and made further progress in delivering our strategy. We grew like-for-like revenue by 13 per cent and increased adjusted profit before tax by 22 per cent.
“We spent a record £59m across our already well invested asset base. This brings the total investment in our infrastructure over the last eight years to over £270m.
“Over the last 12 months we have strengthened our asset base, enhanced market positions and developed new customer relationships. We continue to make good progress against each of our strategic objectives and we are well placed to continue our successful development in the current financial year and over the longer term.”
In the last year, Cranswick has secured planning permission for a major poultry facility in Suffolk.
It has unveiled its new Continental Foods facility in Bury, Lancashire, and also announced its like-for-like revenue was up 12.7 per cent at the end of March this year.
The company moved into food production in the 1980s, and today is one of the largest producers in the country.
They supply a range of sausages, cooked meats, continental foods, fresh meats and pastries.
The City Index released a statement on Cranswick’s successful year.
Fiona Cincotta, senior market analyst, said: “Cranswick has delivered the goods yet again, as Britain's appetite for bacon and sausages shows little sign of abating.
“What's particularly pleasing about this result is the improvement in margins. Falling pig prices have helped, but the company is also starting to enjoy the fruits of its previous efficiency investments.
“Construction of the new continental products facility in Lancashire is already done and Cranswick has received planning approval for its new poultry operation, too.
With Sainsbury's bid for Asda potentially putting a squeeze on suppliers, Cranswick's investment drive has proven extra timely.”
Cranswick PLC is listed on the London Stock Exchange, and is a member of the FTSE 250 index.
It also has bases in Preston, Albert Wright Dock and Leads Road.
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