FDBusiness.com

Cranswick Achieves Record Annual Sales

 Breaking News
  • Greene King Being Sold For £2.7 Billion CK Asset, which is one of the largest property developers in Hong Kong and an international investment group, has made a recommended £2.7 billion cash offer for Greene King, the UK’s leading integrated brewer and pub retailer operating over 2,700 pubs, restaurants and hotels across England, Wales and Scotland. Including debt, the enterprise value of [...]...
  • The Hershey Company Takes Minority Stake in Irish Snacking Brand The Hershey Company, the US-based food group, has made a minority investment in Fulfil Holdings, the owner of the snacking brand FULFIL. Headquartered in Dublin, Ireland, FULFIL has rapidly grown since its inception, now outselling many traditional chocolate snack bar brands in the UK and Ireland and named a top 50 consumer brand in Ireland. Brian [...]...
  • UK Restaurant Numbers Drop Again as Consumer Tastes Shift Britain’s restaurant numbers have fallen for the sixth quarter in a row, the new edition of the Market Growth Monitor from CGA and AlixPartners reveals. Independent operators have borne the brunt of the closures with group-owned restaurants proving more resilient despite some major brand failures. The quarterly survey of the country’s supply of licensed premises reports a 3.4% drop in [...]...
  • Molson Coors Commits to Reduce Plastics in Packaging Molson Coors in the UK and Ireland is removing the plastic packaging from its Carling and Coors Light brands, as part of new global packaging goals. The brewer will remove the plastic film wrap from large multipacks by the end of March 2020, replacing the plastic wrap with 100% recyclable fully enclosed carton board. By [...]...
  • Carlsberg Group Upgrades Full Year Operating Profit Outlook Carlsberg Group has delivered organic operating profit growth of 17.7% for the first half of 2019 with reported growth of 18.2% to DKr 5.17 billion (€693 million). Organic net revenue growth was 4.2% and on a reported basis net revenue rose by 6.5% to DKr32.99 (€4.42 billion). Operating margin improved by 160bp to 15.7%. Reported net [...]...

Cranswick Achieves Record Annual Sales

Cranswick Achieves Record Annual Sales
May 26
11:58 2017

UK food group Cranswick has reported a 22.5% jump in revenue from continuing operations to £1.245 billion for the year ended 31 March 2017. Growth was driven by a strong performance from each of the group’s categories – Fresh Pork, Convenience, Gourmet Products and Poultry – and reflected positive contributions from the Crown Chicken and Ballymena businesses acquired during the year. Like-for-like revenue was 12.7% higher, with corresponding volumes up 15.4%. New contract wins, strong export sales and a greater number of pigs being processed through Cranswick’s three primary processing facilities underpinned this strong volume growth.

Adjusted group operating profit increased by 17.0% to £76.1 million. Operating margin at 6.1% was 29 basis points lower with the delay, as anticipated, in recovering rising input costs through the second half of the year being partly mitigated by a positive contribution from the rapidly growing poultry and export businesses and a strong operational performance across each of Cranswich’s businesses.

Adam Couch, chief executive of Cranswick.

Adam Couch, chief executive of Cranswick, comments: “We have reported another year of strong growth in financial results, during which we have also made further strategic and commercial progress.”

Strategic initiatives included the acquisition of CCL Holdings and its subsidiary Crown Chicken at the beginning of the financial year which expanded the company’s presence in poultry, the UK’s largest meat category. This was followed later in the year by the acquisition of Dunbia Ballymena, which further strengthened Cranswick’s UK pork processing capability. Cranswick’s Sandwich business, a non-core activity, was sold in July 2016.

Acquisitions are an important element of Cranswick’s development strategy to date, and have been complementary to the investments made to drive organic growth. The recent commencement of the construction of a new site for the Continental Products business, along with other significant investments in the asset base over the past year amounting to £47 million, continue this ongoing focus on organic growth.

Adam Couch continues: “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 twelve 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.”

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • September 11, 2019Packaging Innovations & Luxury Packaging London 2019
  • October 1, 2019PPMA Total Show
  • October 17, 2019Future Food-Tech
  • November 18, 2019Plastics Caps and Closures Conference 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements