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Cranswick Achieves Record Annual Sales

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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.”

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