FDBusiness.com

Cranswick Continues to Build For Future Growth

 Breaking News
  • First Milk Acquires Fonterra’s 51% Stake in Fast Forward Joint Venture First Milk, a wholly British farmer-owned dairy co-operative, has agreed to purchase Fonterra’s 51% share of its Fast Forward joint venture, established in 2011, and has entered a new strategic partnership with Havero Hoogwegt for global WPC80 sales and distribution. From July 2019, First Milk will be the sole owner of the whey protein concentrate [...]...
  • Leaders in Luxury Packaging Join London’s Most Exclusive Packaging Event Luxury Packaging London 2019 will celebrate its 10th anniversary when it returns to Olympia on 11 & 12 September, hosted alongside Packaging Innovations. As the UK’s leading luxury packaging event, it will bring together over 180 exhibitors and a dedicated audience of senior buyers, all looking to source the latest in luxury packaging solutions. With consumer concerns [...]...
  • The Lakes Distillery Announces £3.75 Million Investment The Lakes Distillery, based in Cumbria, England, has secured a £3.75 million investment from a group of investors led by Gresham House Asset Management, a specialist equity investment and asset management company. Joining existing investors and high-net-worth individuals, who recently made an additional £1.6 million investment, this is a milestone for the distillery and Gresham [...]...
  • Kerry Group Inaugurates New Production Facility in India Kerry Group has officially opened its new €20 million production facility in Tumkur, India. The new, state-of-the-art 40,585 square metre facility, located 120 km from Bangalore, will serve Kerry Taste & Nutrition’s global and regional customers in the South West Asia region, with Kerry Taste and Beverage systems for the fast-growing retail and foodservice markets. This is Kerry Group’s [...]...
  • Lamb Weston to Acquire Australian Frozen Potato Processor Lamb Weston has agreed to acquire Ready Meals, a frozen potato processor in Australia. Terms were not disclosed. Ready Meals sells frozen potato products under the Harvest Choice brand and operates frozen potato processing and storage facilities in Hallam, Victoria. Lamb Weston, along with its joint venture partners, is a leading supplier of frozen potato, sweet [...]...

Cranswick Continues to Build For Future Growth

Cranswick Continues to Build For Future Growth
May 29
10:27 2019

Despite a challenging trading environment, Cranswick, the UK food producer, has reported a 1.8% increase in like-for-like adjusted group operating profit to £92.3 million on revenue down by 1.9% to £1.437 billion for the year ended 31 March 2019. Strong revenue growth from poultry, sausages and continental products partly offset lower year-on-year revenue in other pork related categories, while poultry and continental products significantly outperformed overall category market growth throughout the year. Cranswick’s like-for-like export revenues increased by 3.1% year on year, with Far East export volumes 16.1% ahead on an equivalent basis.

On a like-for-like basis, adjusted group operating margin at 6.4% was 12 basis points higher in what was a year of record capital expenditure, as Cranswick invested £79 million to add capacity, extend capability and drive efficiencies during the period. Construction of the new world-class poultry primary processing facility in Eye, Suffolk is progressing to plan, and Cranswick’s new Continental Foods facility in Bury, Lancashire has been completed and commissioned.

Adam Couch, chief executive of Cranswick, comments: “The last year was one of consolidation following three years of very strong growth. We delivered this year’s results against a backdrop of highly competitive market conditions and ongoing, Brexit related, political and economic uncertainty. We invested at record levels across our asset base and made further strong progress against our strategic objectives. We continue to build a platform and lay down the pipeline for future growth.”

He adds: “I am confident that continued focus on the strengths of our business, which include its long-standing customer relationships, breadth and quality of products, robust financial position and industry leading infrastructure, will support the further successful development of Cranswick over the longer term.”

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • October 17, 2019Future Food-Tech
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements