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Profits Rise on Flat Sales at Cranswick

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Profits Rise on Flat Sales at Cranswick

Profits Rise on Flat Sales at Cranswick
November 27
11:34 2014

Cranswick, the UK fresh pork and added value foods processor, has reported an 11% increase in adjusted group operating profit to £26.2 million in the first half of its financial year on revenue down by 0.4% to £481.5 million, reflecting growth across most product categories offset by lower sales of fresh pork. However, the fresh pork business lost earlier in the year is now being recovered.

Adjusted group operating margin at 5.4% of sales was higher than the 4.9% delivered in the same period last year and in line with that reported for the last financial year as a whole, reflecting Cranswick’s continued focus on operating efficiencies, product quality and innovation. Pig prices eased during the second quarter of the financial year and are now below the record highs seen at this time last year.

Adjusted profit before tax was 11.4% higher at £25.8 million.

Operating from thirteen well invested production facilities in the UK and employing almost 8,000 people, Cranswick supplies a range of fresh pork, gourmet sausages, premium cooked meats, charcuterie, traditional hand-cured, air-dried bacon, premium cooked chicken, gourmet pastry products and sandwiches to the retail, food service and manufacturing channels. It also has a rapidly developing export business serving the European, US and South East Asian markets.

Martin Davey, chairman of Cranswick, comments: “Subsequent to the period end, the Company acquired Benson Park Limited, a Hull based, leading producer of premium British cooked poultry which serves the fast growing food to go sector. This is an important acquisition for Cranswick in meeting the company’s stated strategic aim of broadening both the protein range and the customer base of the business.”

He adds: “With experienced management at all levels of the group, a strong and continually evolving range of products along with a robust financial position the Board remains confident in the continued long term success and development of the business.”

 

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