FDBusiness.com

Record First Half Revenue and Capital Expenditure at Cranswick

 Breaking News
  • Diageo Launches New Super-premium Gin Diageo is introducing a new super-premium Italian gin, Villa Ascenti. The launch comes at a time when the super-premium and ultra-premium gin categories are the fastest growing segment within gin in Europe. Villa Ascenti will initially be available in 14 European countries. A new €420,000 (£360,000) distillery has been built on the site of the brand [...]...
  • European Commission Proposes to Increase Price Transparency in the Food Chain Having banned unfair trading practices and improved producer co-operation, the European Commission has presented the third element to improve fairness in the food supply chain by introducing greater transparency in the way prices are reported throughout the chain. The European Commission has tabled a proposal that will make available crucial information on how prices are determined [...]...
  • Irish Distillers Launches ‘A Story of Irish Whiskey’ Podcast Series Irish Distillers, Ireland’s leading supplier of spirits and wines and producer of some of the world’s most well-known and successful Irish whiskeys, has launched its first podcast, ‘A Story of Irish Whiskey’. Produced by Last Cast Media, the five-part series is a story of coming together, sharing, conquering markets and how three families, competitors for [...]...
  • C&C Group Increases Revenue by 187.3% to over €1.5 Billion C&C Group, the UK and Ireland drinks production and distribution business, increased net revenue by 187.3% to €1.575 billion in 12 months ended 28 February 2019, reflecting the acquisition of Matthew Clark and Bibendum from the administrators of Conviviality Group in April 2018. Excluding Matthew Clark and Bibendum, and on a constant currency basis, net [...]...
  • 2 Sisters Accelerates Business Transformation 2 Sisters Food Group has announced a series of actions as part of its accelerating transformational strategy to turnaround the business. The company is making further investments in its UK Poultry and Fox’s Biscuits businesses, and is proposing to reduce the number of its UK Poultry sites in order to produce shorter, more efficient supply [...]...

Record First Half Revenue and Capital Expenditure at Cranswick

Record First Half Revenue and Capital Expenditure at Cranswick
November 28
11:36 2018

Cranswick, the UK-based supplier of premium, fresh and added value food products, has posted a 0.6% increase in revenue to a record £719.2 million for the six months ended 30 September 2018, compared to the corresponding period in the previous year, and has also reported record first half capital expenditure of £41 million to provide the platform for future growth. Cranswick achieved strong revenue growth from poultry, sausages and continental products to offset lower year-on-year revenue in other pork related categories. Total export revenue was 2.6% lower than the corresponding period last year reflecting softer pricing in the group’s Far Eastern markets, even though volumes shipped to the region were 12.4% higher.

Adjusted group operating profit increased by 0.7% to £44.9 million reflecting the increase in revenue. Adjusted group operating margin at 6.2% was in line with the same period last year.

The record capital expenditure includes the ongoing construction of a new, world-class, £60 million primary poultry processing facility in Eye, Suffolk; the full commissioning of a new £27 million Continental Foods facility in Bury, Lancashire; and substantial investment in upstream agricultural operations in both pork and poultry to ensure supply chain integrity and sustainability.

Adam Couch, chief executive of Cranswick, comments: “The first half performance was in line with our expectations. They were achieved despite more uncertain domestic market conditions and softer pricing in key export markets. The group’s capital investment programme remains firmly on track. During the period we spent a record £41 million across our already well invested asset base as we build a platform for future growth.”

He adds: “The Board is confident that continued focus on the strengths of the Company, which include its long-standing customer relationships, breadth and quality of products, developing export channels and asset infrastructure, will support the delivery of its expectations for the current year and its further successful development over the longer term.”

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • June 18, 2019Multimodal 2019
  • June 25, 2019BevExpo 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements