Record First Half Revenue and Capital Expenditure at Cranswick

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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.”

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