FDBusiness.com

Rising Input Costs Impact Profits at Cranswick

 Breaking News
  • Carlsberg Group Upgrades Full Year Operating Profit Outlook Carlsberg Group has delivered organic operating profit growth of 17.7% for the first half of 2019 with reported growth of 18.2% to DKr 5.17 billion (€693 million). Organic net revenue growth was 4.2% and on a reported basis net revenue rose by 6.5% to DKr32.99 (€4.42 billion). Operating margin improved by 160bp to 15.7%. Reported net [...]...
  • Diageo Forms New Rum Joint Venture Diageo and Corporación Cuba Ron, a leader in the production of premium Cuban rums, have created a joint venture – Ron Santiago. The joint venture will have exclusive global distribution rights to Santiago de Cuba, a premium Cuban heritage rum brand. Globally, premium and above rum segments are growing ahead of the category overall, with premiumisation [...]...
  • Stirring Times For US Yogurt – Innovation is Vital in a Changing Consumer Environment Over half of all U.S. consumers now buy yogurt as part of their typical grocery basket, according to a new report from Innova Market Insights, but their habits appear to be evolving. Convenience themes are becoming increasingly important, for example, with 17% of consumers naming this as a significant choice factor in 2018, which is [...]...
  • FrieslandCampina Significantly Expands its VLOG Production Due to the sharp increase in demand in Germany, FrieslandCampina is increasing the number of participating dairy farms that supply VLOG milk from 400 to more than 600. All VLOG milk produced by Dutch FrieslandCampina dairy farmers is used to make cheese for the German market. VLOG (Verband Lebensmittel Ohne Gentechnik) is a German association responsible [...]...
  • English Food Manufacturers Sign Up to Made Smarter Support A number of food manufacturing firms in the North West of England have signed up to a business-led programme which aims to use digital technology to boost growth and success. By implementing advances in data analytics, Artificial Intelligence (AI), Augmented Reality (AR), Industrial Internet of Things (IIoT), 3D-printing and robotics, firms can enhance their profitability [...]...

Rising Input Costs Impact Profits at Cranswick

Rising Input Costs Impact Profits at Cranswick
November 14
09:47 2011

Cranswick, one of the leading UK suppliers of pork products, has reported a 23% drop in operating profit to £19.0 million on revenue up 3% to £393.9 million for the six months ended 30 September 2011, compared to the corresponding period in the previous year. Operating margin at 4.8% of sales was also below the 6.4% achieved in the same period last year and for the last financial year as a whole. Operating margins were impacted by a sharp increase in input costs during the first quarter of the financial year. Operating profit included £0.5 million in respect of the group’s 49% share of the post-tax losses of associate company Farmers Boy (Deeside). Cranswick’s pre-tax profit declined to £18.5 million from £23.8 million a year ago.

 

On a like-for-like basis Cranswick’s sales increased by 6%, reflecting strong volume growth across most categories. Fresh pork sales in the first six months rose by 14% to £143 million. Sausage sales were 6% ahead at £37 million. During the first half, bacon sales increased by 30% to £24 million, and underlying sales of cooked meats were up by 4% to £119 million. Indeed, pigmeat products have gained an increased share of the UK retail protein market due to the versatility and low relative price of pork compared to other proteins. Cranswick’s sandwich sales also increased in the period by 3% to £25 million.

 

”Current trading is good and much improved and the group is, with the exception of continental products, seeing growth across each of its categories. The company’s customer base continues to grow and new products are constantly being developed, either in existing categories or in new areas,” points out Bernard Hoggarth, chief executive of Cranswick. “With over £100 million invested in the group’s infrastructure over the past five years, its facilities are class leading. New product development teams which are the envy of the competition and a continued focus on customer service are key factors in the group continuing to be first choice supplier to its customers.”

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • September 11, 2019Packaging Innovations & Luxury Packaging London 2019
  • October 1, 2019PPMA Total Show
  • October 17, 2019Future Food-Tech
  • November 18, 2019Plastics Caps and Closures Conference 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements