Member Article

Hull’s Cranswick plc reports 14% revenue increase

East Riding meat supplier Cranswick plc has reported revenue was up this year 14% to £994.9 million.

Group operating profit was up 16% to £55.8 million and profit after tax was also up to £43 million, from 2013’s £36 million.

On March 27, the Group successfully completed a process to amend and extend its banking facilities. The new facility runs to July 2018 and comprises a revolving credit facility of £120 million, including a committed overdraft of £20 million.

There was also a reported £14.4 million investment in pig breeding and rearing activities and a £28 million investment in Group’s asset base.

Cranswick chairman Martin Davey said: “This has been a positive, albeit challenging, year for Cranswick. The business had to contend with record input prices, the impact on its customer base of the changing dynamics of UK food retailing and an environment where the consumer has been subject to ongoing financial constraints.

“Strong growth in both total and underlying sales was recorded and this reflected market share gains along with further growth in those categories in which the group is positioned in the UK market. Export sales continued to grow and this achievement was recently recognised by the industry with Cranswick being named ‘Exporter of the Year’.

“During the year the Company invested in pig breeding and pig rearing activities. This strategic development enhances Cranswick’s commitment to, and gives greater control over, a robust and integrated supply chain with a clear focus on premium British ingredients.

“The past year has seen another positive performance from the Company and the Board looks forward to the challenges and opportunities that lie ahead as it pursues the continuation of Cranswick’s successful long term development.”

This was posted in Bdaily's Members' News section by Clare Burnett .