Saturday, July 11, 2020

Cranswick hails ‘highly competitive’ UK market as export revenue rises

Listed Hull-based food producer, Cranswick, has posted a “robust performance in a competitive UK market” with a rise in revenue driven by healthy exports.

In unaudited results for the six months ended 30 September, the company reported that total export revenue was up 65%, with Far East export revenue up 94%.

Revenue for the period was up 7.1%, rising from £719.2 million to £770 million. Adjusted group operating profit rose 5.6% to £47.4 million, while adjusted profit before tax was up 3.6% to £46.4 million.

During the period, Cranswick bolstered its manufacturing capacity with the commission of a £75 million primary poultry processing facility in Suffolk which began in early November.

Back in July, the company acquired Mediterranean food products business Katsouris Brothers, broadening its non-meat activities and meeting changing consumer demand.

CEO Adam Couch said the business has been “integrated successfully” and is “performing in line” with expectations.

Further, the company posted record H1 capital expenditure of £56 million as it paves the way to future growth.

“We have made a positive start to the year with reported revenue growth of 7.1% underpinned by a very strong performance in our Far East export markets. The UK market remains highly competitive,” said Mr Couch.

He added: “I remain confident that continued focus on the strengths of our business, which include long-standing customer relationships, breadth, quality and relevance of our products, robust financial position and industry leading infrastructure, will support the further successful development of Cranswick over the near and longer term.”

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