Tuesday, July 14, 2020

Investing in growth yields revenue rise for Cranswick

Cranswick, the listed Hull-based food producer, has seen its revenues rise as it continues to invest for future growth.

Reporting its unaudited results for the six months ended 30 September, the company saw revenue rise to £719.2 million from £714.6 million for the same period last year.

There was a slight increase in adjusted profit before tax, which reached £44.8 million – up from £44.4 million. Adjusted group operating margin, meanwhile, remained unchained at 6.2%.

The company is continuing to pave its future growth with investment, spending a record £41 million during the fast half of the year.

It has also made “ substantial investment in upstream agricultural operations in both pork and poultry to ensure supply chain integrity and sustainability”.

Alongside this, the company has invested £60 million in the construction of a new poultry processing facility which is currently underway. A new £27 million Continental Foods facility in Lancashire, meanwhile, is fully commissioned.

“The first half performance was in line with our expectations,” said CEO Adam Couch.

“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.

“Our new £27 million Continental Products facility in Bury, Lancashire was commissioned during the period.

“We have also invested heavily in the Group’s agricultural operations and construction of a £60 million class-leading, primary poultry processing facility in Eye, Suffolk, which is due for completion towards the end of the next financial year, is now well underway.

“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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