Cranswick today (23 May) reported improved annual revenue and profits, with sales growth coming from the UK meat supplier’s recent acquisitions and from its underlying business.
The company generated a net profit of GBP67.2m (US$87.3m) in the year to the end of March, up from GBP45.4m 12 months earlier. Operating profit stood at GBP78.1m, versus GBP62.7m a year ago.
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Cranswick booked a 22.5% increase in revenue to GBP1.25bn, helped in part by its acquisitions of UK poultry supplier Crown Chicken last April and of Dunbia’s pork assets in November.
Like-for-like revenue was up 12.7%, with volumes 15% higher. Cranswick said new contract wins, “strong” export sales and a greater number of pigs being processed through its three primary processing facilities was behind the growth in volumes.
CEO Adam Couch said: “We have reported another year of strong growth in financial results, during which we have also made further strategic and commercial progress. We enter the new financial year in excellent shape having added to our asset base, enhanced market positions and successfully integrated our two strategically important acquisitions during the last 12 months. We have further strengthened the solid foundations of our business and we believe we are well placed to continue to deliver sustainable organic growth going forward.”
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