The London-listed pork and poultry business has started work on a new factory to make breaded poultry products.

Cranswick, which is spending GBP25m (US$35.5m) on the project, said the facility will be up and running in its 2023 financial year.

The plant, which will sell to UK customers, will predominantly supply retailers but Just Food understands Cranswick has also had interest from potential foodservice clients.

Cranswick is said to believe there is an opportunity in the UK market for breaded poultry market as it believes its competitors in the sector have under-invested in their assets.

The company declined to comment further on the expansion beyond the brief mention of the move alongside the publication of its annual results today (18 May).

In the year to 27 March, Cranswick generated revenue of GBP1.9m, up 13.9% on the previous 12 months and 12.1% on a like-for-like basis.

Cranswick’s operating profit stood at GBP117.6m, versus GBP106.8m a year earlier. Profit for the year was GBP92.5m, against GBP82.7m the previous year.

CEO Adam Couch said: “We have made a very positive start to the new financial year and, whilst there is still a degree of uncertainty about how the future will unfold, I am confident that the strengths of our business, which include its diverse and long-standing customer base, breadth and quality of products and channels, robust financial position and industry-leading infrastructure will support the further development of Cranswick in the current financial year and over the longer term.”