UK food group Cranswick today (21 May) posted a 9% rise in annual profits after robust meat sales boosted revenues.
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For the year to 31 March, Cranswick, which produces sausages, bacon and sandwiches throughout the UK, saw operating profit climb almost 9% to GBP37.1m (US$73.2m).
Cranswick’s buoyant financial performance has led the company to sell its feed milling business, the company’s original activity, which was set up in the 1970s.
Revenue jumped 19% to GBP525m, as Cranswick enjoyed growth in the premium ends of the sausages and bacon category, as well a burst in sales after last November’s acquisition of DeliCo.
Cranswick chairman Martin Davey said: “Cranswick has continued its successful development and is once again reporting record profits. Underlying sales growth was particularly strong resulting in an increase in market share.”
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By GlobalDataCranswick said its sausage and pork sales had grown far ahead of the UK market. The Cranswick pork business saw sales leap 23%, while total fresh pork sales in the UK grew by just 2%, the company said.
Cranswick added that while the UK sausage market showed no growth over the last 12 months, its business achieved growth of 28%. Cranswick’s bacon sales soared 65% as the company’s focus on the premium end of the business bore fruit.
The company’s cooked meat business, Cranswick Convenience Foods, also saw sales grow ahead of the market. Cranswick’s pre-packed cooked meat jumped 16%, although the company’s deli sales dipped 3%.
Meanwhile, Continental Fine Foods, Cranswick’s Manchester-based charcuterie business, saw sales jump 21%.
