Hull’s Cranswick surpass £1bn in sales for the first time ever

Hull’s Cranswick surpass £1bn in sales for the first time ever

Results for last financial year

Hull-based Cranswick, a food producer and supplier of premium, fresh and added-value food products, has exceeded £1bn in sales for the first time in the company’s history.

While publishing the results for the last financial year, Cranswick revealed that overall revenue had marginally increased by 0.8% to surpass the £1bn milestone, an increase from 2014’s £994.9m.

Furthermore, adjusted operating profit also rose 10.1% to £58.7m, and profit before taxation was reported as £52.8m.

In addition, adjusted profit before tax increased by 10.6% on the previous year to £57.8m, and adjusted earnings per share rose 9.5% to 92.1 pence.

Cranswick operational highlights

Cranswick’s strong financial results follow the acquisition of cooked poultry supplier Benson Park Ltdlast October, and a £21m investment into its asset base,

Other major operational adjustments the company oversaw this past year include the extension of the Delico cooked meats facility in Milton Keynes completed to budget, the significant upgrade to the Norfolk fresh pork site, and 23% growth in non-EU export sales.

Comment

Martin Davey, Cranswick chairman, said: “I am pleased to report that Cranswick has made excellent strategic and commercial progress in the last year.

“Sales have exceeded £1 billion for the first time, an achievement in which all at the Company can be rightfully proud.

“The Board’s strategy for the development of the protein base and customer profile of the business was illustrated by the acquisition, in October 2014, of Benson Park, a leading producer of premium British cooked poultry products serving the fast growing ‘food to go’ sector.

“Adjusted profit before tax was £57.8m, an increase of 10.6% on the previous year. Adjusted earnings per share rose 9.5% to 92.1p.

“The Board is proposing to increase the final dividend by 6.4% to 23.4p per share.

“Following a year of significant commercial and strategic progress for Cranswick, the Board looks forward to the opportunities that lie ahead. Cranswick benefits from some of the most efficient and well-invested production facilities in the UK food producer sector. This, in conjunction with our growing international export channels and strategy of diversifying our product portfolio, leaves the Board confident that Cranswick is well positioned to continue its successful long term development.”