Cranswick revenues sizzle thanks to strong volume growth in its divisions

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UPMARKET sausage to bacon firm Cranswick said revenues over the past three months are well ahead of last year​, driven by strong volume growth across most of its product categories.

​Revenue in the three months to June 30 was eight per cent ahead of the same period last year​

​​Underlying sales were ​four per cent​ higher than last year, with volumes up ​seven per cent​ as the benefit of lower input prices ​was passed on to customers.

Export sales to Far Eastern markets ​led the charge ​with volumes​ 14 per cent ahead of the same period last year.

The ​Hull-based​ group said the ​​integration of Benson Park, ​which it bought last October, is now complete with the business making a positive contribution in line with the ​b​oard’s expectations.

​It said the major capital investment programme at the site remains on track and will be commissioned in ​the third quarter of the current financial year.

Cranswick’s chief executive Adam Couch said: “With experienced management at all levels of the group, a strong range of products, a well-invested asset base and a robust financial position, the board remains confident in both the prospects for the current financial year and the continued long term success and development of the business.​“​

​Net debt stood at £12m at the end of June, £21m lower than at the same point last year and down from £17m at the end of March.

Cranswick said it is in a robust financial position, with committed, unsecured facilities of £120m to provide comfortable headroom.