Revenues rise 8 per cent at Cranswick

Martin Davey, chairman of Cranswick
Martin Davey, chairman of Cranswick
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Pork giant Cranswick said revenues rose 8 per cent in the three months to June 30, driven by strong growth across most products.

The Hull company said underlying sales were 4 per cent higher than the same period last year, with corresponding volumes up 7 per cent as the benefit of lower input prices continues to be passed on to the group’s customers.

Export sales to Far Eastern markets maintained their positive momentum, with volumes in the quarter 14 per cent ahead of the same period last year, Cranswick added.

The company said it has completed the integration of Hull-based Benson Park, acquired in October, with the cooked poultry business making a positive contribution to the group.

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

The company added it has continued to invest in its asset base to increase capacity and drive further operating efficiencies.

Net debt stood at £12m, £21 million lower than at the same point last year and compared to £17m in March. The group said it is in a robust financial position, with committed, unsecured facilities of £120mwhich provide comfortable headroom.