Cranswick delivers platform for growth

FOOD producer Cranswick said that it had secured a platform for growth as it recorded a rise in half year sales.

In the six months ended September 30 2018, Cranswick delivered revenue of £719.2m, compared with £714.6m in the same period last year.

Statutory profit before tax was down by 4.3 per cent to £42.6m.

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Adam Couch, Cranswick’s chief executive, commented: “The first half performance was in line with our expectations. They were achieved despite more uncertain domestic market conditions and softer pricing in key export markets.

“The group’s capital investment programme remains firmly on track. During the period we spent a record £41 million across our already well invested asset base as we build a platform for future growth.

“Our new £27 million continental products facility in Bury, Lancashire was commissioned during the period. We have also invested heavily in the group’s agricultural operations and construction of a £60 million class-leading, primary poultry processing facility in Eye, Suffolk, which is due for completion towards the end of the next financial year, is now well underway.

“The board is confident that continued focus on the strengths of the company, which include its long-standing customer relationships, breadth and quality of products, developing export channels and asset infrastructure, will support the delivery of its expectations for the current year and its further successful development over the longer term.”