Cranswick to expand in ‘grab and go’ market as it enjoys 5 per cent growth in revenues

The Hull-based firm said that trading in the current financial year ​is in line with expectations, with growth across most product categories. ​

The group ​said it ​has invested further in its asset base to increase capacity and improve efficiency.

Work to extend the Delico cooked meats facility in Milton Keynes is​ ​nearing comple- tion.

​Cranswick said the extension will provide the capacity to meet anticipated sales growth while the investment in advanced cooking and slicing technology will boost production.

The group said it is in a sound financial position, with committed, unsecured facilities of £120m which will provide generous headroom going for- ward.

​Analyst Nicola Mallard at Investec said: “A solid start to the year for Cranswick, and in line with our expectations.

“Margins have been steady, with pig prices following more normal patterns and the group continues to deliver volume growth.

“The balance sheet remains in good shape to fund investment in existing assets or new assets should any acquisition opportunities arise.”

​Cranswick is expanding its presence in the food-on-the-go market to cash in on the rising number of consumers who want hot ‘grab and go’ meals.

The firm has identified a gap in the market for hot sandwiches, bacon rolls, sausage rolls, pasties and pies on the go at a time when its traditional supermarket client base is suffering.