Cranswick to pay site-based staff bonuses as revenues soar

Trading in the first quarter saw revenue in the 13 weeks to June 27 was 24.8 per cent per cent ahead of the same period last year and, excluding the contribution from acquisitions made in the prior year, revenue on a like-for-like basis was 19.2% higher.

Cranswick shifted towards greater in-home consumption in recent months and as such retail demand has been robust.

This, together with increased poultry sales from the new Eye facility in Suffolk, continues to perform strongly and the benefit from new contract wins, have all comfortably offset lower food service revenue.

Capital expenditure in the current financial year is expected to be lower than the record £101 million spent in the prior year at the Hull-based firm, following the successful completion of the new £78 million poultry primary processing facility at Eye in Suffolk.

"Whilst the Board remains cautious about the longer-term economic impact of COVID-19, the uncertainty surrounding the ongoing Brexit negotiations and the conclusion of trade deals with other countries, the outlook for the current financial year ending 27 March 2021 is now expected to be ahead of its previous expectations.

"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, robust financial position and industry leading asset infrastructure, will support the further successful development of the Group over the longer term."

Adam Couch, CEO of Cranswick, said: "Our teams across the business have responded brilliantly during these extraordinary and unparalleled times and I would like to thank them for their incredible support and hard work which has enabled us to continue to deliver premium food products with outstanding service to our customers.

"We have made a strong start to the year. Whilst we remain cautious about the longer-term economic impact of COVID-19 and the uncertainty surrounding the ongoing Brexit negotiations we are well positioned to address these challenges. Our positive momentum reflects the continued investment we make across our asset base and the quality and capability of our colleagues across the business."