Cranswick revenues sizzle thanks to strong volume growth in its divisions

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 board’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.