Cranswick set to create at least 200 jobs in Hull with £25m investment

Cranswick was formed in the early 1970s by farmers in East YorkshireCranswick was formed in the early 1970s by farmers in East Yorkshire
Cranswick was formed in the early 1970s by farmers in East Yorkshire
The food producer Cranswick is providing an economic boost for Hull by investing £25m in a new poultry facility.

Cranswick said it had made commercial and strategic progress over the last financial year as it delivered strong revenue growth and earnings momentum.

The group said there had been "exceptionally robust demand" across all its product categories.

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The group's new £20m premium cooked bacon facility is now fully operational and work is underway on a new £25m breaded poultry facility in Hull which will be operational in 2023.

Adam Couch Cranswick’s Chief Executive, said the new breaded poultry facility would create 200 jobs at an absolute minimum.

He added: "We are always looking to hire good people. East Yorkshire is at the heart of what we do."

He said "at home consumption" of food remained strong as the economy moves away from lockdown.

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In a statement, the company added: "A further bonus of £400 is to be paid to each of our colleagues at the end of June, in addition to the £500 bonus paid to site based colleagues during the year, to recognise their valued contribution throughout the COVID-19 pandemic."

Cranswick also said that the Brexit transition had been successfully managed with minimal disruption. Over the year, statutory profit before tax was 10.4% higher at £114.8m.

Statutory earnings per share was up 10.9% to 176.4p.

Cranswick also retained Tier One status in the global Business Benchmark on Farm Animal Welfare for the fifth consecutive year.

Adam Couch, Cranswick’s Chief Executive Officer, commented: “We have delivered strong growth and made further strategic progress in a year of unparalleled challenge and complexity. We have supported our customers by delivering excellent service levels to ensure full availability of our products both in store and through the fast growing online channel.

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“Our outstanding performance would not have been possible without the incredible support of our colleagues across the business and I thank them for their continued commitment and dedication.

“The safety and wellbeing of our colleagues remains our priority. Our thoughts are with the families of those colleagues we lost during the year and with all colleagues and their loved ones affected by COVID-19, who we continue to support in these most difficult times.

“We have made further progress in driving through our groupwide ‘Second Nature’ sustainability strategy during the year. In November, our Milton Keynes site became the first Cranswick facility to be awarded carbon neutral certification. Since then eight more Cranswick sites have achieved the same status as we continue to forge ahead with our climate change agenda.

“We have made a very positive start to the new financial year and, whilst there is still a degree of uncertainty about how the future will unfold, I am confident that the strengths of our business, which include its diverse and long-standing customer base, breadth and quality of products and channels, robust financial position and industry leading infrastructure will support the further development of Cranswick in the current financial year and over the longer term.”

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Cranswick was formed in the early 1970s by farmers in East Yorkshire to produce animal feed. It has since evolved into a business which produces a range of fresh pork, poultry, convenience and gourmet products.

Cranswick, also revealed that Martin Davey has indicated his intention to retire from his role as executive chairman of the company, and will step down from the board, at Cranswick's AGM on 26 July 2021.

Analysts at Shore Capital said: "Cranswick’s results demonstrate a further year of very strong progress to us, reflecting an amalgamation of new business wins, strong Covid driven UK retail demand, a full year contribution from Katsouris, the new Poultry facility and robust export demand/pricing.

"Reported sales rose by 13.9%, with CPTP growth of 27% well ahead of our expectations to £129.7m."

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