Yorkshire-based food producer Cranswick delivers 'positive' start to year despite pandemic

The results have been published on the London Stock Exchange.The results have been published on the London Stock Exchange.
The results have been published on the London Stock Exchange.
The Yorkshire-based food producer Cranswick today revealed that its revenue increased last year and it has a 'solid' platform to keep growing, despite the pandemic

Hull-based Cranswick plc has announced its audited preliminary results for the 52 weeks ended March 28 2020.

The total revenue for the year of £1.7 billion represented an increase of 16.0 per cent on the previous year.

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Excluding turnover from Katsouris Brothers, acquired during the first half of the year, and that from the more recent livestock acquisitions, Packington Pork and White Rose Farms, revenue on a like-for-like basis was 13.0 per cent higher.

Adjusted profit before tax was £102.3 million, an increase of 11.2 per cent and adjusted earnings per share of 156.4 pence were up by 8.4 per cent year-on-year.

Cranswick said its strong financial position and trading has enabled it to continue operating well within its banking covenants and without recourse to any Government assistance.

The company said it had a "proactive and comprehensive COVID-19 action plan" centred on keeping its colleagues safe, feeding the nation and supporting local communities:

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It has also introduced a £500 bonus payable to each of its site based colleagues "to recognise their essential key worker status and valued contribution throughout the pandemic".

Cranswick said it was working closely with its customers to ensure the continued supply of essential food products.

The company's community support has included making and providing sandwiches to front line NHS staff, giving food hampers to the elderly and vulnerable and making donations to local charities.

Adam Couch, Cranswick's Chief Executive Officer, commented: "We continue to experience and operate in the most challenging of periods. Our business is founded on our people and I would like to thank all our colleagues for their professionalism, commitment, dedication and passion. We will continue to support all Cranswick colleagues and their families who have been affected by COVID-19.

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"To recognise the outstanding contribution of our people we announced in April that we will pay a £500 bonus to each of our site-based colleagues at the end of June. We have also supported local communities through a number of initiatives including making and delivering sandwiches and sausage rolls to front line NHS staff, giving food hampers to the elderly and the vulnerable in our communities and care homes, as well as supporting local charities.

"The last 12 months has seen us deliver key steps in our diversification strategy with the successful commissioning of our Eye poultry facility and the acquisition of Katsouris Brothers which expands our non-meat activities. We also completed two further acquisitions to increase our vertical integration in pork.

"We spent a record £101 million across our asset base and this brings the total investment in our infrastructure over the last eight years to more than £400 million.

"The strong growth and strategic progress we have made over the last 12 months has been made possible by the platform we have built and the pipeline we have laid down in recent years. Our positive momentum is a reflection of the continued investment we make in our infrastructure and the quality and capability of all our colleagues.

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"There has been a positive start to trading in the new financial year, though we remain mindful of the uncertainty around the longer-term effects of the COVID-19 crisis and Brexit negotiations. Nonetheless, our outlook for the current year is unchanged and we have a solid platform from which to continue Cranswick's successful long-term development. "

Cranswick employs more than 11,800 people and operates from 16 production facilities in the UK.

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