Yorkshire food producer Cranswick ‘strongly positioned’ for success despite Brexit uncertainty

THE food producer Cranswick today said it was strongly positioned to continue its long-term success, as it published full year results.

Adam Couch of Cranswick
Adam Couch of Cranswick

Cranswick said the year ended March 31 2019 was a period of commercial and strategic progress.

During the year, there was record capital expenditure of £79 million to add capacity, extend capability and drive efficiencies, Cranswick said.

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Cranswick said that construction of its new “world-class” poultry primary processing facility in Eye, Suffolk is progressing to plan.

A new long term supply agreement has been secured to supply fresh poultry from the new Eye facility.

Cranswick said its revenue was £1.44 billion, which was in line with the prior year after adjusting for the 53rd week.

In a statemment, the company added: ”Adjusted profit before tax came in at £92.0 million which, when compared on a like-for-like basis with the previous year, indicates further progress in what was a challenging trading environment.”

Adam Couch, Cranswick’s chief executive, commented: “The last year was one of consolidation following three years of very strong growth. We delivered this year’s results against a backdrop of highly competitive market conditions and ongoing, Brexit related, political and economic uncertainty.

“We invested at record levels across our asset base and made further strong progress against our strategic objectives. We continue to build a platform and lay down the pipeline for future growth.

“I am confident that continued focus on the strengths of our business, which include its long-standing customer relationships, breadth and quality of products, robust financial position and industry leading infrastructure, will support the further successful development of Cranswick over the longer term”.

Cranswick employs more than 10,000 people and operates from 15 production facilities in the UK. It was formed in the early 1970s by farmers in East Yorkshire to produce animal feed and has since evolved into a business which produces a range of predominantly fresh food, including fresh pork, poultry, convenience and gourmet products.