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Cranswick posts revenue rise as it expands its portfolio

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HULL-based food business Cranswick saw revenues increase by 3.2 per cent with exports rising slightly.

In the three months to 30 June trading was described as inline with expectation for the up-market pork producer.

The UK pig price increased slightly during the period in line with the normal seasonal cycle, albeit the average price was lower than during the same period last year with the fall reflected in lower selling prices.

The period also saw a raft of investments coming on stream, with a new, purpose-built continental products factory in Bury, Greater Manchester having been commissioned.

The facility, which consolidates production from the group’s two original continental products sites, provides substantial additional capacity to support future growth.

Work has recently started on the new poultry primary processing facility at Eye in Suffolk.

This facility, which is scheduled for completion in late 2019, will double existing capacity with further room for expansion and will incorporate the highest animal welfare standards and latest generation production techniques and equipment to drive operational efficiency gains.

A spokesperson for the firm, led by Adam Couch, said: “Notwithstanding the substantial ongoing capital investment programme across the Group, net funds stood at £8 million at June 30.

“This compared to net debt of £18 million at the same point last year and net funds of £21 million at 31 March 2018.

“The Group is in a robust financial position with committed, unsecured facilities of £160 million which provide comfortable headroom.”

In terms of its outlook the firm said it was confident in the continued long-term success and development of the business.