Cranswick delivers 22% profit growth

Cranswick has announced a 22.4% jump in annual adjusted pretax profits, driven by growth across its product categories and exports to China.

The Hull-based company's total revenue rose to £1.5 billion for the year ended March 31, up 17.6 per cent on the previous year. Adjusted pretax profits rose to £92.4 million from £75.5m a year earlier.

Its total export revenue, of which a large share comes from its pork exports to China, surged by 30.2% in the year, while its revenue from Far Eastern markets declined by 6.1%.

Cranswick’s chief executive Adam Couch said: “We have delivered a strong financial performance for the year and made further progress in delivering our strategy. We grew like-for-like revenue by 13% and increased adjusted profit before tax by 22%.

“We spent a record £59m across our already well invested asset base. This brings the total investment in our infrastructure over the last eight years to over £270m.”

He added: “Over the last 12 months we have strengthened our asset base, enhanced market positions and developed new customer relationships. We continue to make good progress against each of our strategic objectives and we are well placed to continue our successful development in the current financial year and over the longer term.”