Cranswick posts healthy profit for 2018/19
21st May 2019 / By Alistair Driver
Cranswick has reported a healthy statutory profit before tax of £86.5 million for 2018/19, although the figure is £1.5m down on the previous year.
The Hull-based processor reported sales of £1.44 billion in its preliminary results for the year ended March 31, 2019, down from £1.46bn in 2017/18.
Cranswick also delivered record capital expenditure of £79m during the year to add capacity, extend capability and drive efficiencies.
The company's performance was helped by a 16% increase in exports to the Far East, partly on the back of increased demand from China, as African swine fever took its toll on the domestic herd.
Adam Couch, Cranswick’s chief executive, said: “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”.