Food brand on solid ground for life after crisis as revenues rise

THE YORKSHIRE-BASED food producer Cranswick has 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 £1.7bn represented an increase of 16.0 per cent on the previous year.

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 £102.3m, 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 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.

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”.

Adam Couch, Cranswick’s chief executive officer, said: “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.”

Mr Couch added: “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 nonmeat activities.

“We also completed two further acquisitions to increase our vertical integration in pork.”