Cranswick marks positive Q1 results
UK food producer Cranswick has seen a positive start to the current financial year, according to figures published on its first quarter trading statement for the three months to 30th June.
Preston Cranswick Country Foods’ internal production line.
Revenues in the period were lifted by 27%, compared to the period last year, with like-for-like revenues having grown by 21%, driven by strong domestic volume growth.
The company highlighted that “further progress has been made on the new, purpose-built continental products factory in Bury, Greater Manchester”, which is expected to consolidate current production from the group’s two existing facilities and provide substantial additional capacity to support future growth.
In addition, Cranswick is continuing investing in pork processing facilities both at Preston, near Hull, as well as at the recently acquired Ballymena site in Northern Ireland, which is expected to increase pig processing capacity.
Elsewhere, the company’s net debt stood at £18 million at the end of the aforementioned period, £4 million lower than at the same period last year and compared to £11 million at 31st March 2017.
Looking to the rest of the year, the group is expecting unchanged outlook with a “well-invested asset base and a robust financial position”.
