Cranswick plc sees strong growth
Pork and poultry producer Cranswick plc has released an update on trading for the three months to 30th June 2018.
Trading in the first quarter of the financial year was said to be positive and in line with management’s expectations.
A Cranswick site in Norfolk.
Revenue during the three month period was 3.2% ahead of the same period last year, with positive contributions from each of the company’s product categories.
Total export revenues were also ahead of the same period last year.
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.
Cranswick recently commissioned its new, purpose-built continental products factory in Bury, Greater Manchester.
Work has also recently started on the new poultry primary processing facility at Eye in Suffolk.
This facility, which is scheduled for completion in late 2019, is said to double existing capacity with further room for expansion.
The company has stated that the site will incorporate the highest animal welfare standards and latest generation production techniques and equipment to drive operational efficiency gains.
Net funds stood at £8 million at 30th June 2018, which compared to net debt of £18 million at the same point last year and net funds of £21 million on 31st March 2018.
The group is said to be in a robust financial position with committed, unsecured facilities of £160 million which provide comfortable headroom
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