Cranswick preliminary results buoyed by strong revenues
Premium and fresh food supplier Cranswick has reported positive preliminary results for the year ending 31st March, with revenues lifted by 22.5% on the year before, to £1,345.1 million.
Like-for-like revenues were up 12.7%, along with adjusted profit before tax, which also increased 17.2% to £75.5 million, compared to £64.4 million last year.
In addition, adjusted earnings per share were 17.6% higher at 120.9p, as opposed to 102.8p the year before, while the company’s net debt dropped to £11 million.
The strong preliminary results follow the group’s acquisition of Crown Chicken in April 2016 and Dunbia Ballymena in November 2016, which further strengthened its UK pork processing capability.
Revenue in fresh pork increased by 6.7% and, excluding Ballymena’s contribution, like-for-like revenue growth was 2.1%.
Convenience, which comprises of cooked meats and continental products, was up 20.3%, representing 38% of the group’s revenue.
Poultry was boosted by a whopping 180% increase in revenue and, without taking Crown into account, like-for-like growth reached 17.7%.
Finally, gourmet products, including sausage, bacon and pastry, saw revenues jump by 16.4%, with all sub-categories in growth, representing 19% of the group’s revenue.
Elsewhere, the results revealed strong progress in key export markets, with Far East revenues having been lifted by 49%.
Cranswick’s CEO, Adam Couch, commented: “We enter the financial year in excellent shape having added to our asset base, enhanced market positions and successfully integrated our two strategically important acquisitions during the last twelve months.
“We have further strengthened the solid foundations of our business and we believe we are well placed to continue to deliver sustainable organic growth going forward.”