UK pork producer Cranswick reported an "ongoing successful performance" in its full year financial results, with profits up on the year.
Cranswick's revenue for the 53 weeks ended 30th March 2024 was £2,599.3 million, up from its 2023 revenue of £2,323 million. Adjusting for contributions of the acquisitions made in the previous and current financial years, revenue grew by 11.6% on a like-for-like basis.
Adjusted profit before tax for the period at £176.6 million was 26.1% higher than the £140.1 million reported last year. Its adjusted Group operating profit was £185.1 million, up from the 2023 rate of £146.5 million. The Group's adjusted operating margin increased from 6.3% in 2023 to 7.1% in 2024, increasing 81 basis points.
The company said it would be investing across its three fresh pork primary processing operations to "increase capacity and drive further operational efficiencies" in its value-added pork business.
Adam Couch, Cranswick's chief executive officer commented: "Our ongoing successful performance is down to the unwavering passion, commitment and professionalism of our teams across the business. I would like to extend my gratitude to all of our colleagues at Cranswick for their continued dedication and support which has enabled us to deliver a strong set of results and make progress towards our strategic objectives.
"Alongside our colleagues, I would also like to thank our suppliers and customers, with whom we continue to work in close partnership.
"Our successful performance owes a great deal to the substantial investment we have put into enhancing our farming infrastructure and expanding our vertical integration. We have increased the size, scale and quality of our pig herds through ongoing organic growth and the acquisitions of new indoor and premium outdoor pigs.
"Over the last 12 months we have strengthened our asset base, substantially expanded our farming operations, enhanced market positions and developed new customer relationships. We continue to make good progress against each of our strategic objectives and we are well placed to continue our successful development in the current financial year and over the longer term."
Couch also highlighted that access to labour remains one of Cranswick's "most important challenges", as the producer continues to "put forward the case for the farming and food producer sector to the UK Government and through various industry bodies".
