Cranswick’s pre-tax profits have dipped slightly, following a year of record capital investment, but remain at healthy levels.
The company reported sales of £1.44 billion in its preliminary results for the year ended March 31, 2019, down from £1.46bn in 2017/18. Statutory profit before tax was £86.5 million for 2018/19, compared to £88m the year before.
Cranswick also reported record capital expenditure of £79m during the year to add capacity, extend capability and drive efficiencies.
The company has also reported that its exports to the Far East grew by 16% in the year to March 31, partly on the back of increased demand from China, as African swine fever took its toll on the domestic herd.
Adam Couch, Cranswick’s chief executive, said: “The last year was one of consolidation following three years of very strong growth. We delivered this year’s results against a backdrop of highly competitive market conditions and ongoing, Brexit related, political and economic uncertainty.
“We invested at record levels across our asset base and made further strong progress against our strategic objectives. We continue to build a platform and lay down the pipeline for future growth.
“I am confident that continued focus on the strengths of our business, which include its long-standing customer relationships, breadth and quality of products, robust financial position and industry leading infrastructure, will support the further successful development of Cranswick over the longer term”.
