Cranswick has said it made a positive start to the financial year in its first quarter trading statement for the three months to 30 June 2017.
Revenue in the three months to 30 June 2017 was 27% ahead of the same period last year.
Like-for-like revenue grew by 21% compared to the same period last year, underpinned by strong domestic volume growth, with all product categories making a positive contribution.
Rising input costs were partially mitigated during the period.
The Group said it continues to invest heavily across its asset base to add capacity and capability and to ensure it can deliver high quality food products to its customers from modern, well-invested and efficient facilities.
During the period, further progress has been made on the new, purpose-built continental products factory in Bury, Greater Manchester, which will consolidate current production from the Group’s two existing facilities and provide substantial additional capacity to support future growth.
Ongoing investment in our pork processing facilities both at Preston near Hull and at the recently acquired Ballymena site in Northern Ireland will increase pig processing capacity and drive further operating efficiencies.
“Notwithstanding the substantial ongoing capital investment programme across the Group, net debt stood at £18 million at 30 June 2017. This level was £4 million lower than at the same point last year and compared to £11 million at 31 March 2017. The Group is in a robust financial position with committed, unsecured facilities of £160 million which provide comfortable headroom,” the firm said.
“With experienced management at all levels of the Group, a strong range of products, a well-invested asset base and a robust financial position, the Board is confident in both the outlook for the current financial year, which remains unchanged, and the continued long-term success and development of the business.”
The Company’s next scheduled comment on trading will be the interim results announcement on 28 November 2017.
Cranswick adds double digit growth in first quarter, buoyed by growing capacity
By Chloe Ryan
