Cranswick announces double digit sales growth following pork acquisition

Cranswick has announced its audited preliminary results for the year ended March 31, 2017.

Revenue grew 22.5% to £1,245.1 million, compared to £1,016.3 million in 2016, like-for-like revenue increased 12.7% and adjusted profit before tax was up 17.2% to £75.5m. However adjusted group operating margin fell slightly to 6.1% compared to 6.4% in 2016.

Debt also grew substantially. The accounts show net debt of £11 million, compared to net funds of £17.8 million in 2016.

The firm acquired Dunbia Ballymena in November 2016, which it said had further strengthened the Group’s UK pork processing capability. In the past year the Group sold its sandwich business in July 2016. There had been record capital expenditure of £47m to support a strong growth pipeline and work has commenced on new £25m Continental Foods facility in Bury, Lancashire. In addition there had been further strong progress in key export markets, with Far East revenues ahead by 49%, the company said.

Adam Couch, Cranswick’s chief executive said: “We have reported another year of strong growth in financial results, during which we have also made further strategic and commercial progress.

“We enter the new 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.”

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