Cranswick sales increase by 5%
Food manufacturer Cranswick saw total revenue increase by 7% to £875m last year, after a “positive year”.
Releasing its preliminary annual results for the year to 31 March 2013, Cranswick revealed its sales had increased by 5% on last year, with adjusted pre-tax profit up 8% to £49.3m.
“This has been a positive year for Cranswick. Further progress was achieved in trading and investment was made for this progress to continue over the longer term,” said chairman Martin Davey.
“Operating cashflow in the year was strong and, after significant investment in the asset base and the acquisition of cooked meats supplier Kingston Foods, year-end net debt stood at £20.1m compared to £21.7m a year earlier.
“Subsequent to the year-end the company acquired East Anglian Pigs. This is a successful business involved in the breeding, rearing and finishing of British pigs and a key supplier to the group’s Norfolk activities.”
Darren Shirley, analyst at Shore Capital, said the results show Cranswick was reaping the reward of continued capital investment.
“It is worth noting that we estimate Cranswick’s H2 organic revenue growth was close to double-digit, in a UK food market still suffering from falling volumes. We view this as an outstanding performance,” he said.
Cranswick also announced First Milk chief executive Kate Allum would be joining the company as a non-executive director in July.
“Kate brings operational experience of international food markets and broadens the expertise and experience within the board,” said Cranswick.