Cranswick supports growth through facility expansion
Meat processor Cranswick reported a 5.8% growth in revenue to just over £2bn for the year ended 26 March 2022. It also reported a 5.6% increase in adjusted profit before tax to £136.9m during the period.
The manufacturer spent £93.7m across its asset base to support its continued growth plans. This included capacity expansion at its Eye site and two new production facilities in Hull – a £26m cooked bacon facility commissioned at the beginning of the year and a new £32m breaded poultry facility commissioned shortly after year end.
Adam Couch, Cranswick chief executive, said: “In a year which has been unprecedented in terms of the scale and breadth of challenges we have faced, we have delivered our strategy at pace and our long-term growth plan remains firmly on track.
“Trading in the new financial year has been in line with the Board’s expectations. Notwithstanding the challenging operating conditions we continue to experience, our outlook for the Group for the current year is unchanged. We have a solid platform from which to continue Cranswick’s successful long-term development.”
Despite the successes of the year, Couch highlighted the lack of Government support in dealing with the economic impact of the war in Ukraine and the ongoing labour crisis.
“The rapid escalation in feed costs, together with other inflationary pressures and the well-publicised shortage of skilled butchers resulting directly from the Government’s post-Brexit immigration policy, has put the pig producer sector under severe and unsustainable strain,” he added.