Hull-headquartered food giant Cranswick has delivered another year of huge growth, with revenues up more than 15 per cent to £2.3 billion.
Investment in the meat producer’s home city saw a £32 million prepared poultry facility contribute, having been commissioned at the start of the year, with retail and food service customers served. A third contact cooking line at the cooked bacon facility has also added to capacity and capability.
Margins increased from 6.1 per cent to 6.5 per cent, with the FTSE-listed company underlining inflation recovery in the second half of the period against pressures that “continue to be well controlled”. Operating profit hit £146.5 million, up from £140.6 million in the year to March 25, 12 months on from turnover first passing the £2 billion mark.
Read more: Pets at Home supply deal secured by Cranswick Pet Products
Adam Couch, chief executive, said: “Over the last 12 months all at Cranswick have demonstrated resilience and determination in abundance, enabling us to deliver a strong set of results and make further meaningful progress in delivering our strategic objectives.
“I would like to thank our colleagues for their continued enthusiasm and commitment. I would also like to thank our suppliers and customers, with whom we continue to work in close partnership, for their support and understanding.
“We have successfully navigated three years of unprecedented disruption and uncertainty and we now have a much larger, more diverse, and better equipped business, which is primed to deliver the next phase of growth.
“We invested £85.1 million across our asset base during the year. Our total investment in the last three years exceeds £250 million. Investment during the year has been broad-based as we look to expand capacity and enhance the capability of existing facilities.
“We are proposing to lift our full year dividend by a further five per cent this year. This will be our 33rd year of consecutive dividend growth.
“We have made a positive start to the new financial year. The strengths of our business, which include our diverse and long-standing customer base, breadth and quality of products and channels, robust financial position and industry leading infrastructure will support the further development of Cranswick over the longer term.”
A £9 million investment is underway at Lincoln Pet Products, a site recently acquired as the company diversifies from feeding just humans. Upgrading capacity by 40 per cent, it will help meet a new supply partnership deal with Pets at Home.
The first three hours of trading following the preliminary results publication saw shares up 4 per cent to 3,266p.
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