Cranswick’s Growth Continues20 May 2013
UK - UK pig meat processor Cranswick has reported revenues up by seven per cent to £875 million for the 2012/13 financial year compared to £821 million in the previous year.
The results show underlying sales ahead by five per cent excluding a contribution from Kingston Foods, which was acquired on 29 June 2012.
Operating profit before impairment up was up by seven per cent at £50.0 million compared to £46.7 million in 2012.
Adjusted pre-tax profit was up by eight per cent to £49.3 million compared to £45.6 million.
However, reported pre-tax profit was down by two per cent to £47.4 million compared to £48.4 million in the previous year.
Cranswick Chairman Martin Davey said: “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.
“Total revenue for the year was seven per cent higher at £875 million and 9 per cent higher than previously after adjusting for the extra week.
“Adjusted profit before tax was £49.3 million compared to £45.6 million last year which included the benefit of the extra week, an increase of eight per cent.
“Operating cash flow 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 £20.1 million compared to £21.7 million a year earlier.
“Investment elsewhere in the business contributed additional capacity and operating efficiencies which in turn have enabled the company to absorb some of the inflationary pressures within the supply chain. This, along with substantial new business from customers later in the year, were significant features of the year’s trading.
“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.”
TheMeatSite News Desk