Cranswick has reported an unchanged outlook for the current financial year, according to preliminary results published by the UK food company today (Tuesday, May 24).
The group, which employs over 13,300 people across 20 facilities in the UK, has recorded revenue just over £2 billion for the 12 months up to March 26, 2022.
This is up almost 6% on a reported basis from £1.8 billion in revenue in the 2021 financial results.
Group operating margin was maintained at 7% despite the ongoing cost inflation challenge which the company said is being “proactively managed and recovered”.
Operating profit rose by 6% from £132.5 million in 2021 to £140.6 million this year. Profit before tax was up over 5% to nearly £137 million.
Cranswick
Cranswick was established in the early 1970s by farmers in East Yorkshire to produce animal feed.
It has since evolved into a business which produces a range of high quality, predominantly fresh food, including fresh pork, poultry, convenience, gourmet products and pet food.
The group supplies major grocery multiples as well as the growing premium and discounter retail channels.
Cranswick CEO Adam Couch said that the year had been “unprecedented” in terms of the challenges facing the company.
“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,” he added.
“We have a solid platform from which to continue Cranswick’s successful long-term development,” Couch stated.
The company successfully commissioned a £32 million breaded poultry facility and £26 million cooked bacon facility, both located in Hull, in recent months.
The report also stated that the company’s 14 eligible manufacturing sites are now certified as carbon neutral.
