Cranswick Country Foods has revealed a revenue increase of 7.6% in its first quarter results for 2022.
UK revenue across all four food product categories was also ahead compared to 2021 figures.
Far East export sales were, as anticipated, lower than the same quarter last year due to market prices falling from the “elevated levels experienced over the previous two years”.
Cranswick attributed some of this drop to the ongoing suspension of their Norfolk primary pork processing facility’s China export licence
Grove Pet Foods, which Cranswick purchased in early 2022, made a “modest contribution” to reported group revenue during the quarter.
Net debt for Cranswick was “moderately higher” than the March 2022 year end position.
Pre-production trials have also commenced at a new £32 million breaded poultry facility in Hull, with full commercial roll-out starting in the next few weeks.
Adam Couch, CEO of Cranswick, commented:
“We have made a positive start to the year notwithstanding the challenging operating conditions we continue to experience.
“Our capital investment programme remains firmly on track as we build the platform to deliver our long-term growth strategy and we continue to make meaningful progress in delivering our group-wide ‘Second Nature’ sustainability strategy.
“The professionalism and commitment of our colleagues across the business is the foundation on which our successful performance is based and as always, I would like to thank them for their continued dedication and support.”
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.
