CRANSWICK has posted a 31% jump in its first-half profits saying that ‘robust demand’ across all categories and a ‘strong contribution’ from its new poultry processing plant had driven growth.
Sales were up 21% in the 26 weeks to 26 September to £932m, compared with £770m a year earlier.
See also: Double-digit sales growth in Cranswick’s first quarter
The listed pork and poultry specialist, which employs more than 12,500 people, said the past six months had seen the fastest growth in grocery sales for more than 25 years.
Close to 80% of its sales were into retailers over the period.
In those six months, the firm said its poultry sales had grown 34.9% in value and 9.3% in volume.
Most categories that the company operate in achieved double-digit growth in value.
The firm’s new poultry plant in Eye, Suffolk, is set for further expansion, taking capacity from 1.1 million to 1.4 million birds a week, and farming operations will grow accordingly, the company said.
Cranswick became a poultry producer with the purchase of Crown in 2016 and has invested heavily in production since.
Challenges
Adam Couch, Cranswick’s chief executive, said: “I am incredibly proud of our colleagues who have performed so brilliantly in responding to the extraordinary and unparalleled challenges we currently face.
I would again like to thank them for their professionalism, commitment, dedication and passion.
“We have made a strong start to the year. Although we remain cautious about the longer-term economic impact of COVID-19 and the continued uncertainty surrounding the ongoing Brexit negotiations, we are well positioned to address these challenges.
“Our outlook for the current year is unchanged, and we have a solid platform from which to continue Cranswick’s successful long-term development.”
