UK food producer Cranswick has reported its “strong revenue growth and earnings momentum” despite a year of “unparalleled challenge and complexity”.
This week, the group announced its audited preliminary results for the year ending March 27, 2021.
With “robust demand” across all product categories and a Brexit transition “successfully managed with minimal disruption”, Cranswick recorded a revenue of nearly £1.9 billion, a 13.9% increase on last year’s figure of nearly £1.7 billion.
To recognise the contribution of its workers during the pandemic during the last year, a further bonus of £400 will be paid to each colleague at the end of June, in addition to the £500 bonus paid to site-based colleagues during the year.
New Cranswick facility in Hull
Statutory profit before tax was 10.4% higher than 2020 at £114.8 million, and statutory earnings per share up 10.9% to 176.4p. Net debt was reduced by 37.1% to £92.4 million.
Cranswick also noted a year highlight of a new £20 million premium cooked bacon facility now being fully operational, and that work is getting underway on a new £25 million breaded poultry facility in Hull, which will be operational in 2023.
Cranswick retained Tier One status in the global Business Benchmark on Farm Animal Welfare for the fifth consecutive year.
Three sites achieved carbon neutral certification during the year, with six more gaining the accreditation since year-end.
Adam Couch, Cranswick’s CEO, said the group has made a “very positive start” to the new financial year.
“Whilst there is still a degree of uncertainty about how the future will unfold, I am confident that the strengths of business will support the further development of Cranswick,” he added.
Martin Davey to retire as chairman
Cranswick has also announced that Martin Davey has indicated his intention to retire from his role as executive chairman of the company, and will step down from the board at Cranswick’s AGM on July 26.
When he steps down, Davey will have served as a director for 36 years and as chairman since 2004.
He will remain with the company in an advisory capacity until May 2022.