December 7 2013 Latest news:
Monday, October 7, 2013
EDP Top 100 business Cranswick has warned that its profits will be flat this year due to record pig prices.
The firm, which has an operation at Watton is a major supplier of bacon and sausages to leading UK supermarkets, said it was relying on its ongoing efficiency efforts to offset the higher pig price, which has been caused by increased retailer demand for British pigs, strong export markets and rising grain feed costs.
Cranswick said operating profits for the six months to September 30 will be broadly flat, despite underlying turnover increasing 13pc due to particularly strong growth in the fresh pork and bacon categories.
In a trading update it said trading in the first half of the year had seen strong sales growth driven by “robust demand” for British pig meat, but added to this was the challenge of managing further significant raw material price inflation.
In May Cranswick signalled its return to the pig-rearing industry after snapping up East Anglian Pigs (EAP).
But with UK pig prices set to remain high until the end of the year, Cranswick said it expects profits to be flat across the current financial year.
The company said: “The financial year out turn will be, to a large extent, dependent on the group’s ability to mitigate these costs through further operating efficiencies and the outcome of ongoing discu
Two hundred jobs are set to be created after one of west Norfolk’s largest businesses was granted permission to expand its King’s Lynn facilities.