July 24 2014 Latest news:
Ben Woods, Business writer
Monday, May 19, 2014
The boss of pork producer Cranswick has praised the company’s strong revenue and sales growth despite feeling the strain of record input prices.
Martin Davey, chairman of the EDP Top100 company, said it had been a “positive” but “challenging” year for the business which saw revenues grow 12pc to £980.6m and profits up 6pc to £52.2m.
It comes as the Watton-based company continued to see a growing customer appetite for its produce overseas, with sales expanding by 10pc to £50m in the Far East thanks to an upsurge in demand for premium pork and fifth quarter materials.
“This has been a positive, albeit challenging, year for Cranswick,” Mr Davey said. “The business had to contend with record input prices, the impact on its customer base of the changing dynamics of UK food retailing and an environment where the consumer has been subject to ongoing financial constraints.
“Strong growth in both total and underlying sales was recorded and this reflected market share gains along with further growth in those categories in which the group is positioned in the UK market. Export sales continued to grow and this achievement was recently recognised by the industry with Cranswick being named ‘Exporter of the Year’.
“During the year the company invested in pig breeding and pig rearing activities. This strategic development enhances Cranswick’s commitment to, and gives greater control over, a robust and integrated supply chain with a clear focus on premium British ingredients.
“The past year has seen another positive performance from the company and the board looks forward to the challenges and opportunities that lie ahead as it pursues the continuation of Cranswick’s successful long term development.”
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