Cranswick insists it remains on track despite slowing profit growth
PUBLISHED: 16:30 27 November 2018 | UPDATED: 18:06 27 November 2018
Meat product maker Cranswick has reported near-flat profit growth of 1%, against a tougher background for the meat market.
Lower pork prices in China and a range review at Marks & Spencer were factors in the company’s slower growth.
But sales of sausages and poultry were up. Revenue was almost flat at £719.2m.
Cranswick is on track to build a new £60m poultry processing facility in Eye, Suffolk, by October 2019, which will help to boost volume growth.
Chief executive Adam Couch said: “The first half performance was in line with our expectations. They were achieved despite more uncertain domestic market conditions and softer pricing in key export markets.
“The group’s capital investment programme remains firmly on track. During the period we spent a record £41m across our already well invested asset base as we build a platform for future growth.”