Cranswick insists it remains on track despite slowing profit growth
- Credit: Archant
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.
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'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.'
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