Cranswick posts strong revenue despite 'challenging environment'

The Hull-based processor, which owns farms and supplies pork and chicken to retailers, posted revenue of £1.1 billion for the first half of 2022
The Hull-based processor, which owns farms and supplies pork and chicken to retailers, posted revenue of £1.1 billion for the first half of 2022

UK food producer Cranswick has posted a 12.4% increase in revenue to over £1 billion despite a "relentlessly challenging operating environment".

The Hull-based processor, which owns farms and supplies pork and chicken to retailers, posted revenue of £1.1 billion for the first half of 2022.

However, the firm posted an adjusted profit before tax of £68.4m, down 3.4% from £68.3m a year before.

Broad-based inflationary pressure across the group’s cost base "continues to be well controlled", the company said.

Total capital expenditure was £38.1m across the group’s asset base to "add capacity, capability and drive efficiency".

A new £32m Hull Breaded Poultry facility was successfully commissioned at the start of the period "with retail and food service customers now on board".

There was also further investment in the Cranswick's pig farming operations, with self-sufficiency now more than 40%.

Responding to the results, Adam Couch, Cranswick’s CEO, said the firm's outlook for the current financial year remained unchanged.

“Notwithstanding the many challenges that we, our industry and the wider economy face, the strengths of our business... will support the further development of Cranswick over the longer term," he said.

“Our unwavering focus on quality, value, innovation and our people, along with our commitment to delivering great tasting food... continue to drive our competitive advantage.

"We continue to invest to meet the needs of our customers, building our capacity and capability whilst driving efficiency across new and existing facilities."