Cranswick profits top over £100m as exports double

The National Pig Association (NPA) said Cranswick had benefited significantly from the strong Chinese demand for UK pork
The National Pig Association (NPA) said Cranswick had benefited significantly from the strong Chinese demand for UK pork

Cranswick has announced an impressive set of results for the last financial year, with profits topping £100m mainly due to a doubling in export values.

The Hull-based pork and poultry processor’s statutory profit before tax grew by more than 20% to £104m during the year ended 28 March.

The firm's revenue reached £1.67 billion, up 13 percent like-for-like on 2019.

Total export revenue grew by 92%, with Far East export revenue up by 122%, reflecting continuing strong sales to China.



The National Pig Association (NPA) said it was good to see one of the UK's big pork processing companies 'performing so well'.

Cranswick also invested a record £101m in capital expenditure, which it said would provide a platform for continued growth.



This included the acquisitions of pig farming businesses Packington Pork and White Rose, delivering further vertical integration, and Mediterranean food products business Katsouris Brothers.

The commissioning of new primary poultry facility in Eye, Suffolk was completed as planned in the third quarter, with a 'successful ramp-up phase' in the fourth quarter.

The results only catch the start of the Covid-19 crisis and Adam Couch, Cranswick’s chief executive officer warned that the business continued to 'experience and operate in the most challenging of periods'.

However, Cranswick, which is likely to have benefited from the switch in emphasis from foodservice to retail during lockdown, said it had made a 'positive start' to the new financial year.

Mr Couch said: “The strong growth and strategic progress we have made over the last 12 months has been made possible by the platform we have built and the pipeline we have laid down in recent years.

"Our positive momentum is a reflection of the continued investment we make in our infrastructure and the quality and capability of all our colleagues."

Responding to the results, NPA chairman Richard Lister said there was 'no doubt' Cranswick had benefited significantly from the strong Chinese demand for UK pork.



"With its retail added value focus, it is also likely to have seen a further boost in recent weeks from the booming retail demand during lockdown," he said.

"Producers will now be looking forward to seeing those rising profits shared across Cranswick's production base."