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Fresh Produce

Meat Producer Cranswick Confident Of Navigating Industry Challenges

Meat producer Cranswick has maintained its outlook for the coming year, noting that it continues to manage 'unprecedented' labour and supply chain challenges effectively.

The group posted a 5.6% rise in adjusted pre-tax profit for the year to March 26, to £136.9 million (€161.3 million).

It noted that ongoing cost inflation was being 'proactively managed and recovered'.

'Breadth Of Challenges'

"In a year which has been unprecedented in terms of the scale and breadth of challenges we have faced, we have delivered our strategy at pace and our long-term growth plan remains firmly on track," commented Adam Couch, Cranswick chief executive.

"We have worked tirelessly to support our customers while continuing to prioritise the safety and wellbeing of our colleagues across the business. We have consistently delivered exemplary service levels to our customers, supported our local communities and made great strides toward delivering many of our Second Nature sustainability targets."

The group reported revenue of £2.0 billion (€2.36 billion) for the full year, an increase of 5.8% on a reported basis and 5.3% on a like-for-like basis.

Capital Expenditure

Recent capex investment of £93.7 million across the group includes capacity expansion in its poultry business at Eye in Suffolk, as well as a new £26 million back facility and a £32 million breaded poultry facility in Hull.

It also recently expanded its convenience operations with two 'bolt-on acquisitions', and entered UK pet food through the acquisition of Grove Pet Foods.

"Trading in the new financial year has been in line with the board's expectations," Couch added. "Notwithstanding the challenging operating conditions we continue to experience, our outlook for the Group for the current year is unchanged.

"We have a solid platform from which to continue Cranswick's successful long-term development."

Read More: UK Shoppers Cut Back On Meat, Fish As Cost Of Living Crisis Bites

© 2022 European Supermarket Magazine – your source for the latest fresh produce news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

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