UK - UK meat and food processor Cranswick Foods has seen its revenue rise to more than £1 billion over the last year, as profits were boosted by the aquisition of a cooked poultry producer.
The company’s revenue went up by 0.8 per cent to £1,003.3 million compared to £994.9m in 2014.
The company has an adjusted group operating margin of 5.8 per cent compared to 5.4 per cent in the previous financial year.
Adjusted profit before tax was up by 10.6 per cent to £57.8 million compared to £52.2 million in 2014.
Statutory profit before tax was £52.8 million compared to £54.8 million in 2014.
During the year revenue was boosted by the acquisition of Benson Park Limited, a leading producer of premium British cooked poultry.
The group made a £21 million investment in the group’s asset base and the extension of the Delico cooked meats plant in Milton Keynes was completed on time and to budget.
The company has also made a major upgrade to the Norfolk fresh pork site.
Over the year Cranswick has seen a 23 per cent growth in non-EU export sales.
Cranswick Chairman Martin Davey said: “I am pleased to report that Cranswick has made excellent strategic and commercial progress in the last year.
“Sales have exceeded £1 billion for the first time, an achievement in which all at the Company can be rightfully proud.
“The Board’s strategy for the development of the protein base and customer profile of the business was illustrated by the acquisition, in October 2014, of Benson Park, a leading producer of premium British cooked poultry products serving the fast growing ‘food to go’ sector.
“Adjusted profit before tax was £57.8 million, an increase of 10.6 per cent on the previous year. Adjusted earnings per share rose 9.5 per cent to 92.1 pence.
“The Board is proposing to increase the final dividend by 6.4 per cent to 23.4 pence per share.
“Following a year of significant commercial and strategic progress for Cranswick, the Board looks forward to the opportunities that lie ahead.
“Cranswick benefits from some of the most efficient and well-invested production facilities in the UK food producer sector.
“This, in conjunction with our growing international export channels and strategy of diversifying our product portfolio, leaves the Board confident that Cranswick is well positioned to continue its successful long term development.”
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