Profits up by 17% at meat business Cranswick

Major meat processor Cranswick saw big growth in both revenue and profit margins during the first half of the 2024 financial year, driven by an increase in pig numbers.

Cranswick achieved a profit before tax of £95.8m during the first half of the year, up by £14.2m on the same period last year.

Revenue was also up by 6% at £1.32bn for the 26 weeks ending 28 September 2024.

See also: Tighter margins for pig producers as prices drop to 208p/kg

Investment by the business’s pig-farming operations led to an 18% increase in pig production year-on-year.

Poultry revenue and pet food revenue also both lifted for the year.

The outlook for the full financial year to 29 March 2025 expects the company to remain in line with current market expectations and achieve a profit before tax of between £189m and £193m.

Cranswick chief executive officer Adam Couch said the company had delivered another strong first-half performance with good volume-led growth through capacity expansion and market share gains.

Mr Couch added: “We continue to grow our poultry business and we have now committed to spending almost £50m across our vertically integrated poultry operations.

“We will invest £20m to increase volumes processed through our fresh poultry operations in East Anglia, alongside the substantial ongoing investment at our two added-value facilities in Hull.

“Investment in our agricultural operations continues at pace with a further acquisition completed during the period alongside ongoing organic expansion.

“We now have the largest pig-farming business in the UK which is producing more than 34,000 finished pigs per week with self-sufficiency maintained at well over 50%.”