Growth in sales and profits at meat business Cranswick
© Tim Scrivener Revenue rose 12.1% to £1.87bn at meat processor Cranswick in the year ended 27 March 2021, marking the company’s 31st consecutive year of growth.
Adjusted profit before tax, giving a comparison with like-for-like activities in the previous year, was almost £130m, up 26.8%.
Actual profit before tax was £114.8m, up from £104m the previous year.
Sales volumes were up in all product categories, despite the loss of food-service sector business as a result of the lockdowns and other Covid-related restrictions, while sales to retailers rose.
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The company’s main lines are in fresh pork, gourmet sausages, bacon and gammon, fresh and cooked chicken and meats, continental foods and gourmet pastry.
Fresh poultry sales grew 139% during the year and sales to retailers accounted for 79% of revenue.
Net debt fell to £92.4m compared with £146.9m the previous year.
The company is 30% self-sufficient in pig supply and 100% in chicken, processed through its facility at Eye in Suffolk, which now handles 1.4 million birds a week.
Cranswick further expanded its farming operations during the year and several of its processing sites were certified carbon neutral.
From 16 production sites, the company supplies most grocery retailers and has a strong presence in food service and ready-to-eat foods.
Employment levels were maintained, with no use of the furlough scheme or other government support.
A colleague bonus was paid in two stages during the year, totalling £9.8m overall