Cranswick says first-half revenue slightly ahead

Food producer Cranswick said revenue in the first half of the year was slightly ahead of its expectations and the business remains well-positioned to deliver further growth this year.

Total revenues in the six months to 30 September were 10% ahead of the same period last year, driven by strong volume growth across most product categories and a positive contribution from Benson Park, which is a poultry producer it acquired last year.

The company said underlying sales were 7% higher than the same period last year, with corresponding volumes up 10% as customers and UK consumers continue to see the benefit of the group's lower input prices.

Cranswick said the next phase of development at the Norfolk primary processing facility will start in the third quarter. The £6m investment will increase capacity and operating efficiencies and underpin the plant's drive to gain USDA accreditation.

Meanwhile, the major capital investment programme at Benson Park remains on track and will be commissioned ahead of the 2015 peak Christmas trading period, it said.

“Cranswick continues to work closely with its customers and to maintain its focus on service, quality and innovation to deliver exciting, competitively priced products in market conditions that are expected to remain competitive through the second half of the year.

“This approach, allied to a broadening product portfolio and an anticipated strong Christmas trading period, means the business remains very well-placed to deliver further growth this financial year.”