Lower pork prices boost Cranswick full year profits

Full year pre-tax profits at food group Cranswick rose to £58.6m from £52.8m on the back of a healthy 7% jump in revenues to £1.07bn as customers continued to benefit from lower pork prices.

Strong sales growth was seen across most categories including poultry from Benson Park, which is now fully integrated into the group.

Cranswick said export volumes grew strongly particularly those for non-European markets. Adjusted operating profit rose 12.8 per cent to £66.2m reflecting the additional volumes, a full year contribution from Benson Park compared to five months previously and operational efficiencies generated by previous investments.

The final dividend rose 10.7% to 25.9p a share making a total of 37.5p a share, up 10% on the previous year.

“The business has made significant progress both commercially and strategically over the past year. There are strong customer relationships, a broadening product portfolio and growing export channels,” the company said.

“Aligned with well-invested and efficient production facilities, skilled management teams and a strong balance sheet this gives the board confidence that Cranswick is well positioned to meet the challenges that may arise and to continue its successful long-term development. “