The meat processor’s sales rose 22.5% to £1.2bn, up from £1.01bn in the previous year. Like-for-like sales – excluding those from its acquisitions – grew by 12.7%.
Fresh pork contributed to 32% of Cranswick’s sales, while gourmet products made up 19% of its sales. Cranswick’s poultry category represented 11% of total sales.
The convenience category, comprised of cooked meats and continental products, made up 38% of the company’s sales and saw the largest growth for the company – up 20.3%.
Largest growth for the company
Cranswick’s adjusted profit before tax grew 17.2% to £75.5M, up from £64.4M last year. Adjusted profits did not take account of the sale of Cranswick’s sandwich business, The Sandwich Factory, to Greencore in July last year.
The company said the sale of The Sandwich Factory allowed it to focus on its portfolio of meat products.
Exports grew by 38.4%, while sales in the Far East grew by 49%. Cranswick said strong growth in shipments to the Far East reflected an increase in pig numbers processed at its three primary processing facilities, growth in the number of products supplied and strong prices.
Adjusted earnings per share grew 17.6% to 120.9p from 102.8p, while recommended final dividend increased by 19.7% to 31.0p.
Strategic and commercial progress
Cranswick ceo Adam Couch said the report demonstrated another year of strong growth in financial results for the company, as well as strategic and commercial progress.
“We enter the new financial year in excellent shape having added to our asset base, enhanced market positions and successfully integrated our two strategically important acquisitions during the last 12 months.
“We have further strengthened the solid foundations of our business and we believe we are well placed to continue to deliver sustainable organic growth going forward.”
Meanwhile, convenience food manufacturer Greencore reported a 46.1% rise in sales to £1.01bn in its interim results, boosted by strong growth in its food-to-go offering and acquisitions.
Cranswick results – at a glance
- Sales grew by 22.5% to £1.2bn from £1.01bn
- Like-for-like sales up 12.7%
- Adjusted operating margin of 6.1%, down from 6.4%
- Adjusted profit before tax increased 17.2% to £75.5M from £64.4M
- Adjusted earnings per share grew 17.6% to 120.9p from 102.8p
- Recommended final dividend increased by 19.7% to 31.0p from 25.9p
- Net debt of £11M – £17.8M last year
- Statutory profit before tax from continuing operations up 24.8% to £77.5M from £62.1M
- Statutory earnings per share on continuing operations grew 25.6% to 124.2p from 98.9p