Cranswick profits boosted by contract wins
Meat producer Cranswick has seen its profits boosted by new contract wins and strong export demand.
For the year ended March 28, pre-tax profit rose 20 per cent to £104 million as revenue climbed 16 per cent to £1.67 billion.
During the year Cranswick bought Staffordshire-based pig farming and rearing business Packington Pork, which specialises in the production of British free range and outdoor bred pigs.
It also completed the acquisitions of White Rose Farms as part of investment in its farming operations, and Katsouris Brothers, a processor and multi-channel supplier of Continental and Mediterranean food products.
Adam Couch, Cranswick chief executive, said: "The strong growth and strategic progress we have made over the last 12 months has been made possible by the platform we have built and the pipeline we have laid down in recent years.
"Our positive momentum is a reflection of the continued investment we make in our infrastructure and the quality and capability of all our colleagues.
"We continue to experience and operate in the most challenging of periods. Our business is founded on our people and I would like to thank all our colleagues for their professionalism, commitment, dedication and passion. We will continue to support all Cranswick colleagues and their families who have been affected by Covid-19.
"To recognise the outstanding contribution of our people we announced in April that we will pay a £500 bonus to each of our site-based colleagues at the end of June."
