Revenue at Cranswick for the year ending 31 March 2019 fell slightly to £1.437 billion, a decline of £27 million compared to the year before. Profit before tax was £86.5 million; down from £88 million the year before, according to the company’s annual report and accounts.
Cranswick, which is building a new poultry processing plant in Suffolk that is due to open next year, employs 10,300 people and spent £79 million in capital expenditure in the past year.
Chairman Martin Davey said in the report the past year was “particularly encouraging considering the challenging trading environment. Cranswick showed resilience against the changeable economic and political background and is strongly positioned both financially and commercially to continue its long-term success.”
Davey said the current financial year was likely to be a “period of more intense commercial challenge”. He said operating margins were likely to decline “reflecting the potentially challenging commercial landscape, together with start-up and commissioning costs associated with the new Eye facility, only partially offset by management actions.”
Despite this, he said the future was positive. “Notwithstanding these short-term challenges the new Eye and existing added value poultry facilities and the group’s broadening customer base provide a solid platform to further develop the poultry business and drive future growth in this attractive and expanding protein category.”