Cranswick cooks revenue above £2bn for first time as the food firm weathers supply and labour storm
UK food producer Cranswick cooked up a revenue above £2bn for the first time, with adjusted group operating margin maintained at seven per cent.
Statutory profit before tax was also 13.2 per cent higher at £129.9m compared to £114.8m in 2021.
Meanwhile, the FTSE 250 firm posted statutory earnings per share are up 10.9 per cent to 195.7p (2021: 176.4p)
The company revealed that the industry wide labour and supply chain challenges are being well managed, as well as balancing the ongoing cost inflation woes.
In fact, the food company invested £93.7m across the year, including a new cooked bacon facility in Hull, as well as a premium breaded poultry facility. Poultry represented 20 per cent of the group revenue.
Commenting on the results, Adam Couch, Cranswick’s Chief Executive Officer, said: “In a year which has been unprecedented in terms of the scale and breadth of challenges we have faced, we have delivered our strategy at pace and our long-term growth plan remains firmly on track.
“The terrible events in Ukraine continue to profoundly impact our sector both at a humanitarian and an economic level. We are proactively supporting colleagues whose families may be affected by the conflict, including making donations, offers of employment and resettlement packages”, he said.
Couch said the outlook for the current year is unchanged and he is confident the Cranswick can weather any storm that lies ahead.