Search

Revenues rise at Watton food producer Cranswick as integrations gather pace

PUBLISHED: 09:55 02 February 2017 | UPDATED: 10:03 02 February 2017

On the production line at Cranswick's plant in Watton. Picture: Matthew Usher.

On the production line at Cranswick's plant in Watton. Picture: Matthew Usher.

© Archant Norfolk 2012

Revenues at food producer Cranswick continued to rise over the past quarter, thanks to the Christmas period and the ongoing integration of new acquisitions.

In its third-quarter update delivered this morning, the EDP/EADT Top100 company said total and underlying revenue “was well ahead of the prior year”, supported by volume growth, “robust” Christmas trading and increased export sales.

Revenues from the Far East also rose, reflecting strong demand from the region and increased output from Cranswick’s two primary processing facilities, including its plant at Watton, where it recently completed a £6m upgrade.
However, the producer said its input costs rose during the period – an increase it had partially mitigated through efficiency improvements, internal pig production and “constructive pricing discussions” with customers.

Cranswick said the integration of Northern Irish producer Dunbia Ballymena, which was completed in November, was progressing well and according to plan, while Weybread-based Crown Chicken, which was acquired in April, had also “continued to contribute strongly”.

“The business is being integrated successfully and is forging strong links with the group’s premium cooked poultry and pig farming operations,” said the statement.

Cranswick employs nearly 1,000 people at its Watton plant and 400 at Crown Chicken. Last year, before the acquisition of Crown, Cranswick turned over £1,016m and recorded pre-tax profits of £62.1m.

Cranswick also said it would continue to invest in its facilities, and that work had recently begun on a purpose-built factory in Greater Manchester.

The group also refinanced its banking facility in the past quarter, securing a revolving credit facility of £160m, including an overdraft of £20m - measures which Cranswick said provided “significant headroom for future growth”.

However, net debt increased to levels above the same stage last year, reflecting the acquisition of Dunbia Ballymena and ongoing capital expenditure.

Of prospects for the rest of the year, the statement said: “With experienced management at all levels of the group, a strong range of products, a well-invested asset base and a robust financial position, the board is confident in both the prospects for the remainder of the current financial year and the continued long term success and development of the business.”

Other news

06:30

It is a problem you would expect in the crowded streets of London but a Norfolk market town has become embroiled in a battle against dangerously high pollution levels. If it is not solved residents, particularly children and the elderly, could face serious health risks.

06:22

Around 32,000 homes across Norfolk are without power as the strong winds continue to sweep across the county.

Yesterday, 18:43

A nursing leader has painted a bleak picture of the conditions nurses in East Anglia are working under, as it was revealed one in 10 leave the profession every year.

Yesterday, 19:56

Police are asking motorists to avoid part of the A47 following a serious crash.

Most Read

06:22

Around 32,000 homes across Norfolk are without power as the strong winds continue to sweep across the county.

Read more
Chris Bell
Thursday, February 6, 2014

It was its down-at-heel aura that first attracted Polly Grieff to the crumbling Old Manor at Saham Toney.

Read more
Sunday, August 29, 2010

Kim Briscoe

Strong winds and thunderstorms have caused damage and brought down trees across Norfolk.

The fast-moving heavy storm hit north Norfolk and the King's Lynn area at about 2pm on Sunday and moved south-easterly across the county.

Read more
Thursday, December 7, 2017

A planning application outline has been submitted for a major new development in Swaffham which would include a new care home and medical facility.

Read more
European Union
06:30

It is a problem you would expect in the crowded streets of London but a Norfolk market town has become embroiled in a battle against dangerously high pollution levels. If it is not solved residents, particularly children and the elderly, could face serious health risks.

Read more
Norfolk County Council

Local Weather

Partly Cloudy

Partly Cloudy

max temp: 8°C

min temp: 3°C

Digital Edition

Image
Read the Watton and Swaffham Times e-edition today
E-edition

Show Job Lists

Newsletter Sign Up

Sign up to receive our regular email newsletter