Watton pork producer Cranswick sees first quarter revenues grow by more than a quarter
PUBLISHED: 11:45 24 July 2017 | UPDATED: 12:14 24 July 2017
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Food producer Cranswick says it has made a “positive start” to the financial year.
A trading update from the EDP/EADT Top 100 company, which has processing plants in Watton and Weybread, near Diss, showed revenue was up 27% year-on-year in the three months to June 30.
Like-for-like revenues – excluding contributions from recently-acquired companies Ballymena and Weybread-based Crown Chicken – also rose by 21% compared to the same period last year, underpinned by strong domestic growth.
After the release of its full-year results in May, chief executive Adam Couch confirmed the group will be investing in its East Anglian processing facilities in 2017/18 as part of a £70m capital expenditure plan.
In Monday’s trading update, a group spokesman said it was “investing heavily across its asset base to add capacity and capability” and affirmed the board’s confidence in the outlook for the current financial year.