Cranswick plc results for the year ended 31st March 2018 have been announced. It is said to be a year of record capital investment for Cranswick, with capital expenditure of £59 million to add capacity, extend capability and drive efficiencies.
Key features also include strong organic growth and continued significant investment in the company’s infrastructure.
Revenue has increased by 17.6% ahead of the previous year at £1,464.5M, and growth in like-for-like revenue has seen a 13% rise.
Adam Couch, Cranswick’s chief executive officer, said: “Over the last 12 months we have strengthened our asset base, enhanced market positions and developed new customer relationships.
“We spent a record £59 million across our already well invested asset base. This brings the total investment in our infrastructure over the last eight years to over £270 million.”
An announcement of Pam Powell and Tim Smith standing as the new non-executive directors is said to bring significant additional expertise and sector experience to the group.
Steven Esom will have served as a non-executive director for nine years in November 2018 when he intends to retire from the board, in accordance with the principles of good corporate governance.
Couch concludes: “We continue to make good progress against each of our strategic objectives and we are well placed to continue our successful development in the current financial year and over the longer term”.
Cranswick was formed in the early 1970s by farmers in East Yorkshire to produce animal feed, and has since evolved into a business focused on the supply of food products to the UK food retail and foodservice sectors.