FTSE 250 food firm Cranswick (LON:CWK) saw its share price grow by 1.16% to 3,672p (as of 15:00 BST) after reporting a 16% increase in revenues for the year ended 28th March. Statutory pre-tax profits were 20.2% higher than during the prior year as the company’s export revenues almost doubled.
CEO Adam Couch commented: “The last 12 months has seen us deliver key steps in our diversification strategy with the successful commissioning of our Eye poultry facility and the acquisition of Katsouris Brothers which expands our non-meat activities. We also completed two further acquisitions to increase our vertical integration in pork.
“We spent a record £101 million across our asset base and this brings the total investment in our infrastructure over the last eight years to more than £400 million.
“The strong growth and strategic progress we have made over the last 12 months has been made possible by the platform we have built and the pipeline we have laid down in recent years. Our positive momentum is a reflection of the continued investment we make in our infrastructure and the quality and capability of all our colleagues.
“There has been a positive start to trading in the new financial year, though we remain mindful of the uncertainty around the longer-term effects of the COVID-19 crisis and Brexit negotiations. Nonetheless, our outlook for the current year is unchanged and we have a solid platform from which to continue Cranswick’s successful long-term development“.