Food producer Cranswick has reported rising revenues driven by both acquisitions and increasing organic demand in the UK.
The Hessle-based business, has issued a trading update for the quarter up to June 25 in which revenues were 7.6% of the same period last year, and 5.8% up on a like-for-like basis.
It said that strong growth in its core UK market was partly offset by lower export revenue, though it highlighted how “substantial and widespread cost inflation” was putting a pressure on its business. Cranswick said it was managing those pressures through cost control, though it had also had to increase prices for customers.
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Cranswick said that it was continuing to invest to support growth and future efficiencies and that it was making progress in its Second Nature sustainability strategy. The company’s outlook for the current financial year remains in line with the board’s expectations, it said, adding that its “long-standing customer relationships, breadth and quality of products, robust financial position, and industry leading asset infrastructure, will support the further successful development of the group during the current year and over the longer term.”
Adam Couch, CEO of Cranswick, said: “We have made a positive start to the year notwithstanding the challenging operating conditions we continue to experience. Our capital investment programme remains firmly on track as we build the platform to deliver our long-term growth strategy and we continue to make meaningful progress in delivering our group-wide ‘Second Nature’ sustainability strategy.
“The professionalism and commitment of our colleagues across the business is the foundation on which our successful performance is based and as always, I would like to thank them for their continued dedication and support.”
Cranswick said said that its net debt was “moderately higher” than in March but it remained in a “robust” financial position with committed, unsecured facilities of £250m providing comfortable headroom.
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