Cranswick Announces Robust Profits
East Yorkshire-based pork products supplier Cranswick announced its annual profits to expand by 26% touching a new record triggered by increased supermarket demand for its bacon and sausages.
The group, which initiated by farmers in the early 1970s to produce pig feed, posted that its sales boosted by 22% touching £740 million in the year to March 31, while pre-tax profits grew to £43.8 million compared to £34.7 million recorded the previous year.
The supplier recorded the sales of cooked meats to mark a climb 13%, sausages 23% and bacon 61%, giving more expected results for its decision to invest in these categories in recent years.
Cranswick, which boasts supply contracts including the Sainsbury's Taste the Difference range, initiated steps to expand its business during the last year marking the takeover of family-run Bowes of Norfolk under a deal worth a £17.2 million.
Apart from supplying pork for Tesco's Finest, standard and value ranges, Bowes provides the UK's main meat manufacturers, who manufactures hams, pies, sausages, bacon and processed meats for the major retailers and restaurants.
"The continued price competitiveness of pork against the other major proteins including beef and lamb should also ensure that demand for pork remains strong and that prices remain relatively firm," Chief Executive, Bernard Hoggarth was quoted as saying.
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