Cranswick revenue tops £1.6bn as staff get £500 bonus

Hull-based meat processing giant Cranswick Plc said on Tuesday its revenue rose 16% to £1.67 billion and statutory profit before tax increased 20.2% to £104 million in the 52 weeks to March 28, 2020.

Cranswick said full year dividend increased 8.1% to 60.4p “reflecting 30 years of unbroken dividend growth.”

The firm also announced a £500 bonus “payable to each of our site based colleagues to recognise their essential key worker status and valued   contribution throughout the pandemic.”

Cranswick has about 7,000 staff.

Its shares rose about 3% to around £37.30 to give the firm a current stock market value of around £2 billion. Cranswick shares have risen almost 50% in the past year.

Cranswick said its total export revenue rose 92% with Far East export revenues 122% ahead.

Cranswick CEO Adam Couch said: “We continue to experience and operate in the most challenging of periods.

“Our business is founded on our people and I would like to thank all our colleagues for their professionalism, commitment, dedication and passion.  

“We will continue to support all Cranswick colleagues and their families who have been affected by COVID-19.

“To recognise the outstanding contribution of our people we announced in April that we will pay a £500 bonus to each of our site-based colleagues at the end of June.  

“We have also supported local communities through a number of initiatives including making and delivering sandwiches and sausage rolls to front line NHS staff, giving food hampers to the elderly and the vulnerable in our communities and care homes, as well as supporting local charities.

“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.”

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