Cranswick ups bonus, dividend as revenue hits £1.9bn

Shares of Hull-based meat processing giant Cranswick Plc rose about 7% on Tuesday after it published results for the 52 weeks ended March 27, 2021, showing revenue for the year rose 13.9% to £1.9 billion.

Statutory profit before tax was 10.4% higher at £114.8 million and full year dividend rose 15.9% to 70p as the firm achieved 31 years of unbroken dividend growth.

Adjusted profit before tax rose 26.8% to £129.7 million.

An extra bonus will be paid to the firm’s workers.

“A further bonus of £400 to be paid to each of our colleagues at the end of June, in addition to the £500 bonus paid to site based colleagues during the year, to recognise their valued contribution throughout the COVID-19 pandemic,” said Cranswick.

Cranswick also said Martin Davey will retire as executive chairman at its AGM on July 26, 2021.

Davey will have served as a director for 36 years and as chairman since 2004, and will remain with the company in an advisory capacity until May 2022.

Non-executive director Tim Smith will succeed Davey as chairman at the AGM.

Cranswick CEO Adam Couch said: “We have delivered strong growth and made further strategic progress in a year of unparalleled challenge and complexity. 

“We have supported our customers by delivering excellent service levels to ensure full availability of our products both in store and through the fast growing online channel.

“Our outstanding performance would not have been possible without the incredible support of our colleagues across the business and I thank them for their continued commitment and dedication.

“The safety and wellbeing of our colleagues remains our priority. 

“Our thoughts are with the families of those colleagues we lost during the year and with all colleagues and their loved ones affected by COVID-19, who we continue to support in these most difficult times.

“We have made further progress in driving through our groupwide ‘Second Nature’ sustainability strategy during the year. 

“In November, our Milton Keynes site became the first Cranswick facility to be awarded carbon neutral certification. 

“Since then eight more Cranswick sites have achieved the same status as we continue to forge ahead with our climate change agenda.

“We have made a very positive start to the new financial year and, whilst there is still a degree of uncertainty about how the future will unfold, I am confident that the strengths of our business, which include its diverse and long-standing customer base, breadth and quality of products and channels, robust financial position and industry leading infrastructure will support the further development of Cranswick in the current financial year and over the longer term.”