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Cranswick: Strong revenue growth announced as chairman to retire from role

May 19, 2021 11:44 am UK food producer Cranswick has reported its “strong revenue growth and earnings momentum” despite a year of “unparalleled challenge and complexity”. This week, the group announced its audited preliminary results for the year ending March 27, 2021. With “robust demand” across all product categories and a Brexit transition “successfully managed with minimal disruption”, Cranswick recorded a revenue of nearly £1.9 billion, a 13.9% increase on last year’s figure of nearly £1.7 billion. To recognise the contribution of its workers during the pandemic during the last year, a further bonus of £400 will be paid to each colleague at the end of June, in addition to the £500 bonus paid to site-based colleagues during the year.

Cranswick sees retail soar, Britvic hit by out-of-home loss

In addition to the successes of the past year, the business declared plans to invest £100m of capital expenditure into its activities in the coming year. That follows significant investment in 2020-2021. This had supported its Eye poultry business, the commissioning of the Cranswick Gourmet Kitchen, its cooked bacon facility in Hull, the expansion of farming activities and initiatives forming part of its ’Second Nature’ sustainability strategy. Tim Smith succeeds Martin Davey as chairman​ Cranswick also announced that Martin Davey will stand down as Cranswick’s chairman at the group’s forthcoming annual general meeting, staying on as an advisor until May 2022. He will be succeeded by former Arla Foods UK chief executive Tim Smith.

Cranswick FY Pre-tax Profit Rises; Executive Chairman Martin Davey To Retire

Cranswick FY Pre-tax Profit Rises; Executive Chairman Martin Davey To Retire LONDON (dpa-AFX) - Cranswick Plc. (CWK.L), the UK food producer, reported that its profit before tax for the 52 weeks ended 27 March 2021 rose to 114.8 million pounds from 104.0 million pounds in the prior year. Profit for the year grew to 92.5 million pounds or 175.6 pence per share from 82.7 million pounds or 158.6 pence per share last year. Annual revenue increased by 13.9 percent to 1.90 billion pounds from last year. Like-for-like revenue, which excludes the contribution from acquisitions made in the prior year, increased by 12.1 per cent, with corresponding volumes ahead by 8.7 percent. Adjusted profit before tax was 129.7 million pounds, an increase of 26.8 per cent. Adjusted earnings per share of 199.3 pence per share were ahead by 27.4 per cent year-on-year.

City snapshot: Surging retail sales drive double digit profit and revenue rise at Cranswick

City snapshot: Surging retail sales drive double digit profit and revenue rise at Cranswick
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