Cranwick has reported increased sales and profits in its latest financial results. In the 52 weeks to 22 March 2022, the company’s revenue was up 5.8% year-on-year to £2 billion, while pre-tax profit increased 13.2% to £129.9 million.
Poultry accounts for 20% of the company’s revenue, following Cranswick’s acquisition of Crown Chicken in 2016.
In the chief executive’s review of the year, Adam Couch wrote that the past year had been “even more difficult” than the previous one, which itself had been “a year of unparalleled challenge and complexity” thanks to the coronavirus pandemic.
He said the company was facing severe shortages of labour, particularly skilled butchers, further “broad based and rapid cost inflation, a shortage of CO2 and the social and economic impact of the Ukraine conflict”. Couch paid tribute to his colleagues during the demanding past year.
Growth in poultry has been strong for Cranswick, with its poultry sales up 30.8% during the year. Cranswick spent £32 million on a new premium breaded poultry plant in Hull. The breaded poultry facility was commissioned after year end and can serve the retail, foodservice and food to go sectors. The new facility can process products such as kievs, goujons as well as healthier products.
Its Eye poultry processing plant in Suffolk is now processing 1.4 million birds per week. The company also launched new barbecue and fiery hot wings ranges.
Over the past year the company has continued its roll out of in-house hatching for its broilers, and the report states the NestBorn system is now in use in all its poultry farms.