Cranswick has reported a tightening of profit margins in its interim financial report, covering the half year ending 24 September 2022.
The firm, which opened a new £32 million breaded poultry facility in Hull this year, reported revenues of £1.1 billion during the half year, up from £993 million during the same period in 2021. But profits fell back slightly to £68. million from £69.6 million in 2021. The margin decreased to 6.1% from 7.0% in 2021.
“We have made further commercial and strategic progress in what continues to be a relentlessly challenging operating environment,” said Adam Couch, Cranswick’s chief executive officer.
“Our unwavering focus on quality, value, innovation and our people, along with our commitment to delivering great tasting food, created with passion for our customers and the UK consumer, continue to drive our competitive advantage. We continue to invest to meet the needs of our customers, building our capacity and capability whilst driving efficiency across new and existing facilities.
“Our outlook for the current financial year is unchanged. Notwithstanding the many challenges that we, our industry and the wider economy face, the strengths of our business, which include our 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 over the longer term.”