Cranswick has reported an increase in sales and profits in its annual report covering the 53 weeks ending 30 March 2024.
Revenue was up 11.9% over the year to £2.59 billion, while profit before tax increased 13.5% to £158.4 million.
The company’s fresh chicken business, which includes a processing plant at Eye, Suffolk, produces whole and portioned poultry products. The fresh chicken site also supplies other facilities in the group to create added value products. A separate cooked poultry operation supplies premium products to retail and food-to-go customers and a prepared poultry site offers products to quick service restaurant chains including McDonald’s.
Tim Smith, the company’s chairman, writes in the annual report that the uplift in sales and profits has been achieved despite labour shortages and an uncertain political environment. “The Government has identified that national security depends on addressing a small number of critical risks which include food security. It seems imperative to me that the Government should better concentrate its resources on improving our resilience to those risks.”
Adam Couch, chief executive, writes that the challenges of securing a UK labour force led the company to take on 650 workers from the Philippines. “One of the measures introduced in spring 2024 was an increase in the salary threshold to £38,700, for those arriving in the UK on skilled worker visas. This figure marks a significant rise from the previous level of £26,200; a shift that is poised to considerably limit labour accessibility for our Group in the foreseeable future. The scarcity of labour resources presents a critical challenge, threatening our ability to consistently deliver the exceptional service levels our customers have come to expect. We continue to press the government for a greater understanding of this issue and appreciation of the importance of food security.”
The report also notes it has ambitions to expand poultry operations in East Anglia but says the business is encountering obstacles “primarily arising from the complexities involved in navigating through the lengthy and overly complex planning application process.”