Cranswick plc (LON:CWK), a leading UK food producer, today announced its audited preliminary results for the year ended 31 March 2019.
Commercial and strategic progress:
· Record capital expenditure of £79 million to add capacity, extend capability and drive efficiencies
· Construction of the new world-class poultry primary processing facility in Eye, Suffolk is progressing to plan
· New long term supply agreement secured to supply fresh poultry from the new Eye facility
· New Continental Foods facility in Bury, Lancashire completed and commissioned
· Like-for-like Far East export volumes 16.1% ahead
Financial highlights*:
| 2019 52 weeks | 2018 53 weeks | Change (Reported) | Change 52 weeks (Like-for-like†) | |
| Revenue | £1,437.1m | £1,464.5m | -1.9% | -0.2% |
| Adjusted Group Operating Profit | £92.3m | £92.8m | -0.5% | +1.8% |
| Adjusted Group Operating Margin | 6.4% | 6.3% | +9bps | +12bps |
| Adjusted Profit before tax | £92.0m | £92.4m | -0.4% | +2.0% |
| Adjusted earnings per share | 144.3p | 145.0p | -0.5% | +1.9% |
· Statutory profit before tax at £86.5m (2018: £88.0m)
· Statutory earnings per share of 135.5p (2018: 137.8p)
· Return on capital employed‡ of 18.4% (2018: 20.3%)
· Full year dividend increased by 4.1% to 55.9p (2018: 53.7p)
· Net funds of £6.3m (2018: £20.6m)
Adam Couch, Cranswick’s Chief Executive Officer commented:
“The last year was one of consolidation following three years of very strong growth. We delivered this year’s results against a backdrop of highly competitive market conditions and ongoing, Brexit related, political and economic uncertainty.
“We invested at record levels across our asset base and made further strong progress against our strategic objectives. We continue to build a platform and lay down the pipeline for future growth.
“I am confident that continued focus on the strengths of our business, which include its long-standing customer relationships, breadth and quality of products, robust financial position and industry leading infrastructure, will support the further successful development of Cranswick over the longer term”.
