UK pork company Cranswick ups sales, lowers debt in 2014

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  Andrea Gantz

  U.K. pork and food company Cranswick reported an increase in sales and a decrease in debt during fiscal year 2014.

  From WATTAgNet:
  U.K. pork and food company Cranswick concluded its 2014 fiscal year with an increase in sales. The company reported sales rose 1 percent when compared to fiscal year 2013, with much of that strength coming from the fourth quarter, when the company’s sales increased four percent.
  The strong sales performance occurred as export sales to markets outside of Europe continued to grow.
  The company also reported that its net debt at the end of the fourth quarter was lower than its net debt at the end of the fourth quarter of fiscal year 2013 and the third quarter of fiscal year 2014.
  “The board expects to report a trading performance for the year ended March 31, 2015 in line with its expectations. With experienced management at all levels of the group, a strong range of products, a well-invested asset base and a robust financial position, the board remains confident in the continued long-term success and development of the business,” Cranswick stated.
  The company also reported an investment of GBP25 million (US$35.6 million) in its infrastructure during the fiscal year, which generated further operational efficiencies. Other major changes experienced by Cranswick during the fiscal year included the extension of its Milton Keynes cooked meats facility and an upgrade to the chilling system at its Norfolk primary processing facility. Both changes have resulted in increased efficiencies.
  Cranswick also diversified in October 2014 with the purchase of cooked poultry business Benson Park. “The integration of Benson Park is progressing as anticipated and the positive performance of the business continues to be in line with the board’s expectation,” the company stated.