Cranswick's first quarter revenue rises as capacity grows

28th Jul 2014 09:06

Cranswick posted a 5% increase in first quarter revenue as the UK food producer achieved growth across most of its product categories. The company said operating margin in the three months to June 30th was similar to that achieved in the previous year.The firm invested further in its asset base to increase capacity and improve efficiency during the period. The extension of the Delico cooked meat facility in Milton Keynes is nearing completion and will provide more capacity to meet anticipated sales growth.Cranswick expects the investment in advanced cooking and slicing technology will deliver increased throughput and enhanced yields.A major upgrade to the chilling system at the Norfolk primary processing facility will deliver similar benefits, the group added. Net debt stood at £33m at the end of June, down £22m from the same time last year but up from £17m at the end of March. "The group is in a sound financial position, with committed, unsecured facilities of £120m which provide generous headroom going forward," the company said. "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."RD