THE UNITED KINGDOM, Kingston Upon Hull. In its interim results for the six months to 30 September, Cranswick reported a 7.1% year-on-year growth in revenue while operating profit for the period grew 5.6%.
The business' total export revenue was up 65%, with Far East export revenue up 94% on the same period in 2018.
Cranswick chief executive officer Adam Couch said: "We have made a positive start to the year with reported revenue growth of 7.1% underpinned by a very strong performance in our Far East export markets. The UK market remains highly competitive." He added: "We have again invested at record levels across our asset base to position the business for future growth. The Katsouris Brothers business, acquired in July, has been integrated successfully and is performing in line with our expectations."
Other highlights for the business during the six months included the commissioning of its primary poultry processing facility in Eye, Suffolk, record half-year capital expenditure and the completion of the extension to the companies Hull cooked meats facility.
"We completed the build phase of our new Eye poultry facility on time and to budget with the commissioning process successfully started in early November,"added Crouch. "I remain confident that continued focus on the strengths of our business, which include long-standing customer relationships, breadth, quality and relevance of our products, robust financial position and industry leading infrastructure, will support the further successful development of Cranswick over the near and longer term."
Cranswick shares have already risen 22% so far this year as investors price in increased Chinese demand. However, investors were prepared to push the stock even higher on the back of today's results.