Cranswick serves up staff bonus as high-end sausage maker sees profits soar

·1 min read
<p>The company, which produces pork and poultry, saw adjusted pre-tax profits up 26.8% to £129.7million for the year to March 27</p> (Cranswick)

The company, which produces pork and poultry, saw adjusted pre-tax profits up 26.8% to £129.7million for the year to March 27

(Cranswick)

High-end sausages maker Cranswick today hit 31 years of non-stop dividend growth as it reported soaring profits and announced a new £400 "thank you" bonus for staff.

The company, which produces pork and poultry, saw adjusted pre-tax profits up 26.8% to £129.7million for the year to March 27, on revenues up nearly 14% on the prior year to almost £1.9 billion. It is issuing a full year dividend of 70p, an increase of 16%.

Cranswick said it saw "exceptionally robust demand" across all categories, and put the sales surge down in part to "strong demand" in Asia fuelled by a resurgence in African Swine Fever in China.

The firm highlighted its retention of the top global Business Benchmark on Farm Animal Welfare (BBFAW) mark, and said it has managed the Brexit transition successfully and "with minimal disruption".

Chief executive, Adam Couch, said: “We have delivered strong growth and made further strategic progress in a year of unparalleled challenge and complexity.

“We have made a very positive start to the new financial year and, whilst there is still a degree of uncertainty about how the future will unfold, I am confident that the strengths of our business...will support the further development of Cranswick in the current financial year and over the longer term.”

Shares were up 3.3%, or 124p, to 3838p, this morning.

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