According to an annual report by pork and poultry processor Cranswick, the company made £2 billion in revenue for the last financial year, despite “unprecedented industry wide labour and supply chain challenges.”
The rise in revenue marks a 6% increase on the previous year, whilst the company’s profits also grew by 6% to reach £140 million.
Cranswick said weekly average pig numbers processed during the year increased by 1.5% to 62,300, peaking at 67,200 in February 2022, with the additional volumes supporting increased demand from the Group’s Convenience and Gourmet Product businesses.
The company’s poultry operations were a key driver of revenue growth. It accounted for 20% of revenue, growing by 31% this year. According to the report, gourmet revenues were up 5% and convenience revenues were also up by 6%.
Fresh pork revenue, which represents a quarter of the total, was down nearly 8%. Cranswick said that the figures reflected “the pass through of lower average UK pig prices during the year, softer export prices and reduced Far East export volumes.”
Fresh pork retail sales were also “modestly lower” year-on-year, while Far East export revenue was 25% down. According to Cranswick, the reduced revenue reflected reduced demand from China and the ongoing suspension of the Norfolk site’s China export licence.
Commenting on the revenue report, group chairman Tim Smith said: “The cost inflation we continue to experience, a global phenomenon, is being proactively managed and recovered.”
Cranswick said its strong financial performance, which was in line with expectations, had been achieved despite “unprecedented industry wide labour and supply chain challenges.” It added, however, that these challenges were “well managed with excellent customer service levels maintained.”
