Cranswick sees retail soar, Britvic hit by out-of-home loss

Against a backdrop of ‘unparalleled challenge’, the meat firm, which was declared Company of The Year in the 2021 Food Manufacture​ Excellence Awards​, countered lost foodservice sales with significant retail and online growth.

In addition to the successes of the past year, the business declared plans to invest £100m of capital expenditure into its activities in the coming year.

That follows significant investment in 2020-2021. This had supported its Eye poultry business, the commissioning of the Cranswick Gourmet Kitchen, its cooked bacon facility in Hull, the expansion of farming activities and initiatives forming part of its ’Second Nature’ sustainability strategy.

Tim Smith succeeds Martin Davey as chairman

Cranswick also announced that Martin Davey will stand down as Cranswick’s chairman at the group’s forthcoming annual general meeting, staying on as an advisor until May 2022. He will be succeeded by former Arla Foods UK chief executive Tim Smith.

Clive Black, director and head of research at Shore Capital, said: “Cranswick’s FY2021 results demonstrate a further year of very strong progress to us, reflecting an amalgamation of new business wins, strong COVID-driven UK retail demand, a full year contribution from Katsouris, the new poultry facility and robust export demand/pricing.

“Very well invested, with a rock-solid balance sheet and significant growth potential across an expanding range of channels, Cranswick remains a high-quality investment.”

Strong operating margins