Cranswick brings home the bacon

 
Kasmira Jefford
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PORK processor Cranswick said it has been a “positive” year despite escalating pig prices, as it reported a rise in sales and profits.

The FTSE 250 firm, which makes everything from sausages, bacon, and cooked meats for food retailers, said revenues rose seven per cent to £875m in the year to 31 March.

Sausage sales increased by 10 per cent while fresh pork sales were up by five per cent.

Adjusted pre-tax profits increased by eight per cent to £49.3m compared to £45.6m last year, which included an extra week.

Chairman Martin Davey warned that recent horsemeat scandal and introduction of animal welfare norms in Europe had heightened competition in the UK market.

Cranswick bought East Anglian Pigs this month to take greater control of its supply chain.

The group also announced that Kate Allum, the chief of First Milk, will join the board as a non-executive director in July.