Cranswick to invest in new poultry plant
Leading British poultry and pork brand Cranswick has announced it is to build a £54m primary poultry plant at Eye in Suffolk as part of its ongoing investment drive, which could create up to 400 new jobs.
The plant is due to be completed in late 2019 and the company will also put a further £13m of investment to upscale its existing milling and hatching facilities at the former Crown Chicken site at Kenninghall, which it took over in April 2016.
The announcement came as the company reported a 23% increase in turnover to £714.6m in the six months to the end of September and a 17.2% increase in adjusted profit before tax to £44.4m in the same period.
Adam Couch, Cranswick’s chief executive officer, said the facility would double the company’s existing capacity with further room for expansion.
“The facility will incorporate the highest animal welfare standards and latest generation production techniques and equipment to drive operational efficiency gains.
“We also plan to upscale our feed mill and hatchery operations to maintain our fully integrated supply chain model.
“During the period we have strengthened our asset base, enhanced market positions and developed new customer relationships. We continue to make good progress against each of our strategic objectives and we are well placed to continue our successful development in the current financial year and going forward,” he added.
Investors said Cranswick was on track to increase its dividend for the 28th year in a row. Shares rose on the results day by 8.6%.
To comment, login here
Or register to be able to comment.