Cranswick plans to invest Ł54m in a poultry facility
"As part of the development of our rapidly growing poultry business, we are announcing today our planned investment in a new primary poultry facility in Eye, Suffolk. This class-leading facility, which is scheduled for completion in late 2019, will double our existing capacity with further room for expansion," Adam Couch, Cranswick’s Chief Executive Officer, said.
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," Mr. Couch added.
Cranswick also revealed it plans to invest also 13 million pounds (14.7 million euros) to upscale existing milling and hatchery facilities.
The company also announced it had invested 29 million pounds (32.8 million euros) in the first half of the financial year 2017-2018 to add capacity, extended capability and drive efficiencies.
Cranswick reported sales of 714.6 million pounds (808.97 million euros), with an increase of 17.2% compared to the previous financial year. The company's like-for-like revenue grew by 18%.
Furthermore, the adjusted profit before tax reached 44.4 million pounds (50.25 million euros), increasing by 17.2% compared to the previous year. The adjusted earnings per share grew by 20.1% to 70.0p.
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