Cranswick ups prices and increases sales
1 min read
Supermarket food manufacturer Cranswick has reported a 10% increase in first quarter sales and says it has managed to incorporate increased costs into its prices.
In a statement on current trading at the company's annual meeting today (28 July), the Hull-based company reprised its last annual results which had seen its 10 manufacturing facilities contribute to increases in sales and profits in its food and pet businesses.
Now, the current financial year has started in line with expectations, the statement said. Sales in the first quarter had increased by 10 per cent compared with the same period last year to £161 million. This represented an increase of 13 per cent on a like-for-like basis, excluding the animal feed business which was disposed of during the first quarter of the previous year.
Food sales showed an increase of 12 per cent, with volume growth across all categories. In the pet business, sales were 34 per cent higher.
Raw material cost increases had been incorporated into selling prices on a phased basis during the first quarter, Cranswick said. “Whilst further inflation cannot be ruled out, the Board remains confident of the Group's prospects for the future," it concluded.
