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Cranswick announces £54m investment in new facility
Cranswick plc, as part of their interim results, has announced a number of UK investment plans. The firm confirmed a record first half capital expenditure of £29m, already spent on added capacity, extending capability and driving efficiencies.
In addition, the leading food producer also confirmed board approval for a massive £54m investment in a class-leading primary poultry facility in Eye, Suffolk with further £13m associated investment to upscale existing milling and hatchery facilities.
They also updated on the new £28m Continental Foods facility in Bury, Lancashire saying the project was progressing to plan.
First-half revenues were ahead by 23.0% at £714.6m with pre-tax profits up 9.9% to £44.5m.
Adam Couch, Cranswick’s Chief Executive Officer said: “We have invested a record £29 million in our infrastructure during the first half of the year.
“As part of the development of our rapidly growing poultry business we are announcing 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. 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.”