Company Report: Cranswick
Cranswick Country Foods (Ballymena) is a wholly owned subsidiary of Cranswick plc, which is registered in England. The company adopted its current name in November 2016, when it was sold by the previous owners, the Dunbia (IoM) group.
At that time, the directors from Dunbia were replaced by directors appointed by the new owners of the company.
The main activity of the business is primary pig processing.
Turnover in the year to March 2017 was lower than a year earlier.
This continued a four-year trend inherited from the earlier management.
The company report explained that the fall in turnover was down to a reduction in the number of pigs processed.
However, the report also stressed that gross profit as a percentage of sales revenue had improved to 10%.
Operating profit, meanwhile, improved significantly during 2016-17.
The report referred to costs falling in line with turnover and trading margins improving because there was a higher selling price for pork.
Capital spending on assets in the plant was maintained at a high level of more than £1m in the most recent year.
Average employment, at 338 people, increased by nearly 60%, compared to the previous 12 months.
The balance sheet showed that the company had only modest levels of borrowed funds.
The retention of post-tax profits to add to shareholders' funds resulted in a 74% increase in the balance sheet value of these funds in March 2017.