Cranswick plans to invest £54m 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.
Furthermore, the company announced that it also plans to invest 13 million pounds (14.71 million euros) to upscale existing milling and hatchery facilities.
In the first half of the financial year 2017-2018, Cranswick allocated 29 million pounds (32.83 million euros) to add capacity, extended capability and drive efficiencies.
The company's sales increased by 13% to 714.6 million pounds (809 million euros) and its like-for-like sales rose by 18% compared to the previous year. Cranswick reported an adjusted profit before tax of 44.4 million pounds (50.26 million euros), with an increase of 17.2% compared to the similar period from the previous year. Its adjusted earnings per share for the company rose by 20.1% to 70p.
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