November 27, 2019
UK meat firm Cranswick County Foods report rising profits from pork exports to China
Pre-tax profits for the company based in Watton, Norfolk increased more than 11% to £47.4 million (~US$60.8 million; £1 = US$1.28) from the export of swine products such as pork sausages and bacon to China, reported Eastern Daily Press.
This is a 65% overall increase compared to 2018, with revenue from exports at 94% higher thanks largely to swine exports to China. More than 60% of UK pork produced at Cranswick County Foods has been exported to China, with pork prices rising as high as 89%.
Adam Crouch, Cranswick County Foods CEO said the strong demand for exports of pork to China is in response to the African swine fever outbreak in the country. The company's Norfolk facility has been approved by China for export.
He added that the company will begin operations in its new £75 million (~US$96.2 million) poultry processing facility in Suffolk, which will employ 900 workers – double its current capacity.
He also said the company has made a positive start to 2019 with a 7.1% reported revenue growth, thanks largely to the company's bullish performance in Far East export markets, while the company maintains its share in the extremely competitive local UK market.
- Eastern Daily Press