(Alliance News) - Cranswick PLC on Tuesday said it has launched an independent review into its animal welfare policies and livestock operations following abuse claims at a pig farm run by the business.
The Yorkshire, England-based food producer suspended using Northmoor Farm in Lincolnshire after footage appeared last week showing workers at the site abusing piglets.
As a result, retailers including Asda, Morrisons, J Sainsbury PLC and Tesco PLC suspended Northmoor Farm as a supplier.
Cranswick added that it will not sell on any pigs which were based at the farm.
Chief Executive Officer Adam Couch said: "We take seriously any instance, anywhere in our supply chain, where behaviour fails to meet those standards. We are therefore instigating a new, fully independent, expert veterinarian review of all our existing animal welfare policies, together with a comprehensive review of our livestock operations across the UK. We will provide a further update on this work in due course."
This comes amid reporting an increase in annual profit and revenue, and said it has started the new year in line with expectations.
In the 52 weeks ended March 29, Cranswick had a pretax profit of GBP181.6 million, up 15% from GBP158.4 million the previous year. Revenue increased 4.8% to a record GBP2.72 billion from GBP2.60 billion.
This was driven by strong underlying performances across its core categories and the outperformance of its premium added-value product ranges as well as "a record Christmas trading period".
Cranswick declared a final dividend of 76.0 pence per share, up 13% from 67.3 pence per share the prior year. Its full-year dividend totalled 101.0 pence per share, up 12% from 90.0 pence pence per share.
On Friday, the firm acquired sausage manufacturer James T Blakeman & Co Ltd for GBP32 million.
Looking forward, the company have said that it is in a "stronger position than ever" after making "significant strategic and financial progress delivering record revenue".
Couch said: "We have made a positive start to the new financial year with the UK consumer continuing to recognise the quality, value and versatility of our pork and poultry product ranges. Looking further ahead, I am confident that the strengths of the business which include its long-standing customer base, breadth and quality of products, robust financial position and industry leading asset infrastructure will support the successful development of Cranswick in the current financial year and over the longer-term."
Cranswick shares were up 5.1% to 5,530.00 pence in London on Tuesday morning.
By Olivia Mason-Myhill, Alliance News reporter
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