The Yorkshire-based firm said pre-tax profit rose to £20.8m from £16.3m last year on turnover which climbed 5% to £237.7m for the year to March 31.
The £15m buy of TSF, which is foodservice focussed with annual sales of £26.7m, compliments the group’s move into the sandwich market last October with the acquisition of North Wales Foods.
Sales in the food activity, which accounts for over two-thirds of the group’s sales, rose 11% to £165.4m on the back of strong growth in sales of gourmet sausages and continental food products.
Cranswick said it had taken an exceptional charge of £2.5m relating to underpayments to pig producers over a number of years. It added that those involved had been dismissed and “apologises sincerely” to its suppliers for the fraudulent activity.
Turnover for the group’s agribusiness was down 10% to £51m while a solid performance from the pet food activities gave rise to a 4% rise in sales to £12.9m.