Meat producer Cranswick posts very healthy results
Meat producer Cranswick has raised its annual guidance following a bumper half-year performance.
The Yorkshire-based firm expects its adjusted pre-tax profits for the year ending 30 March 2024 to be around the upper end of the £153.2million to £160.8million market consensus range.
In the group’s largest division, convenience, revenue expanded by 13.9 per cent due to stronger demand for cooked meats and good weather in September boosting orders for olives, antipasti and halloumi in its Katsouris business.
Higher pork product sales further boosted trading as the declining size of Britain’s pig herd and production cutbacks by some independent producers lifted pig prices.
This was despite exports to China remaining weak and feed prices falling from the peaks in the aftermath of Russia’s full-scale invasion of Ukraine.
Revenues from gourmet and poultry also rose, with the former jumping by double-digit percentage levels on the back of greater promotional activity and new product launches by its cooked bacon plant in Hull.
The robust results across all main categories, combined with investment in new automation schemes, helped Cranswick’s operating profits soar by 42.1 per cent to £90.8million.
Adam Crouch, chief executive of Cranswick, said: ‘Our relentless focus on quality, service, innovation, and managing our cost base through this extremely challenging inflationary cycle, allied to delivering exceptional customer service, has underpinned these results.’