Cranswick posts strong first-quarter trading update
Food producer Cranswick has reported strong results for its first-quarter trading statement for the 13 weeks to 27 June, with reported revenue increasing by 5.5 per cent year-on-year.
The rise in revenue compared to the same period last year was due to a strong volume growth of 8.2 per cent.
Cranswick’s like-for-like revenue experienced a 4 per cent increase year-on-year and corresponding volumes grew by 6.4 per cent as lower input prices was passed onto the customers.
The growth was driven by a strong demand across the brand’s core product portfolio, which is boosted by shoppers’ increasing consumption of healthier foods with a high protein content.
Cranswick’s poultry revenue grew significantly which was due to strong retail demand for fresh poultry and the onboarding of a premium retail business at the cooked and prepared poultry sites.
The convenience and gourmet products segments went up year-on-year with a standout performance for houmous and dips.
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The company’s export revenue fell compared to last year which reflects softer demand from China and other global markets.
Adam Couch, CEO of Cranswick, said: “We continue to support our strategic partners by providing excellent service levels, alongside unrivalled product quality and innovation.
“Our poultry business is growing strongly and the significant investment we are making in our Eye facility will create the headroom for further expansion in this exciting category.
“Our continued compounding growth reflects the increasing competitive advantage of our vertically integrated supply chain and record capital deployment across our asset base to increase capacity, add capability, drive efficiencies and deliver strong returns.”
The company maintained its future outlook and forecasted adjusted profit tax to range between £230.0m and £243.0m.




