Cranswick has reported stronger trading than previously expected during the current quarter, and is now expecting its performance over the financial year to be close to the ‘upper end’ of its market expectations.Â
This improved outlook is underpinned by continued robust volume growth in its core UK food business, a positive ongoing contribution from its expanding pig farming operations, industry leading service levels and a relentless focus on quality and innovation, it said. As a result, its financial performance in the first half of the financial year is expected to be ahead of the same period last year.
“Whilst we remain cautious about current market and wider economic and geopolitical conditions, following the strong volume growth delivered through the first half, our outlook for the current financial year ending
March 29, 2025 is now expected to be towards the upper end of current market expectations,” the Hull-based pig and poultry company said in a half-year trading update.
Market expectations for adjusted profit before tax for the current financial year, as at September 27, ranged between £179.2m and £191.7m.
Results for the 53 weeks to March 30, 2024 showed revenue of £2.6bn and profit before tax of £158.4m.
Cranswick’s board remains confident that continued focus on the strengths of the company, including its longstanding customer relationships, breadth and quality of products and industry leading asset infrastructure, will support the further successful development of the Group over the longer term.
The business employs over 15,000 people and operates from 23 production facilities in the UK.