Tuesday, September 22, 2020

Profits ahead of expectation for Cranswick amid export opportunities

Profits are expected to be “higher than current market forecasts” for Cranswick, the listed Hull-based food producer.

Interim results from November 2019 stated that the Group had delivered a “robust performance in a competitive UK market”.

Both that market backdrop and this performance continued over the Christmas trading period and, according to a trading update, revenue growth was “positive” across each of the Group’s four product categories.

Export sales have also continued to be “exponentially strong” and the Group said the outlook “remains positive”.

Cranswick continues to benefit from African Swine Fever which has created opportunities for Far Eastern exports.

With a healthy export pipeline, the Group is also well positioned domestically with the ‘ramp up’ phase of the commissioning of its £75 million poultry facility in Suffolk now underway.

The Group has also accelerated investment in its pig farming and rearing operations during the period through the acquisition of Packington Pork Limited.

A statement signed off by the board said: “The Board is confident that continued focus on the strengths of the Company, which include its longstanding customer relationships, breadth and quality of products, robust financial position and industry leading asset infrastructure, will support the further successful development of the Group over the longer term.”

Preliminary results for the year ending 31 March 2020 will be released on 19 May.

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