Meat producer Cranswick has hailed strong trading in the weeks leading up to Christmas, and has announced the acquisition of a pig genetics company.
The FTSE250 pork specialist, which supplies various ranges to supermarkets, said the 13 weeks to December 28 had seen strong revenue growth supported by higher volumes in its UK food business. Pointing to affordability and value for money traits, it said premium value-added products performed particularly well and led to record festive trading.
Prior to Christmas, the Hull based firm received news that its China export licence, at its Norfolk primary processing facility, had been reinstated after a four-year hiatus with shipments restarting earlier this month. The company said it was on target to meet analysts’ expectations of adjusted pre-tax profit of between £189m and £195.1m, which followed interim results in November.
In an update to the London Stock Exchange, Cranswick also announced the acquisition of a supplier, the pig breeding business JSR Genetics from JSR Farms Limited. The Driffield, East Yorkshire firm was founded in the early 1980s and has produced research and innovation around producing pigs that are healthy, robust and provide quality meat. In 2015 it partnered with Netherlands-based Topigs Norsvin – a globally renowned pig genetics company.
Adam Couch, CEO of Cranswick, said: “We have delivered a record Christmas trading period underpinned by outstanding service levels and sector leading innovation across our festive product range. I would like to thank all our colleagues for their continued dedication and support in delivering this excellent performance.
“I am delighted to announce the acquisition of JSR Genetics, a leading pig genetics supplier and commercial pig producer based in East Yorkshire. This acquisition increases the scale of our indoor pig production, further securing supply for our customers’ pork requirements. The addition of an integrated pig genetics supply chain will allow us to drive ongoing improvements in production efficiency, meat quality, animal health and robustness, for the long-term benefit of our customers and the UK consumer.
“As we look ahead to the new financial year, we will need to manage the well-publicised inflationary pressures alongside wider economic uncertainty and food security risks, but our business is in great shape, and we are well placed to successfully manage the challenges that may lie ahead.”
Cranswick preliminary results for the 52 weeks ending March 29, 2025, will be announced in May.
Original artice – https://business-live.co.uk/all-about/yorkshire-humber
