Food manufacturer Cranswick has upgraded profit forecasts as it says Christmas trading was stronger than expected.
The FTSE 250-listed pork and poultry firm said it had generated strong revenue gains through higher volumes across its four core UK food categories, as customers plumped for its value for money products. As a result, bosses said adjusted pre-tax profits for the year to the end of March 2024 are expected to be ahead of expectations of £160.3m.
Investors were told the group’s expanded pig farming and milling operations, including the Elsham Linc business acquired in late 2023, were contributing to the group positively. Cranswick is investing substantially into its pig farming and feed milling operations.
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Earlier this month it agreed to buy Froch Foods Holdings Limited – a processor of pork and poultry related products and specialising in bacon and cooked meats. The 74-strong business operates out of Stourton, Leeds and supplies retail customers.
Cranswick said the deal, which is subject to regulatory approval, will add additional capacity to its business. CEO Adam Couch said Froch was a well-invested operation that had the potential to drive efficiencies for the plc.
As part of its latest update, Mr Couch said: “The positive momentum generated through the first half of the year continued through the third quarter. Trading in December was stronger than anticipated as we supported our customers in the lead up to Christmas with exemplary service levels and an innovative range of festive products.
“The passion, commitment and professionalism of our teams across the business is a key ingredient in our ongoing successful performance and, again, I would like to thank all our colleagues for their continued dedication and support.”
Original artice – https://business-live.co.uk/all-about/yorkshire-humber
