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Cranswick upbeat thanks to better than expected trading across first half

Stronger than expected first half trading has urged meat producer Cranswick to issue an upbeat profit guidance.

The Hessle-based poultry and pork specialist told investors on the London Stock Exchange there had been continued volume growth across its core UK business in the 26 weeks to the end of September. Bosses at the FTSE250 producer said they now anticipate the current financial year, to the end of March 2025, will bring adjusted pre-tax profits at the higher end of market expectations between £179.2m and £191.7m.

They said the performance had been underpinned by the contribution from Cranswick’s expanded pig farming operation which saw the £31.7m addition of North Lincolnshire farming business Elsham Linc last year. There is also an ongoing, multi-phased expansion of the supermarket supplier’s Preston site, east of Hull, where it processes pigs.

Investment was also said to be continuing at Cranswick’s houmous factory in Worsley, Manchester which has undergone a £23m fit out, first announced late last year, and since commissioned during the first half.

In a first quarter trading update issued in the summer, the firm said its Pet Products revenue was strongly ahead of the prior year following a major supply deal with national retailer Pets at Home, from its facility at Lodge Farm, west of Lincoln.

The firm said: “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 board remains confident that continued focus on the strengths of the company, which include its long-standing 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.”

Cranswick’s share price has risen considerably over the past year, from 3,530p at September 27, 2023 to 4,715p. The business will issue interim trading results on Tuesday, November 26.

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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