Cranswick reports solid third quarter trading
Cranswick reports solid third quarter trading
UK food producer Cranswick has reported that trading during the third quarter of the financial year was “in line with the board’s expectations”, with total and underlying revenue “well ahead of the prior year”.
A statement from Cranswick said: “Total and underlying revenue was well ahead of the prior year, underpinned by strong volume growth and supported, as anticipated, by a robust performance over the key Christmas trading period.”
Export sales are also reported to have grown strongly, with Far East revenues significantly ahead of the same quarter last year, reflecting ongoing demand from the region and increased output from Cranswick’s two primary processing facilities.
The company did note that input costs rose further during the period, however efficiency improvements, internal pig production and constructive pricing discussions with customers are said to have helped to partially mitigate the impact.
With regards to recent investments, Cranswick confirmed that the Northern Irish pork processing business, Dunbia Ballymena, has performed in line with the board’s expectations since its acquisition in November 2016.
Moreover, Cranswick has recently started on a new, purpose-built continental products factory in Bury, Greater Manchester, which will help to consolidate the company’s two existing facilities and provide additional capacity.
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