UK pork and poultry producer Cranswick has provided a trading update for the 13 weeks to 29th June 2024, reporting “robust demand” across its core food categories.
Group reported revenue in the quarter was 6.7% ahead of the same period last year, which Cranswick said was driven by strong volume growth. It said this reflected “business wins” and a return to promotional activity across its customer base.
On a like-for-like basis, revenue growth was 6.4%. The producer also revealed that its premium product ranges performed “particularly well”, with easing input costs reflected in selling prices.
Cranswick said export sales volumes were “strongly ahead” but were offset by reduced pricing in the Far East and EU, with the producer also saying there were early signs that Far East prices are starting to firm.
For the next year, Cranswick remains confident that continued focus on the strengths of the company will support the “further successful development” of the Group over the longer term.
Adam Couch, CEO of Cranswick, said: “We have made a strong start to the year, delivering another quarter of strong revenue growth, whilst continuing to provide excellent service levels ensuring full availability of our products for our customers and the UK consumer.
“Our continued capital investment programme, including integration of agricultural supply chains, will further enhance operating efficiency and support UK food security as we continue to deliver on our long-term gowth strategy.
“Our poultry business is growing strongly and the substantial investment we are making in our two value-added facilities in Hull will create the headroom for further expansion in this category.”
Couch continued: “Looking ahead we continue to lay the foundations which will allow Cranswick to prosper. We have added to our pig herd during the quarter and, going forward, we expect to make further investment in our agricultural operations to ensure supply chain security and value optimisation.
“We expect demand for our products to remain robust through the remainder of this year and our outlook for the current year remains unchanged.”
