Cranswick reports “strong” revenue growth of 6.1%

Cranswick reported “strong” volume-led revenue growth of 6.1% with like-for-like revenue growth of 5.8% to reach £1,329.9 million in H1 2024. Revenue from its core UK food business was ahead by 6.4%, underpinned by 7% volume growth.

Poultry revenue was up by 16.4%, with the category now accounting for 19.5% of total group sales. It also reported that investment in pig farming operations drove an 18% increase in pig production year-on-year.

Adjusted profit before tax for the period at £95.8 million was 17.4% higher than the £81.6 million reported in the corresponding period last year. Adjusted earnings per share on the same basis was up 17.7% at 132.1p compared to 112.2p in the equivalent period last year, reflecting the growth in adjusted profit before tax.

Cranswick said its outlook for the current financial year ending 29th March 2025 remained in line with current market expectations, ranging between £189 million and £193 million.

Adam Couch, Cranswick chief executive officer, commented: “We have delivered another strong first half performance with good volume-led growth through capacity expansion and market share gains from close alignment to our key long-standing customers and a relentless focus on quality and industryleading service levels. I would like to thank, once again, our brilliant Cranswick colleagues for their continued support and commitment in delivering this strong performance.

“We continue to grow our poultry business and we have now committed to spending almost £50 million across our vertically integrated poultry operations. We will invest £20 million to increase volumes processed through our fresh poultry operations in East Anglia, alongside the substantial ongoing investment at our two added-value facilities in Hull.

“Investment in our agricultural operations continues at pace with a further acquisition completed during the period alongside ongoing organic expansion. We now have the largest pig farming business in the UK which is producing over 34,000 finished pigs per week with self-sufficiency maintained at well over 50%. We will continue to invest in our pig farming operations to ensure that we can supply the right quality and quantity of pigs to meet the need of our strategic retail customers.

“We remain on track to deliver further progress in the second half of the year. Our Christmas order book is strong and demand for our innovative products remains high as the UK consumer continues to appreciate the quality, value and versatility of our core pork and poultry ranges.

“Our continued positive progress is made possible by our industry-leading asset infrastructure, the unrivalled capability of our colleagues across the business, the breadth and quality of our product range and robust financial position. Focusing on these strengths will allow Cranswick to continue to prosper, both in the current financial year and over the longer term.”