Cranswick has "positive" start to year as expands poultry capacity
(Alliance News) - Cranswick PLC on Monday said it is trading in line with expectations for its current financial year, after a "positive start" in the first quarter.
In the three months that ended June 27, revenue was 5.5% ahead of a year before, driven by 8.2% volume growth. On a like-for-like basis, revenue was 4.0% higher, Cranswick said, on 6.4% volume growth.
Volume outpaced revenue, as lower input prices were passed onto customers, the company said.
The Hull, England-based food producer is focused on fresh poultry and pork, convenience and gourmet products, and pet food.
Poultry revenue "grew strongly", as strong retail demand was met by capacity expansion at the company's facility in Eye, Suffolk. Cranswick said it plans to invest in a further 25% increase in capacity at the Eye poultry facility.
Domestic fresh pork revenue was ahead of a year before, Cranswick said, but pork export revenue was down, due to "subdued demand from China".
Convenience and gourmet products revenue was up on year, led by hummus and dips, while Pet products revenue was "well ahead" on year, benefiting from rising sales to pet supplies retailer Pets At Home Group PLC.
Cranswick will release its half-year results to September 26 on November 24.
Shares were down 1.6% to 5,390.00 pence on Monday morning in London.
By Tom Waite, Alliance News editor
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