17th Aug 2020 10:02
(Alliance News) - Cranswick PLC on Monday said its outlook for financial 2021 is ahead of expectations following a strong trading in the first-quarter.
The Hessle, England-based food producer said revenue for the 13 weeks to June 27 was up 25% year-on-year.
Retail demand has been "exceptionally robust" as a result of the shift towards greater in-home consumption. This along with increased poultry sales from the new GBP78 million poultry processing facility at Eye, Suffolk, has offset lower food revenue.
The positive performance has continued into July and August, the company said.
Retail volumes are expected to normalise over the remainder of the year following the exceptional demand experienced earlier on in the year.
Cranswick remains in a "robust" financial position with facilities of GBP200 million.
Outlook for the current financial year, ending March 27, 2021, is expected to be ahead of expectations.
Chief Executive Adam Couch said: "We have made a strong start to the year. Whilst we remain cautious about the longer-term economic impact of Covid-19 and the uncertainty surrounding the ongoing Brexit negotiations we are well positioned to address these challenges. Our positive momentum reflects the continued investment we make across our asset base and the quality and capability of our colleagues across the business."
The company is scheduled to release its results for the 26 weeks to September 26 on November 24.
Cranswick shares were up 6.8% at 4,082.08 pence each on Monday morning in London.
By Greg Roxburgh; [email protected]
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