21st Jan 2025 10:00
(Alliance News) - Cranswick PLC on Tuesday said that it expects to report higher annual profit, in line with current market expectations, despite remaining cautious about wider economic conditions.
The Yorkshire, England-based food producer hailed "strong revenue growth" in the 13 weeks that ended December 28, noting sound performance during Christmas trading.
"We have delivered a record Christmas trading period underpinned by outstanding service levels and sector leading innovation across our festive product range," Chief Executive Officer Adam Couch said.
Cranswick said that, despite caution about current geopolitical and economic conditions, it expects to meet market expectations for the current financial year ending on March 29.
It said those expectations are for adjusted pretax profit between GBP189.0 million and GBP195.1 million, up at least 7.0% from GBP176.6 million it had reported for financial 2024.
Cranswick said its premium value-added products performed "extremely well" which boosted its Christmas sales.
"The board is confident that the continued focus on the strengths of the company, which include its long-standing relationships, breadth and quality of products, robust financial position, and industry leading asset infrastructure, will support the further successful development of Cranswick during the current year and over the longer term," Cranswick said.
The company will release financial 2024 results on May 20.
Further, Cranswick announced the acquisition of JSR Genetics Ltd, which includes both pig genetics and pig farming operations, from JSR Farms Ltd. Cranswick provided no financial details for the deal.
JSR Genetics is a pig genetics company located in East Yorkshire and delivers genetic solutions for cost effective pig production.
Cranswick shares were up 2.5% to 5,010.00 pence each on Tuesday morning in London, giving it a market capitalisation of GBP2.71 billion.
By Tom Budszus, Alliance News slot editor
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.