28th Jul 2025 08:52
(Alliance News) - Cranswick PLC on Monday said it has started its financial year strongly, and it expects annual results in line with market expectations.
The Hull, England-based food producer said revenue rose 9.7% in the 13 weeks to June 28 compared to a year prior. Revenue was up 7.9% on a like-for-like basis.
Cranswick said the acquisition of Blakemans made a positive contribution, along with "strong volume growth" from new business wins, alignment with retail partners and the outperformance of premium added-value ranges. It bought Blakemans in May for GBP32 million.
The company said export revenue was strong due to volume growth and higher pricing following the reinstatement of the Norfolk fresh pork site's China export licence in December.
"Poultry revenue grew strongly driven by the onboarding of new premium retail business at the Cooked and Prepared Poultry sites together with strong demand from the Eye fresh poultry site's anchor retail customer," Cranswick said.
Pet Products revenue was "well ahead" due to the ongoing roll-out of the Pets at Home business.
"We have further strengthened our relationship with Pets at Home with new premium own-label business now secured, supply is due to begin later in the year," Cranswick added.
It said the outlook for the 2026 financial year remains in line with market expectations.
The consensus range for adjusted pretax profit is between GBP206.5 million and GBP213.6 million. In the prior financial year, it achieved adjusted pretax profit of GBP197.9 million.
Cranswick said it has "made good progress" on each of its major earnings enhancing capital projects during the period.
It has committed a further GBP14 million investment at the Lincoln Pet Products site to increase capacity and broaden the product range.
"We have made a strong start to the year, delivering volume-led revenue growth across all product categories. We continue to invest at pace across our asset base to drive strong returns," said Chief Executive Officer Adam Couch.
"Integration of the Blakemans business is progressing well and we have committed to further substantial investment in the Lincoln Pet Products site. Our continued positive progress reflects the substantial ongoing investment in our asset base and the quality and capability of our colleagues across the business."
Cranswick will release results for the six months to September 27 on November 25.
Shares in Cranswick were up 0.6% at 5,350.00 pence in London on Monday morning.
By Michael Hennessey, Alliance News reporter
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