2nd Feb 2023 10:13
(Alliance News) - Cranswick PLC on Thursday said revenue growth accelerated in the third quarter, on the back of strong demand.
The Hull, England-based food producer said all four of its product categories were ahead in the UK core market in the third quarter to December 24, compared with a year ago.
The company noted that December trading was supported by its fresh pork, convenience and gourmet festive products. "Our customers and consumers continue to recognise and appreciate the quality, value and versatility of pork," the company said.
Cranswick added that poultry revenue growth in the third quarter indicated a "positive contribution" from its new breaded poultry facility in Hull, which offset lower sales from its cooked poultry facility.
The company also noted that Avian Influenza had a limited impact on fresh poultry revenue early in the third quarter, with outbreaks at five farms in Cranswick's poultry estate. Cranswick said it has received full financial compensation for all lost birds, and continues to enforce biosecurity protocols.
The company said Far East export sales were well ahead compared to the year before, with "significantly stronger pricing", while its pet products line also added a "modest contribution" to revenue in the third quarter.
Cranswick said the current financial year is in line with the board's expectations.
Chief Executive Officer Adam Crouch said "Our core UK market remains extremely resilient as our customers and the UK consumer continue to recognise and appreciate the quality, value and versatility of our pork and poultry product ranges.
"The broad-based inflationary pressure we are experiencing across our cost base continues to be well controlled and mitigated."
Cranswick shares were up 4.9% trading at 3,294.20 pence per share on Thursday morning in London.
By Harvey Dorset, Alliance News reporter
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