4th Feb 2021 09:26
(Alliance News) - Cranswick PLC on Thursday said strong revenue and earnings momentum from the first half of its financial year continued into the third quarter.
The FTSE 250-listed meat producer said that for the 13 weeks to December 26 it saw strong UK retail demand, reflecting "the continued shift towards greater in-home consumption" due to the pandemic.
"Performance over the festive trading period was robust and ahead of the same period in 2019, reflecting a well-executed Christmas plan, supported by exemplary service levels to our customers and tight cost control," Cranswick said.
Far East export sales were lower than the year prior due to a greater proportion of output being directed to UK retail customers and the temporary self-suspension of the group's China export licences for its Northern Ireland and Norfolk processing facilities, Cranswick said. The lower export sales were anticipated, however.
Negative effects from Brexit were mitigated through good planning, the company said.
On the investment front, Cranswick said there is substantial ongoing investment in its pork and poultry farming operations to "add scale, drive efficiency and maintain the highest standards of animal welfare".
Going forward, Cranswick said: "For the remainder of the current financial year the shift towards greater in-home consumption with resulting high demand for our products is expected to continue.
"Looking ahead, the board is confident that continued focus on the strengths of the company, which include its long-standing customer relationships, breadth and quality of products, robust financial position and industry leading asset infrastructure, will support the further successful development of the group over the longer term."
"Our outlook for the current financial year is now expected to be ahead of our previous expectations," Chief Executive Adam Couch added.
Cranswick shares were up 2.4% at 3,520.00 pence each in London on Thursday morning.
By Greg Roxburgh; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Cranswick