Cranswick H1 revenue and profits grow

Food producer Cranswick left its full-year guidance in place on Tuesday despite posting interim profits that topped expectations.

Cranswick said like-for-like revenues grew 6.4% to £993.1m in the six months ended 25 September, driven by a marked increase in poultry sales thanks to the successful capacity expansion of its poultry facility at Eye.

Adjusted pre-tax profits were up 12.3% at £69.6m and statutory pre-tax profits improved 17.7% to £63.2m as operating margins expanded to 7.0% from 6.7%.

Cranswick also declared an interim dividend of 20.0p, up 7% year-on-year, and adjusted earnings per share of 103.5p, up 11.5%.

The FTSE 250-listed company also highlighted that industry-wide labour and supply chain challenges were being managed with "excellent customer service levels maintained" and cost inflation being proactively handled.

Chief executive Adam Couch said: "We have made further positive and sustainable progress during the first half of the year, delivering revenue and earnings growth in an incredibly challenging operating environment.

"Our outlook for the current year is unchanged and we have a solid platform from which to continue Cranswick's successful long-term development."

As of 0850 GMT, Cranswick shares were up 1.76% at 3,696.0p.