Cranswick sees FY profits above forecasts
Food producer Cranswick said it expected full year adjusted pre-tax profit to be higher than current market forecasts.
The company said that strong first half trading had continued over the Christmas period in a competitive UK market with positive revenue growth across each of the its four product categories.
“Export sales have continued to be exceptionally strong and the outlook remains positive. As stated in our interim results announcement, African Swine Fever (ASF) has created opportunities for Far Eastern exports assuming the UK remains ASF free. The UK industry remains on high alert with intensive biosecurity protocols in place,” Cranswick said on Friday in a trading statement.
“The group has accelerated investment in its pig farming and rearing operations during the period through the acquisition of Packington Pork.”
Cranswick said the Packington deal materially increased its self-sufficiency in UK pigs processed, securing direct control over a significant part of its supply chain for premium pigs and “further reinforcing its commitment to developing a sustainable and traceable farm to fork operation”.
The company added that its “robust financial position and industry leading asset infrastructure” would support further successful development over the longer term.