Experts described the performance as “more than pleasing” and cited rising pork value and a strong NPD strategy as the key factors.
Darren Shirley, an analyst at Shore Capital, said: “Cranswick continues to benefit from the strong value credentials of pork, relative to other protein sources such as beef and lamb, which underpins growth in our view.
“However, that Cranswick continues to materially outperform the pork category reflects, to us, the on-going commitment to new product development and innovation and also the benefits of an industry leading, cost efficient infrastructure.”
Cranswick announced underlying sales growth of 10% for the period ending March 31. But profit before tax fell to £18.5M from £23.8M the previous year.
This was a result of higher input costs in the first quarter of last year, which had impacted margins, the firm revealed.
“The Group invested more than £20M in its infrastructure during the year allowing it to improve operational efficiencies and to launch new product ranges,” the firm said in a statement.
“Whilst driving volumes, this has had some impact on operating margin which, notwithstanding some recovery as the year progressed, will, as expected, be below that achieved in the previous financial year.”