News
Food producer Cranswick reveals Q1 financial results
Meat and poultry manufacturer Cranswick posted 14.7% year-on-year revenue growth in Q1 of 2023/24.
The firm saw revenue increase across all four of its product categories – fresh pork, convenience, gourmet and poultry – with sales increasing for fresh pork, convenience and gourmet.
Poultry sales on the other hand suffered a decrease in volume. While breaded poultry experienced growth, cooked poultry volume was lower than a year ago. Export volumes were also lower, with the firm citing a slowdown in demand from China in particular.
The reduced size of pig herds due to rising input costs partially explain the increased revenue, as the tightening of supply drives up prices. During Q1 of 2023/24, the average UK pig price increased by 28 per cent compared to the same period last year.
Cranswick is managing inflation by retaining tight control over its costs, while investment in automation has enabled the firm to offer value for money to customers.
Investment in the future
Chief executive Adam Couch appeared pleased with the results and thanked staff for their hard work in allowing the firm to thrive.
“We have made a strong start to the year, delivering another quarter of growth during which we have again supported our customers by providing excellent service levels to ensure full availability of our products,” said Couch
“Our continued positive progress reflects the substantial ongoing investment in our asset base and the quality and capability of our colleagues across the business.”
Investment in retail packing and slow cook capacity is already underway, and there are plans to increase cooking and roasting capacity at the poultry site.
As a result of the strong start to the financial year, the outlook for the year-end in March is expected to be ahead of the board’s previous expectations.
In other news, 2 Sisters reports sales growth in full-year 2022 results.
