The Hull-based manufacturer credited strong demand across its core product portfolio as a key driver of growth, boosted by UK shoppers’ increasing consumption of high-protein foods.
In the 13 weeks to 27 June, the business saw reported revenue grow by 5.5% year on year, driven by volume growth of 8.2%.
Cranswick’s like-for-like revenue increased by 4% compared with the prior year, while corresponding volumes grew by 6.4% as lower input prices were passed on to customers.
Poultry and pork drive growth
Poultry revenue also recorded significant growth, boosted by healthy retail demand for fresh poultry, as well as the onboarding of a premium retail business across its cooked and prepared poultry sites.
Domestic Fresh Pork revenue was ahead of the prior-year period, underpinned by double-digit retail volume growth.
Export revenue was lower year on year, reflecting “subdued demand from China” and other global markets, with certain products redirected into the UK wholesale trade.
Delivery of major capital projects is progressing in line with expectations, Cranswick added. These include a further 25% increase in capacity at its Eye fresh poultry facility and the multi-phased expansion of its flagship Hull pork primary processing site.
Outlook remains positive
Looking ahead to the rest of the financial year, the meat producer said it remained mindful of the “potential for disruption arising from conflict in the Middle East” and the “changing domestic political landscape”.
However, the company said its outlook for the financial year ending 27 March 2027 remains in line with current market expectations, with adjusted profit before tax forecast at between £230.0 million and £243.0 million, and a market consensus of £234.3 million.
Adam Couch, chief executive officer, commented: “We have made a positive start to the year, delivering volume-led revenue growth across the business. We continue to support our strategic partners by providing excellent service levels, alongside unrivalled product quality and innovation.
“Our poultry business is growing strongly and the significant investment we are making in our Eye facility will create the headroom for further expansion in this exciting category.”
He continued: “Our continued compounding growth reflects the increasing competitive advantage of our vertically integrated supply chain and record capital deployment across our asset base to increase capacity, add capability, drive efficiencies and deliver strong returns.”
