Cranswick FY profits, revenue rise amid 'healthy' demand
By Michele Maatouk
Date: Tuesday 26 Nov 2024
(Sharecast News) - Food producer Cranswick backed its guidance for the full year on Tuesday as it reported a jump in interim profit and revenue amid "healthy" demand.
In the 26 weeks to 28 September, adjusted pre-tax profit rose 17.4% to £95.8m on revenue of £1.3bn, up 6.1% on the same period a year earlier. Adjusted group operating profit was up 16.5% to £99.6m.
Cranswick said revenue from its core UK food business grew 6.4%, underpinned by 7% volume growth. Poultry revenue rose 16.4%, with poultry now accounting for 19.5% of total group sales.
Meanwhile, revenue from pet food was 71.1% higher, reflecting the successful ongoing rollout of the Pets at Home contract.
Cranswick said trading was "strong", with healthy demand continuing across its core UK food product business.
The company said premium added-value categories performed particularly well, with promotional activity across its customer base driving growth, "supported by the affordability, versatility and quality of our pork and poultry products".
While it remains cautious about current market and wider economic and geopolitical conditions, Cranswick said adjusted pre-tax profit for the year ending 29 March 2025 is still expected to be in line with market forecasts of between £189m and £193m.
Chief executive Adam Couch said: "We have delivered another strong first half performance with good volume-led growth through capacity expansion and market share gains from close alignment to our key long-standing customers and a relentless focus on quality and industry-leading service levels.
"We remain on track to deliver further progress in the second half of the year. Our Christmas order book is strong and demand for our innovative products remains high as the UK consumer continues to appreciate the quality, value and versatility of our core pork and poultry ranges."
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