Cranswick buys JSR Genetics, hails 'strong' Q3 revenue growth
By Michele Maatouk
Date: Tuesday 21 Jan 2025
(Sharecast News) - Cranswick backed its full-year expectations on Tuesday as it reported strong third-quarter revenue growth and announced the acquisition of UK pig genetics business JSR Genetics.
In an update for the 13 weeks to 28 December, the food producer said revenue growth was again underpinned by "excellent" volume growth across its core UK food business, as customers and the UK consumer "continue to appreciate the affordability, value for money and versatility of our core pork and poultry categories".
Cranswick said its premium value-added products performed extremely well, contributing to a record festive trading period performance.
The company said that while it remains cautious about current market and wider geopolitical and economic conditions, the outlook for the year ending 29 March 2025 remains in line with current market expectations for adjusted pre-tax profit of between £189m and £195.1m.
Cranswick also said on Tuesday that it has bought JSR Genetics from JSR Farms Limited. No financial details were given but the deal includes the pig genetics and pig farming operations of JSR Farms Limited.
Chief executive Adam Couch said: "We have delivered a record Christmas trading period underpinned by outstanding service levels and sector leading innovation across our festive product range.
"I am delighted to announce the acquisition of JSR Genetics, a leading pig genetics supplier and commercial pig producer based in East Yorkshire. This acquisition increases the scale of our indoor pig production, further securing supply for our customers' pork requirements.
"The addition of an integrated pig genetics supply chain will allow us to drive ongoing improvements in production efficiency, meat quality, animal health and robustness, for the long-term benefit of our customers and the UK consumer.
"As we look ahead to the new financial year, we will need to manage the well-publicised inflationary pressures alongside wider economic uncertainty and food security risks, but our business is in great shape, and we are well placed to successfully manage the challenges that may lie ahead."
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