Half Year Trading Update

Cranswick PLC

27 September 2024

 

27 September 2024

Cranswick plc

("Cranswick" or "the Company" or "the Group")

Half year trading update

Cranswick, a leading UK food producer, today provides an update on trading for the 26 weeks to 28 September 2024.

Current trading

Trading since the end of the first quarter has been stronger than previously expected, underpinned by continued robust volume growth in our core UK food business, a positive ongoing contribution from our expanding pig farming operations, industry leading service levels and a relentless focus on quality and innovation.  Consequently, we now expect our first half performance to be ahead of the same period last year.

Investment in our asset base continues at pace with the new houmous facility in Worsley, Manchester successfully commissioned during the period.

Outlook

Whilst we remain cautious about current market and wider economic and geopolitical conditions, following the strong volume growth delivered through the first half, our outlook for the current financial year ending 29 March 2025 is now expected to be towards the upper end of current market expectations¹.

The Board remains confident that continued focus on the strengths of the Company, which include its long-standing customer relationships, breadth and quality of products and industry leading asset infrastructure, will support the further successful development of the Group over the longer term.

Interim results

The Company's next scheduled comment on trading will be the interim results announcement on Tuesday 26 November 2024.

Enquiries:

Cranswick plc	01482 275 000
Mark Bottomley, Chief Financial Officer
Sodali & Co	[phone]
Ben Foster / Louisa Henry	[e-mail]

Notes:

1.     Market expectations for adjusted profit before tax as at 27 September 2024 ranged between £179.2m and £191.7m.

2.     Cranswick is a leading and innovative supplier of premium, fresh and added-value food products.  The business employs over 15,000 people and operates from 23 well-invested, highly efficient production facilities in the UK.  Cranswick was formed in the early 1970s by farmers in East Yorkshire to produce animal feed and has since evolved into a business which produces a range of high quality, predominantly fresh food, including fresh pork, poultry, convenience, gourmet products and pet food.  The business develops innovative, great tasting food products to the highest standards of food safety and traceability.  The Group supplies the major grocery multiples as well as the growing premium and discounter retail channels.  Cranswick also has a strong presence in the 'food-to-go' sector and a substantial export business.  Results for the 53 weeks to 30 March 2024 showed revenue of £2,599.3m and profit before tax of £158.4m.  For more information go to: www.cranswick.plc.uk

3.     At Cranswick, it is second nature for us to protect and nurture our environment while supporting people and communities to thrive.  Guided by our sustainability strategy, Second Nature, we have seamlessly integrated our sustainability commitments into the core of our business model, which in turn shapes our decision-making, culture, and actions.  For more information on out Second Nature strategy, please visit: www.cranswick.plc.uk/sustainability

4.     This announcement is based on information sourced from unaudited management accounts.

5.     This announcement contains certain forward looking statements.  By their nature, forward looking statements involve a number of risks, uncertainties or assumptions that could cause actual results or events to differ materially from those expressed or implied by those statements.  Forward looking statements regarding past trends or activities should not be taken as representation that such trends or activities will continue in the future.  Accordingly undue reliance should not be placed on forward looking statements.

 

END