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
|
+44 207
100 6451
|
|
Ben Foster / Louisa Henry
|
cranswick@sodali.com
|
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.