Meat producer Cranswick hikes outlook after growing pig farms
The Yorkshire-based supplier said trading since July had been stronger than previously expected.
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Your support makes all the difference.Food producer Cranswick has upped its profit outlook for the year after investing in its farms and churning out more sales in recent weeks.
The Yorkshire-based supplier, which employs more than 15,000 people across the country, said trading since July had been stronger than previously expected.
This was driven by “robust volume growth” in its core UK food business – meaning it has been selling more products – and the impact of growing its pig herd.
Cranswick supplies major grocery retailers in the UK with food including fresh pork and chicken, and also operates brands including Ramona’s Houmous.
Its staff work from farms and production facilities across the UK.
Cranswick said its recent trading means it now expects its half-year performance to be ahead of the same period last year.
The company said it remains “cautious about current market and wider economic and geopolitical conditions”, but that its outlook for the year to the end of March is now expected to be at the upper end of current expectations.
Pre-tax profit for the year is anticipated to range between about £179 million and £192 million.
In July, Cranswick said revenues were up by nearly 7% over the first quarter, compared with the prior year, with premium product ranges selling particularly well.
Cranswick previously said it had been recovering from cost inflation across the farming and food sector, with prices starting to stabilise for farmers over the past year.