Higher pre-tax profits forecast for listed food producer
Hull-based food business Cranswick has said its adjusted pre-tax profits for the year ending 31 March 2020 are now expected to be higher than current market forecasts.
The interim results announcement dated 26 November 2019 stated the Group had delivered a robust performance, in a competitive UK market. Revenue growth was positive across each of the Group’s four product categories.
In a third quarter trading statement published today, Cranswick notes: “Export sales have continued to be exceptionally strong and the outlook remains positive.
“African Swine Fever (ASF) has created opportunities for Far Eastern exports assuming the UK remains ASF free. The UK industry remains on high alert with intensive biosecurity protocols in place.
“The commissioning of the world class £75m primary poultry processing facility in Eye, Suffolk continues to plan, with the ‘ramp up’ phase now underway.
“The Group has accelerated investment in its pig farming and rearing operations during the period through the acquisition of Packington Pork.
“The transaction materially increases Cranswick’s self-sufficiency in UK pigs processed, securing direct control over a significant part of the Group’s supply chain for premium pigs and further reinforcing its commitment to developing a sustainable and traceable farm to fork operation.”
Cranswick will announce its preliminary results for the year ending 31 March 2020 on 19 May 2020.
