Resilient UK market drives growth at food business
Food producer, Cranswick, saw its revenue growth accelerate in the third quarter, building on the momentum generated in the first half of the year.
In its update on trading for the 13 weeks to 24 December 2022, the Hull-headquartered business adds that trading in December was particularly robust, underpinned by strong demand for its Fresh Pork, Convenience and Gourmet festive range of products.
Adam Couch, CEO, said: “We have delivered another strong quarter of growth, building on the momentum generated in the first half of the year.
“Our core UK market remains extremely resilient as our customers and the UK consumer continue to recognise and appreciate the quality, value and versatility of our pork and poultry product ranges.
“The broad-based inflationary pressure we are experiencing across our cost base continues to be well controlled and mitigated.
“Our relentless focus on innovation together with the passion and dedication of our people are the key enablers of our continued successful progress and development.”
The group remains in a robust financial position with committed, unsecured facilities of £250m providing comfortable headroom.
Cranswick says its poultry revenue rise reflected a positive contribution from its new Hull breaded poultry facility, which offset lower sales from its Hull cooked poultry facility.
The company notes there was a “very limited” impact on Fresh Poultry revenue following Avian Influenza outbreaks at five farms across its poultry farm estate early in the period.
The business has received full financial compensation for all lost birds and continues to enforce strict biosecurity protocols across all its farms.
Commenting on its programme of investment, Cranswick states: “Our broad-based investment plans remain firmly on track with several substantial projects in progress which will enhance the capability of and add capacity to several of our flagship production facilities as well as driving through further operating efficiencies.
“We have also committed to a number of capital projects which support our ‘Second Nature’ sustainability programme.
“During the period we invested further in our pig farming operations and, in so doing, we have lifted our self-sufficiency to over 40% of our total requirement for British pigs.”