Better than expected festive season trading at food business

Food producer, Cranswick, says its adjusted pre-tax profits for the year ending 30 March 2024 are now expected to be ahead of previous expectations.

Releasing  an update on trading for the 13 weeks to 23 December 2023, the Hull-based business says trading throughout quarter three and particularly during the key Christmas trading period was stronger than forecast.

Adam Couch, CEO, said: “The positive momentum generated through the first half of the year continued through the third quarter.

“Trading in December was stronger than anticipated as we supported our customers in the lead up to Christmas with exemplary service levels and an innovative range of festive products.”

Cranswick adds that its substantial ongoing capital investment programme continues to add capacity, drive automation and deliver efficiency improvements. 

On 8 January 2024 the company signed an agreement to acquire the entire issued share capital of Froch Foods Holdings Ltd, which is a processor of predominantly pork and poultry related products. The deal is expected to complete tomorrow – 19 January.

Cranswick notes that it remains remains in a robust financial position with committed, unsecured facilities of £250m providing comfortable headroom.