Cranswick reveunes grow amid 'positive start' to year

(Sharecast News) - Food producer Cranswick said on Monday that it had made "a positive start to the current financial year, with both reported and like-for-like revenues improving in the 13 weeks ended 27 June.

Cranswick said reported revenues were 5.5% ahead of the same period last year, driven by "strong volume" growth of 8.2%, while like-for-like revenues were 4.0% higher year-on-year, with corresponding volumes up 6.4%, as the benefit of lower input prices was passed onto customers.

The FTSE 250-listed firm said poultry revenues "grew strongly", driven by continued strong retail demand for fresh poultry, while domestic fresh pork revenues came in ahead of the prior year period, underpinned by double digit retail volume growth.

Export revenue, on the other hand, was lower year-on-year, reflecting subdued demand from China and other global markets and certain products being redirected into the UK wholesale trade.

Convenience and gourmet products revenues were up year-on-year, with particularly strong houmous and dips revenue growth, while pet products revenues were "well ahead of the same period last year", reflecting the firm's ongoing expansion of its relationship with Pets at Home.

Looking ahead, Cranswick stated that whilst it remains mindful of the potential for disruption arising from conflict in the Middle East and the changing domestic political landscape, its outlook for the current financial year remained in line with current market expectations for adjusted pre-tax profits between �230m and �243m.

As of 0925 BST, Cranswick shares were up 0.73% at 5,520p.

Reporting by Iain Gilbert at Sharecast.com

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