Cranswick holds guidance as Q1 revenues rise 6.7%

UK food producer Cranswick held annual guidance after first quarter revenue rose 6.7% on the back of strong volume growth.

Premium product ranges performed “particularly well” in the 13 weeks to June 29, while easing input costs were reflected in selling prices, Cranswick said on Monday. On a like-for-like basis, revenue growth was 6.4%.

"We have made a strong start to the year, delivering another quarter of strong revenue growth, whilst continuing to provide excellent service levels ensuring full availability of our products for our customers and the UK consumer,” said chief executive Adam Couch.

"Our poultry business is growing strongly and the substantial investment we are making in our two value-added facilities in Hull will create the headroom for further expansion in this category.”

Reporting by Frank Prenesti for Sharecast.com