Cranswick sees full year in line after solid final quarter

FTSE 250 food producer Cranswick said on Tuesday that it will report a trading performance for the year to the end of March in line with its expectations following continued positive trading in the final quarter of the year.

The company, which is due to release its full year results on 24 May, said total full year sales volumes were 12% higher than the previous year.

Full year underlying sales volumes rose 10%, with corresponding revenues up 5% as customers and UK consumers benefited from lower pork prices.

At the same time, export sales grew strongly in the final quarter, maintaining the positive momentum seen in the previous nine months and reflecting the ongoing robust demand for pork products in Far Eastern markets.

Cranswick said it invested well in excess of £30m across its asset base in the last financial year to support future growth and drive further operating efficiencies – a level of investment that is expected to continue through the current year.

The company said it was “in a strong financial position”, with committed, unsecured facilities of £120m “which provide comfortable headroom”.

“With experienced management at all levels of the group, a strong range of products, a well-invested asset base and a robust financial position, the board remains confident in the continued long-term success and development of the business.”