Cranswick sees FY profits ahead after better-than-expected Q3

Meat producer Cranswick said on Thursday that adjusted pre-tax profit for the year to the end of March 2024 was set to be ahead of the board’s previous expectations after stronger-than-expected trading in the third quarter.

In an update for the 13 weeks to 23 December, the company said the strong revenue and earnings growth seen in the first half of the year had continued through the start of Q3. Trading during the quarter and particularly the key Christmas period was stronger than anticipated, it said.

Strong revenue growth was underpinned by volume growth across all four core UK food categories, as customers and the UK consumer "continue to appreciate the affordability, value for money and versatility of our core pork and poultry categories," Cranswick said.

The company said its expanded pig farming and milling operations, including the recently acquired Elsham Linc business, continue to make a positive contribution.

Chief executive Adam Couch said: "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."