Cranswick has reported a strong start to its new financial year, with continued investment in poultry production helping to drive volume growth across the business.
In its first quarter trading update for the 13 weeks to 27 June, the company said reported revenue increased by 5.5% compared with the same period last year, supported by an 8.2% increase in sales volumes. Like-for-like revenue was up 4.0%, while like-for-like volumes rose 6.4%, reflecting lower input costs being passed on to customers.
For the poultry division, the company highlighted “continued strong retail demand” for fresh poultry, supported by ongoing capacity expansion at its Eye, Suffolk, processing facility. Growth was also boosted by the onboarding of new premium retail business at its cooked and prepared poultry operations.
The update suggests demand for poultry products remains robust as consumers continue to favour protein-rich foods despite ongoing economic pressures.
Across the wider business, domestic fresh pork also delivered double-digit retail volume growth. However, export pork revenues were lower than a year earlier because of weaker demand from China and other overseas markets, with some products redirected into the UK wholesale sector.
Cranswick said it remains committed to a significant programme of capital investment across the business. Alongside the planned 25% increase in capacity at the Eye fresh poultry facility, work continues on the multi-phase expansion of its flagship pork processing site in Hull.
The company also confirmed it has completed the formation of its joint venture with premium sausage brand The Jolly Hog Group, first announced in May.
Chief executive Adam Couch said: “We have made a positive start to the year, delivering strong, volume-led revenue growth, and investment continues at pace across our asset base.
“Whilst we remain mindful of the potential for disruption arising from conflict in the Middle East and the changing domestic political landscape, our outlook for the current financial year ending 27 March 2027 remains in line with current market expectations.”
Cranswick said its balance sheet remains strong, with net debt broadly unchanged from the financial year-end despite continued investment in expansion projects.