By UK food producer, Cranswick, has announced a strong start to the first quarter of the year, with revenue for the 13 weeks ended June 24 increasing by 15%. The company anticipates that its full-year performance will surpass the board’s expectations.
Although specific figures have not been provided, analysts predict that the adjusted pretax profit consensus, excluding exceptional and one-off items, will amount to £145.5 million ($187 million). This estimate is based on forecasts from four analysts and sourced from FactSet. Comparatively, Cranswick reported a pretax profit of £140.1 million for the fiscal year ended March 25.
According to consensus forecasts from ten analysts on FactSet, revenue for Cranswick is expected to reach £2.45 billion. This projection represents an increase from the £2.32 billion reported for fiscal year 2023.
In terms of UK revenue, Cranswick experienced growth across all four food product categories during the first quarter. Fresh pork, convenience, and gourmet products categories displayed positive volume momentum. However, poultry volumes were slightly lower than the same period last year, partially offset by strong growth in breaded poultry. Cranswick also noted a decline in export sales, particularly in Far East volumes, which reflect the anticipated seasonal slowdown in demand from China.
Overall, Cranswick’s strong performance in Q1 and positive projections indicate a promising outlook for the company.
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