CRANSWICK has said revenues were up 24.8% in its first financial quarter, which covers the 13 weeks to 27 June, when compared with the same period a year earlier.
Excluding the contribution from acquisitions made the year before, revenue on a like-for-like basis was 19.2% higher.
The pork and poultry giant attributed the growth to ‘exceptionally robust’ retail demand, as well as increased sales from its new poultry processing facility in Eye, Suffolk.
Cranswick said it had won new supply contracts for its chicken business, which is now up and running after a £78m investment in the Eye site.
The firm added that the higher demand had continued into its second quarter.
Results ahead of expectations
It expects retail sales to normalise through the remainder of the year, as consumers return to eating out of the home.
And the board “remains cautious” about the long-term impact of Covid-19, uncertainty over Brexit and ongoing trade negotiations with other countries.
But it adds that it now expects its full-year results to be ahead of previous expectations.
Adam Couch, Cranswick chief executive, said: “Our teams across the business have responded brilliantly during these extraordinary and unparalleled times and I would like to thank them for their incredible support and hard work which has enabled us to continue to deliver premium food products with outstanding service to our customers.
“We have made a strong start to the year.
“Whilst we remain cautious about the longer-term economic impact of COVID-19 and the uncertainty surrounding the ongoing Brexit negotiations, we are well-positioned to address these challenges.
Our positive momentum reflects the continued investment we make
across our asset base and the quality and capability of our colleagues across the business.”