Cranswick jumps after reporting higher than expected profits
released a trading update on Friday revealing that it anticipates higher than expected profits for the year ending 31 March 2020.
The company said that it delivered robust performance over the Christmas trading period, with positive revenue growth across all four of its product categories.
Cranswick said that export sales were strong and gave a positive outlook. The company highlighted that African Swine Fever created opportunities in Far Eastern exports, but that the UK remains on high alert.
The company told investors it is ramping up commissioning of its £75 million primary poultry processing facility in Suffolk, and highlighted its materially increased self-sufficiency in UK pig processing after its acquisition of Packington Pork.
Shares in Cranswick jumped 6.07% to £36.02 during Friday morning trading
Cranswick said that net debt increased during the period, driven by usual seasonal uplift in working capital and its acquisition of Packington Pork Limited in December 2019.
The company provided a positive outlook: “The Board is confident that continued focus on the strengths of the Company, which include its long-standing customer relationships, breadth and quality of products, robust financial position and industry leading asset infrastructure, will support the further successful development of the Group over the longer term.”
Cranswick announced a 19 May 2020 date for the release of its preliminary results for the year ending 31 March 2020.
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