Shares of Hull-based meat processing giant Cranswick Plc rose 9% on Friday after it said in an unscheduled trading update that its adjusted profit before tax for the year ending March 31, 2020, is now expected to be higher than current market forecasts.

Cranswick shares rose about 9% to around £36.99 to give the firm a current stock market value of around £1.8 billion.

The FTSE 250 company said its exports have continued to be “exceptionally strong” and that “African Swine Fever (ASF) has created opportunities for Far Eastern exports assuming the UK remains ASF free.”

Cranswick employs over 10,000 people throughout the UK. It made revenue of £1.4 billion and profit before tax of £86.5 million in the year to March 31, 2019 .

Cranswick said: “The interim results announcement dated 26 November 2019 stated the group had delivered a robust performance, in a competitive UK market.

“That performance, and market backdrop, in the UK continued over the important Christmas trading period. 

“Revenue growth was positive across each of the group’s four product categories.

“Export sales have continued to be exceptionally strong and the outlook remains positive.  

“As stated in our interim results announcement, African Swine Fever (ASF) has created opportunities for Far Eastern exports assuming the UK remains ASF free. 

“The UK industry remains on high alert with intensive biosecurity protocols in place.”