Cranswick: UK pig price up 27% amid record costs

Hull-based meat processing giant Cranswick said on Monday its revenue in the 13 weeks to June 25, 2022, was 7.6 per cent ahead of the same period last year. 

Cranswick said the UK pig price increased by 27% during the period “reflecting the rapid response to the sharp rise in feed prices with wheat and soya reaching all-time highs.”

In a first-quarter trading statement, Cranswick said: “Excluding the contribution from acquisitions made in the prior year, revenue on a like-for-like basis was 5.8 per cent higher, with strong growth in our core UK market partly offset by expected lower export revenue.”

Cranswick, which employs over 13,300 people, added: “UK revenue across all four food product categories was ahead year-on-year. 

“Substantial and widespread cost inflation continues to be proactively managed and mitigated through tight cost control and ongoing recovery.

Far East export sales were, as anticipated, lower than the same quarter last year due to market prices falling from the elevated levels experienced over the previous two years and the ongoing suspension of our Norfolk primary pork processing facility’s China export licence

“The China pig price has strengthened in recent weeks, albeit still below the highs of 2019 and 2020.

Grove Pet Foods made a modest contribution to reported Group revenue during the quarter.

The UK pig price increased by 27 per cent during the period, reflecting the rapid response to the sharp rise in feed prices with wheat and soya reaching all-time highs. 

“With the support of our customers, we have reflected these higher input costs in the price we pay to both our own farming operations and our third-party producers.”

Cranswick CEO Adam Couch said: “We have made a positive start to the year notwithstanding the challenging operating conditions we continue to experience.”

 

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