Hull’s Cranswick ups first-half revenue 12% to £1.2bn

Hull-based meat processing giant Cranswick plc said its revenue rose 12.3% to £1.253 billion in the 26 weeks to September 23, 2023, with adjusted profit before tax up 23.6% at £81.6 million.

Interim dividend increased by 10.2% to 22.7p.

In its outlook, the Hull firm said: “Whilst we remain cautious about current market and wider economic and geopolitical conditions, the outlook for the current financial year ending 30 March 2024 is now expected to be at the upper end of current market consensus.”

Cranswick said market consensus for its adjusted full-year profit before tax range between £153.2 million and £160.8 million.

Cranswick CEO Adam Couch said: “Our strong start to the year continued through the second quarter. 

“Our relentless focus on quality, service, innovation, and managing our cost base through this extremely challenging inflationary cycle, allied to delivering exceptional customer service, has underpinned these results.

“Momentum has continued through the start of the third quarter as our customers and the UK consumer continue to appreciate the affordability, value for money and versatility of our core pork and poultry categories.

“Our continued positive progress is made possible by the substantial ongoing investment in our asset base, expansion of our pig farming operations and the quality and capability of our colleagues across the business.”