Hull-based meat processing giant Cranswick plc said its adjusted profit before tax for the year ending March 30, 2024, is expected to be ahead of the board’s previous expectations after trading throughout its third quarter and the Christmas period was stronger than anticipated.
Cranswick employs over 14,750 people and operates from 22 facilities in the UK.
In an update on trading for the 13 weeks to December 23, 2023, Cranswick said: “The interim results announcement dated 21 November 2023 referenced that the strong revenue and earnings growth delivered in the first half of the year had continued through the start of the third quarter.
“Trading throughout quarter three and particularly during the key Christmas trading period was stronger than anticipated.
“The group’s adjusted profit before tax for the year ending 30 March 2024 is now expected to be ahead of the board’s previous expectations.
“Strong revenue growth during the period was again underpinned by volume growth across all four core UK food categories, as customers and the UK consumer continue to appreciate the affordability, value for money and versatility of our core pork and poultry categories.
“The group’s expanded pig farming and milling operations, including the recently acquired Elsham Linc business continue to contribute positively.”
On January 8, 2024, Cranswick signed an agreement to acquire Froch Foods Holdings Limited, a processor of predominantly pork and poultry related products.
Cranswick CEO Adam Couch said: “The positive momentum generated through the first half of the year continued through the third quarter.
“Trading in December was stronger than anticipated as we supported our customers in the lead up to Christmas with exemplary service levels and an innovative range of festive products.”