East Yorkshire meat processing giant Cranswick plc reported higher full-year earnings and profit on Tuesday, helped by a recovery in demand for pork and poultry after inflation dampened consumer spending early last year.

The company, based near Hull, reported statutory profit before tax up 13.5% to £158 million, including a non-cash asset impairment charge.

Total revenue for the 53 weeks to 30 March 2024 was £2.599 billion, up 12% per cent from the previous year.

“Following the initial inflation shock last year, we are seeing the recovery in demand, reflected in a substantial growth in premium products and across all four core UK food categories,” the company said in a statement.

Cranswick CEO Adam Couch said in his review of the year: “This year, we experienced a more stable environment for farmers, leading to the recovery of pig prices, contributing to the achievement of our robust results.

“We have increased our self-sufficiency enabling us to maintain our pig volumes against a double-digit percentage reduction in the national herd.”

Cranswick, formed in the early 1970s by farmers in East Yorkshire, employs more than 14,500 people at 23 facilities in the UK, producing a range of fresh pork, poultry, convenience, gourmet products and pet food.