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Cranswick Q1 Revenue, Volume Rise; FY Outlook Remains In Line With View - Quick Facts

Food producer Cranswick Plc. (CWK.L) reported Monday that its revenue in the first quarter was 9.6 percent ahead of last year, with corresponding volumes up 7.7 percent.

In its trading update for the 13 weeks to June 26, the company said its higher results reflect strong retail demand and increased sales from the Eye poultry facility. Revenue growth also reflected the gradual but sustained recovery of the food to go and food service channel.

Far East export sales were well ahead of the same quarter last year, reflecting strong market prices.

The UK pig price increased by 12 percent during the period. The average price across the quarter to June 2021 was 9 percent below that in the equivalent period a year earlier.

Looking ahead, the company said its outlook for the current financial year remains in line with the Board's expectations.

Adam Couch, CEO of Cranswick, said, "We have made a positive start to the year. Our capital investment programme remains firmly on track as we build the platform to deliver our long-term growth strategy and we continue to make meaningful progress in delivering our Group-wide 'Second Nature' sustainability strategy."

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