Food producer Cranswick increases its profit outlook for the year

Food producer Cranswick has increased its profit outlook for the year after investing in its farms and churning out more sales in recent weeks.
Food producer Cranswick has upped its profit outlook for the year after investing in its farms and churning out more sales in recent weeks.  (Photo by Nicholas.T.Ansell/PA Wire)Food producer Cranswick has upped its profit outlook for the year after investing in its farms and churning out more sales in recent weeks.  (Photo by Nicholas.T.Ansell/PA Wire)
Food producer Cranswick has upped its profit outlook for the year after investing in its farms and churning out more sales in recent weeks. (Photo by Nicholas.T.Ansell/PA Wire)

The Yorkshire-based supplier said trading since July had been stronger than previously expected.

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This was driven by “robust volume growth” in its core UK food business – meaning it has been selling more products – and the impact of growing its pig herd.

Cranswick operates brands including Ramona’s Houmous.

Cranswick said its recent trading means it now expects its half-year performance to be ahead of the same period last year.

The company said it remains “cautious about current market and wider economic and geopolitical conditions”, but that its outlook for the year to the end of March is now expected to be at the upper end of current expectations.

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Pre-tax profit for the year is anticipated to range between about £179m and £192m.

In July, Cranswick said revenues were up by nearly 7 per cent over the first quarter, compared with the prior year, with premium product ranges selling particularly well.

Cranswick previously said it had been recovering from cost inflation across the farming and food sector, with prices starting to stabilise for farmers over the past year.

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Cranswick employs more than 15,000 people and operates from 23 production facilities in the UK.

Cranswick was formed in the early 1970s by farmers in East Yorkshire to produce animal feed and has since evolved into a business which produces a range of fresh food, including fresh pork, poultry, convenience, gourmet products and pet food.

The group supplies the major grocery chains as well as the growing premium and discounter retail channels. Cranswick also has a strong presence in the ‘food-to-go’ sector and a substantial export business.

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