Cranswick sees strong sales as people indulge at home

As a result, the Hull-based firm said the outlook for the current financial year is now expected to be ahead of the board’s previous expectations.

Cranswick said the strong revenue and earnings momentum delivered during the first half of its financial year continued during the third quarter covering the 13 weeks to December 26.

The firm said its performance over the festive period was robust and ahead of the same period in 2019, reflecting a well-executed Christmas plan, supported by exemplary service levels to its customers and tight cost control.

The UK pig price fell during the 13 week period, ending the quarter 9 per cent lower than at the same stage last year. This downward trend is being reflected in selling prices.

Adam Couch, CEO of Cranswick, said: “The safety and wellbeing of our colleagues remains our priority.

“We have delivered another strong quarter of growth during which we have supported our customers by delivering excellent service levels to ensure full availability of our products both in store and on the fast-growing online channel. None of this would have been possible without the incredible support of our colleagues across the business and on behalf of the board I thank them for their continued commitment and dedication.

“Our outlook for the current financial year is now expected to be ahead of our previous expectations. Our continued positive progress reflects the substantial ongoing investment in our asset base and the quality and capability of our colleagues.”

Cranswick said that thorough planningensured it was well prepared for the UK’s exit from the European Union.

The group said it has worked closely with suppliers and customers to proactively manage supply chain risks.

The firm said it successfully implemented mitigating action plans to minimise Brexit related costs and supply chain disruption.