TIDMCWK
RNS Number : 0760A
Cranswick PLC
18 January 2024
18 January 2024
Cranswick plc
("Cranswick" or "the Company" or "the Group")
Third quarter trading statement
Cranswick, a leading UK food producer, today provides an update
on trading for the 13 weeks to 23 December 2023.
Current trading
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.
Investment
Our substantial ongoing capital investment programme continues
to add capacity, drive automation and deliver efficiency
improvements. Investment also continues across our pig farming and
feed milling operations with self-sufficiency in UK pigs over 50
per cent.
On 8 January 2024 the Company signed an agreement to acquire the
entire issued share capital of Froch Foods Holdings Limited ("Froch
Foods"). Froch Foods is an added-value processor of predominantly
pork and poultry related products. The agreed transaction which is
subject to the usual regulatory approvals is expected to complete
on 19 January 2024.
Financial position
Positive cash generation continues to facilitate effective
deployment of capital at pace resulting in strong returns. The
Group remains in a robust financial position with committed,
unsecured facilities of GBP250 million providing comfortable
headroom.
Outlook
The Board is confident that the continued focus on the strengths
of the Company, which include its long-standing relationships,
breadth and quality of products, robust financial position, and
industry leading asset infrastructure, will support the further
successful development of Cranswick during the current year and
over the longer term.
Preliminary results
The Company's next scheduled comment on trading will be the
preliminary results announcement for the 53 weeks ending 30 March
2024, on Tuesday 21 May 2024.
Adam Couch, CEO of Cranswick, commented:
"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.
"The passion, commitment and professionalism of our teams across
the business is a key ingredient in our ongoing successful
performance and, again, I would like to thank all our colleagues
for their continued dedication and support."
Enquiries:
Cranswick plc 01482 275 000
Mark Bottomley, Chief Financial
Officer
--------------------------------
Powerscourt 020 7250 1446
--------------------------------
Nick Dibden / Elizabeth Kittle cranswick@powerscourt-group.com
--------------------------------
Note to editors:
1. Cranswick is a leading and innovative supplier of premium,
fresh and added-value food products. The business employs over
14,750 people and operates from 22 well-invested, highly efficient
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 high quality,
predominantly fresh food, including fresh pork, poultry,
convenience, gourmet products and pet food. The business develops
innovative, great tasting food products to the highest standards of
food safety and traceability. The Group supplies the major grocery
multiples 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. Results for the 52 weeks
to 25 March 2023 showed revenue of GBP2,323.0m and profit before
tax of GBP139.5m. For more information go to:
www.cranswick.plc.uk
2. Cranswick is committed to ensuring that its business
activities are sustainable from farm-to-fork. Our ambitious
sustainability strategy 'Second Nature' has been developed to
deliver our vision to become the world's most sustainable meat
business. Find out more at: www.thisissecondnature.co.uk
3. This announcement is based on information sourced from unaudited management accounts.
4. This announcement contains certain forward-looking statements
with respect to the financial conditions, results of operations and
businesses of Cranswick. These statements involve risk and
uncertainty because they relate to events and depend upon
circumstances that will occur in the future. There are a number of
factors that could cause actual results or developments to differ
materially from those expressed or implied by these forward-looking
statements. Nothing in this announcement should be construed as a
profit forecast.
5. This announcement contains information that qualified, or may
have qualified, as inside information for the purposes of Article
17 of the Market Abuse Regulations (EU) 596/2014 (MAR). The person
responsible for making this announcement is Mark Bottomley, Chief
Financial Officer.
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