Cranswick has booked a 14% increase in third-quarter revenues, driven by like-for-like gains and strong demand for pork products in the UK.
The company said like-for-like sales in the three months to 31 December rose 13%, while the contribution from the Wayland Farms acquisition added one percentage point to the top line.
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Cranswick said it benefited from rising pork consumption in the UK, while NPD drove gains for its pastry business.
The company said input costs remained at “record highs” but were partially offset by efficiency improvements, internal pig production and “constructive pricing discussions”, helping margins.
Panmure Gordon analyst Graham Jones suggested the group’s margin recovery efforts appear to have come in ahead of his expectations. “While year-to-date margins remain below last year’s level, Q3 margins appear to have been closer to the prior year than we had expected, and as such we nudge up our EBITA margin assumption from 5.1% to 5.2% for the year,” he wrote in a note to investors.
As a result, Jones raised his pre-tax profit forecast by 3% to GBP50.5m.
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By GlobalDataShares in Cranswick were up 3% at 10.30 GMT.
