Cranswick, the UK-based food manufacturer, saw its shares slide after issuing a warning on how a key margin metric could fare in the company’s upcoming financial year.
The meat products-to-sandwiches supplier said yesterday (7 February) its operating margin in its new financial year, which starts in April, “is likely to decline”.
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Cranswick pointed to “the potentially challenging commercial landscape”, together with start-up and commissioning costs associated with a new poultry facility in eastern England.
Shares in Cranswick closed down more than 12% yesterday at GBP2,950 pence.
The warning came alongside a trading update for the third quarter of Cranswick’s current financial year.
Cranswick said “as expected” revenue fell 2% with “strong growth” in poultry and continental products offset by lower sales from other “pork-related” categories.
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By GlobalDataThe company the UK pig price had “continued to ease” during the period, ending the quarter 7% lower than at the same
stage last year. The decline was “being reflected in selling prices”, the company added.
