UK meat supplier Cranswick today (28 July) reported trading in its first quarter had been in line with the company’s expectations.
Cranswick said sales in the three months to the end of June had risen 5%. The results reflected “continued growth across most product categories”, the company said.
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The group’s operating margin, excluding net IAS 41 valuation movement on biological assets in the current and prior financial years, as well as non-recurring items in the prior financial year, was “similar” to the level it reported in its previous fiscal year as a whole.
Cranswick said work to extend the Delico cooked meats facility in Milton Keynes is, “nearing completion” as planned, a project it believes will improve “increased throughput and enhanced yields”. A “major upgrade” to the chilling system at its Norfolk primary processing facility will have “similar benefits”, it added.
Investec analyst Nicola Mallard described Cranswick’s trading as a “steady start” to its financial year.
“Margins have been steady, with pig prices following more normal patterns and the group continues to deliver volume growth. The balance sheet remains in good shape to fund investment in existing assets or new assets should any acquisition opportunities arise,” Mallard wrote in a note to clients.
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By GlobalDataCranswick’s shares, up 6.3% since the start of the year, were down 1.62% at 1262.16p at 10:16 BST today.
