UK’s Cranswick reports 25 percent jump in revenue during lockdown
Meat processor Cranswick PLC says it expects retail demand for meat to normalize for the rest of 2020 as the restaurant sector reopens after lockdowns helped its revenue surge 25 percent in the first quarter of 2020.
17 August 2020
5 minute read
By: Reuters reports that Cranswick, which own farms and supplies pork and poultry to UK grocery retailers, says that the outlook for the year ending March 2021 was seen exceeding its prior expectations, while capex will be lower than 2019.
"Whilst we remain cautious about the longer-term economic impact of COVID-19 and the uncertainty surrounding the ongoing Brexit negotiations, we are well positioned to address these challenges," said Chief Executive Officer Adam Couch.
Cranswick also exports meat across continents and has benefited from increased prices and demand from the Far East as Chinese pig herds recover from African swine fever.
Concerns about new outbreaks stemming from contaminated food shipments have surfaced after authorities last week said two Chinese cities found traces of the new coronavirus in imported frozen food and on food packaging.
The company said safety measures introduced in March are well embedded and have enabled all sites to remain fully operational.
