Cranswick profit beats forecasts on poultry and pork demand
Revenue up 9.5% but misses expectations as margins improve
British meat producer Cranswick reported annual adjusted pretax profit above market expectations on Tuesday, supported by robust demand for poultry and pork products, reported Reuters.
Full-year revenue rose 9.5%, slightly missing analyst expectations, while adjusted operating profit and adjusted pretax profit both beat forecasts. Margin gains were driven by improvements in the poultry supply chain, automation and disciplined cost control.
Poultry revenue rose 13.9%, driven by strong performance across fresh, prepared and cooked categories, supported by investment in supply chain and automation. Premium added-value product ranges and innovation, including new launches and festive products, supported revenue growth and record Christmas trading. Acquisitions of Blakemans and JSR Genetics performed ahead of expectations, and expansion of strategic retail partnerships supported category growth.
The company said robust demand for its product ranges continues in the current financial year.