Meat producer Cranswick boosts revenue 25 per cent on strong lockdown demand
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Sausage-and-pie producer Cranswick today said its revenue for the first quarter was nearly 25 per cent ahead of the same period last year thanks to strong retail demand during lockdown.
The company said revenue in the 13 weeks to 27 June was 24.8 per cent ahead of the same point the previous year. Cranswick said excluding the contribution from acquisitions made in the prior year, revenue on a like-for-like basis was 19.2 per cent higher.
“As a result of the current shift towards greater in-home consumption, retail demand has been exceptionally robust,” the company said.
Cranswick shares rose 4.8 per cent this morning to 4,010p.
Cranswick said its strong performance has continued into the second quarter.
The company said net debt fell during the quarter as a results of its strong performance.
Cranswick said it expected demand to normalise through the rest of the year as consumers begin to eat out more.
The company said it expected to be ahead of previous expectations for the year financial year ended 27 March 2021.
Food production facilities have been hotspots of coronavirus outbreaks in the UK and around the world.
Cranswick said its “proactive and comprehensive covid-19 action plan” continues and said it had paid a £500 bonus to on-site workers to recognise their contribution during the pandemic.
Cranswick chief executive Adam Couch said: “Our teams across the business have responded brilliantly during these extraordinary and unparalleled times and I would like to thank them for their incredible support and hard work which has enabled us to continue to deliver premium food products with outstanding service to our customers.
“We have made a strong start to the year. 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. Our positive momentum reflects the continued investment we make across our asset base and the quality and capability of our colleagues across the business.”