Last checked at (Sharecast News) - UK food producer Cranswick on Monday reported a rise in first quarter driven by strong retail demand and increased poultry sales.
The company said revenue in the 13 weeks to 26 June 2021 was up 9.6% year on year, with corresponding volumes up 7.7%. Revenue growth also reflected the gradual but sustained recovery of the food to go and food service channel. Full year guidance was maintained.
Cranswick said Far East export sales were well ahead of the same quarter last year, reflecting strong market prices. The China export licence at its Norfolk primary processing facility remained suspended and while technical audits were passed at the site in January, the company was still waiting on final approval.
The UK pig price increased by 12% while the average price across the quarter to June 2021 was 9% lower year on year.
"We continue to invest at pace across our asset base to support future growth and further operating efficiencies. The capacity uplift from 1.1m to 1.4m birds per week at the Eye poultry facility was delivered successfully and, as anticipated, the new £20m cooked bacon facility in Hull started commercial production during the quarter," the company said.
"A further £5m will be spent at the facility over the coming months to add additional capacity and capability. Work on the new premium breaded poultry facility in Hull is progressing well, with incremental investment of £5m, which includes a third production line, added to what is now an overall £30m build plan."
29 Sep 2021 09:18
Barclays lifts Cranswick to 'equalweight' after de-rating
(Sharecast News) - Barclays upgraded Canswick to 'equalweight' from 'underweight' on Wednesday and lifted the price target to 3,500p from 3,200p as it noted that the shares have de-rated.
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