(Alliance News) - Meat producer Cranswick PLC said Friday it expects profit for its current financial year to beat market expectations, buoyed by exceptionally high export sales.
Shares in Cranswick - which is headquartered in Yorkshire, England - were 7.7% higher at 3,656.00 pence each on Friday morning in London.
For the year ending March 31, Cranswick expects adjusted pretax profit to be higher than current market forecasts, driven by positive revenue growth across Cranswick's operations despite a competitive market environment.
In the prior year, Cranswick reported adjusted pretax profit of GBP92.0 million.
The group said export sales remained exceptionally strong as the African Swine Fever outbreak in China created opportunities to increase sales in the region, so long as the UK remained free of the outbreak.
"The board is confident that continued focus on the strengths of the company, which include its long-standing customer relationships, breadth and quality of products, robust financial position and industry leading asset infrastructure, will support the further successful development of the group over the longer term," Cranswick stated.
Cranswick will publish its annual results on May 19.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Cranswick (CWK)