A strong pig market has helped push Cranswick's profits to 拢1.3bn
Meat processor Cranswick is celebrating a series of 鈥榮trong' results which have seen its half-year revenue increase to 拢1.33 billion.
The Yorkshire-based company said pretax profit increased by 3.8% in the six months to September 28, to 拢90.2m from 拢86.9m year-on-year. Trading was particularly buoyant in the poultry sector with revenue growing strongly.
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Chief executive Adam Couch said the performance was down to 鈥榓 relentless focus on quality and industry-leading service levels'.
"We continue to grow our poultry business and we have now committed to spending almost 拢50m across our vertically integrated poultry operations. Investment in our agricultural operations continues at pace with a further acquisition completed during the period alongside ongoing organic expansion."
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Poultry revenue was up by 16.4% with the sector now accounting for 19.5% of total group sales. The company said further investment in pig farming operations drove an 18% increase in pig production year-on-year and included the acquisition of a long-standing supplier of RSPCA Assured outdoor bred pigs, based in East Anglia, as well as investment across existing farming operations to drive productivity improvements.
"We now have the largest pig farming business in the UK which is producing over 34,000 finished pigs per week with self-sufficiency maintained at well over 50%," Mr Couch said.
Looking ahead, Cranswick said its outlook for the financial year ending March 29, 2025 remains in line with current market expectations, though it remains cautious about current market and wider economic and geopolitical conditions.
