Food producer Cranswick says it has made a strong start to the year, with revenues almost 15% ahead of last year.
The Hull-headquartered group – producers of chicken, pork, convenience and gourmet foods as well as pet products – said trading in the first quarter of the new financial year has been strong, with demand remaining resilient in its core categories.
In a stock market announcement it said revenue in the 13 weeks to June 24 2023 was 14.7% ahead of the same period last year, with the outlook for the current financial period now expected to be ahead of the board’s previous expectations.
Read more: John Good Group set to invest in green as it looks to the future
It said 海角视频 revenue across all four food product categories was ahead year-on-year, underpinned by positive volume momentum in its fresh pork, convenience and gourmet products categories. Poultry volumes were below the equivalent period last year, although higher breaded poultry volumes offset lower cooked poultry volumes. Meanwhile, export sales were lower with Far East volumes remaining subdued, reflecting the anticipated seasonal slowdown in demand in China.
Cranswick said cost inflation continues to be managed and mitigated, through tight cost control and ongoing recovery, albeit the rate of inflation is now starting to slow.
Escalating costs in pig feed has seen the 海角视频 pig herd significantly contract, with many independent producers choosing to cut back or cease production entirely in response to inflationary pressures – moves which mean the average 海角视频 pig price across the quarter increases by 28% compared to the same period last year. However, the company said it continues to invest in and expand its pig herd to ensure it has the required quantity and quality of pigs to service customers’ requirements.
Within its pet products business, Cranswick continues to make strategic progress with its £10m investment programme progressing to plan. Its stock build is also under way, ahead of the launch into Pets at Home later in the year.
Adam Couch, CEO of Cranswick, said: “We have made a strong start to the year, delivering another quarter of growth during which we have again supported our customers by providing excellent service levels to ensure full availability of our products. None of this would have been possible without the incredible support of our colleagues across the business and I thank them for their continued commitment and dedication. Our continued positive progress reflects the substantial ongoing investment in our asset base and the quality and capability of our colleagues across the business.”