Cranswick PLC (LSE:CWK), the FTSE 250-listed chicken and pig producer, reported weaker sales in the first quarter of its new financial year as prices softened.
Revenue in the 13 weeks to 29 June grew 6.7% on the same period last year, with like-for-like revenue growth of 6.4%.
Last year as a whole saw 11.9% growth or 11.6% on a LFL basis, with 14.7% growth in the first quarter.
Cranswick said growth in the past quarter was driven by increased sales volumes as it won new contracts and its supermarket customers returned to promotional activity, as has been indicated in recent industry reports.
Easing input costs have been reflected in selling prices, signalling less benefit to the company from price increases as last year, with pricing in the Far East and EU reduced, though the company said "there are early signs that Far East prices are starting to firm".
The quarter saw the acquisition of a long-standing East Anglian supplier of outdoor-bred pigs.
Revenue of pet meat, which was 1% of the group last year, was said to be "strongly ahead" as volumes build from a contract won with the Pets at Home chain.