Pig and chicken farmer Cranswick PLC (LSE:CWK) said it expects fatter full-year profit after the past quarter saw strong sales growth across all of its product categories, including a record Christmas trading period.
In a trading update covering the 13 weeks to 27 December, the meat producer said December sales even exceeded a strong prior year, driven by performance in fresh pork, convenience foods and premium festive ranges.
The update did not contain many numbers, but the FTSE 250-listed group said it now expects full-year adjusted profit before tax to be "towards the upper end of current market expectations", with City analyst forecasts in a range of £211.3-216 million.
Poultry revenue rose "significantly", supported by stronger pricing linked to enhanced welfare practices and new premium retail business.
Pet products revenue also grew "strongly", aided by additional premium lines under its relationship with Pets at Home Group PLC (LSE:PETS).
The company said its recent acquisitions of Blakemans, JSR Genetics and the Fridaythorpe feed mill performed better than expected.
Capital expenditure for the year is now forecast at between £160 million and £170 million, below earlier guidance due to the timing of project spending.
Net debt increased during the period, reflecting investment and seasonal working capital, but a substantial unwind is expected by year end.