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Cranswick revenue moves upwards as investment programme continues

The FTSE 250 meat products supplier said in a first-quarter trading update that revenue in the three months had increased 3.2% on the same period a year ago

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The firm added that export revenues were “modestly ahead” of the first quarter of last year

Cranswick plc (LON:CWK) has reported increased revenues in its first quarter as it continued its investment programme to expand its capacity and supply capabilities.

The FTSE 250 meat products supplier said in a first-quarter trading update that revenue in the three months had increased 3.2% on the same period a year ago as it received positive contributions from all its product categories, with export revenues “modestly ahead” of the first quarter of last year.

READ: Cranswick delivers strong growth across-the-board

The group added that UK pig prices had increased slightly during the period in line with seasonal cycles, although added that the average price was lower than the same period a year ago, with the fall reflected in lower selling prices.

Cranswick also said it was continuing an investment programme across its asset base, commissioning a new continental products factory during the period and starting work on a new poultry primary processing facility which is scheduled to open in late 2019 and double existing capacity.

Looking ahead, the company said its outlook for the current financial year was unchanged, with its interim results scheduled to be released on 27 November 2018.

In early trading Monday, Cranswick shares were down 1.2% at 3,262p.

Quick facts: Cranswick PLC

Price: 3358 GBX

LSE:CWK
Market: LSE
Market Cap: £1.77 billion
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